LONDON--Oil company Tullow Oil PLC (TLW.LN) Thursday announced that it intends to offer $500 million in aggregate principal amount of senior notes due 2020.
-Notes, whose net proceeds will be used to repay certain existing indebtedness under the company's credit facilities, will be the senior obligations of the company and guaranteed by certain of the company's subsidiaries.
-Interest rate, offering price and other terms will be determined at the time of pricing of the offering, subject to market conditions.
-Shares at 0902 GMT down 7 pence, or 0.7%, at 966 pence, valuing the company at GBP8.85 billion.
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