Tullow tightens docs but gets rescue bond away

Tullow Oil has tightened the already restrictive terms on a new $1.8bn senior secured bond, applying further limits to dividend capacity and restrictions on paying down its unsecured 2025 bonds early. But the company had few other options to stave off a restructuring, other than taking what the market will bear, and the bond looks set to price at the tight end of the 10.25%-10.5% guidance.