Tullow Oil (LON:TLW) will issue $500 million (₤300 million) in senior notes to raise funds.
The funds are required for debt settlement under its credit facilities.
The company projects the interest on the notes will be paid semi-annually.
The $500 million (₤300 million) senior notes will have a maturity date in 2022.
Tullow Oil discovered oil in Kenya recently and is about to roll out commercial drilling projects in 2 years.
According to the company statement the interest rate of the senior notes, the offer price and other terms will be determined at the time of pricing.
Tullow Oil Plc will guarantee the senior notes with some of its subsidiaries.
The FTSE 100 oil exploration company will invest ₤601 million in 2014 in exploration and appraisal.
Bulk of the expenditure is in Kenya where is will carryout major exploration and appraisal for commercial oil production by 2017.
Other major campaigns will be in Norway, Mauritania, Ethiopia, and Guinea.
Tullow Oil and Kenya
