The convertible bonds, which will be due in 2021, are expected to carry a coupon of between 5.875% and 6.625% per annum payable semi-annually in arrear on 12 January and 12 July in each year, with the first interest payment date being 12 January 2017.
Tullow said the initial conversion price was expected to be set a premium of between 30% and 35% above the volume weighted average price of an ordinary share on the London Stock Exchange between the opening and closing of the market on 6 July.
Tullow’s
