African oil company Tullow Oil raised $1.8bn via a 5Y bond, priced on Friday at a yield of 10.25%. The bonds received combined orders of over $4.2bn, ~2.3x issue size. JP Morgan, Standard Chartered Bank, DNB ASA, ING Bank, Standard Bank were the bookrunners. Tullow Oil is rated CCC+ by S&P. Proceeds will be used to help manage a $2.4bn debt pile, pay its reserve-based lending facility and two of its bonds due 2021 and 2022, totaling $950mn. While the new bonds will cost Tullow an additional $30mn in annual interest costs given the higher coupon vs. its older 2021s and 2022s that have a coupon of 6.625% and 6.25%, it will provide some breathing space to the company as per Berenberg analysts.