Gran Tierra Sweetens Note Exchange With Higher Coupon and Fixed Cash Pool
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Gran Tierra Energy ( (GTE) ) just unveiled an announcement.
Gran Tierra Energy has amended the terms of its previously announced exchange offer to swap its outstanding 9.500% Senior Notes due 2029 for new 9.750% Senior Secured Amortizing Notes due 2031, while simultaneously seeking holder consents to loosen covenants and release collateral under the existing indenture. Key changes include increasing the coupon on the new notes, adding an amortization schedule, enhancing security through an additional guarantor and collateral, revising certain covenants, and resetting the cash consideration at a fixed US$125 million pool to be shared pro rata among early tendering noteholders, with economics that vary depending on overall participation levels; the transaction is subject to minimum tender and consent thresholds, as well as a financing condition to fund the cash component, and is targeted solely at eligible institutional investors under U.S. and international securities rules.
More about Gran Tierra Energy
Gran Tierra Energy Inc. is an independent oil and gas exploration and production company with shares listed on the NYSE American, TSX and LSE, focused on upstream hydrocarbon operations and related financing activities in international markets.
Learn more about GTE stock on TipRanks’ Stock Analysis page.
