Gran Tierra Energy Inc - Calgary, Canada-based and South America-focused oil and gas company - Prices offering of an additional USD100 million principle amount of previously issued 9.5% senior secured amortising notes due 2029, in a private placement to institutional buyers. Company previously had outstanding aggregate USD487.6 million of 9.5% notes due in 2029. New notes will have same terms and provisions as original notes, apart from their issue price. Company expects to close the offering on February 6, and to receive net proceeds of approximately USD88.3 million.
Says notes will be guaranteed by certain of its subsidiaries. Plans to use proceeds to repay outstanding amounts borrowed under its existing credit facility, which will subsequently be terminated. Any remaining proceeds will be used for general corporate purposes; this may include appraising and developing exploration discoveries, as well as acquisitions.
Current stock price: 450.80
12-month change: down 99%
By Emma Curzon, Alliance News reporter
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Gran Tierra (GTE)