Financings

Gran Tierra Energy Inc. Announces Expiration and Final Results for the Previously Announced Exchange Offer of Certain Existing Notes for New Notes and the Solicitation of Consents to Proposed Amendments to the Existing Indenture

By The Northwire Desk — AI Analysis Mar 02, 2026 · 06:30 GTE · 8.27 GRAN TIERRA ENERGY INC.

GTE · Price

Gran Tierra Energy completed its exchange offer, converting $628.7 M of outstanding 9.500% Senior Secured Amortizing Notes due 2029 into approximately $503.6 M of new 9.750% Senior Secured Amortizing Notes due 2031.
The exchange was accepted for 90.52% of the existing notes’ principal amount, leaving about $87.6 M (12.23%) of the original notes still outstanding.
No cash proceeds were received; the transaction restructures debt and adjusts interest accruals, with accrued interest payable to eligible holders on settlement.

Existing Notes Outstanding: US$716,340,000 principal.
Total Principal Tendered for Exchange: US$648,457,000 (90.52% of outstanding).
Early Participation Deadline (Feb 11‑Feb 18): Accepted $616,984,000 of notes; issued $491,853,000 of New Notes.
Post‑Early Participation Acceptance: Additional $11,717,000 accepted; total acceptance reached $628,701,000, with expected issuance of $503,570,000 of New Notes.
Settlement Date: March 2, 2026 (first business day after expiration deadline).
Remaining Existing Notes After Exchange: US$87,639,000 (≈12.23% of original principal).
Exchange Consideration: Holders receive $1,000 of New Notes for each $1,000 of Existing Notes tendered and not withdrawn.
Accrued Interest Adjustment: Accrued interest on Existing Notes from the last payment date to settlement is offset by accrued interest on New Notes from early settlement date to settlement; net amount payable to holders on Settlement Date.
Cash Flow Impact: No cash proceeds to Gran Tierra; exchanged notes are cancelled upon issuance of New Notes.
Regulatory Framework: Offer made under Rule 144A (U.S.) and Regulation S (outside U.S.), with private placement in Canada for accredited investors.

(No executive quotes were included in the release.)

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