CALGARY, Alberta, Oct. 03, 2023 (GLOBE NEWSWIRE) -- Gran Tierra Energy Inc. ("Gran Tierra" or the "Company") (NYSE:GTE)(TSX:GTE)(LSE:GTE) today announced the early participation results of its previously announced offers to Eligible Holders (as defined herein) to exchange (such offers, the "Exchange Offers") (i) any and all of the outstanding 6.250% Senior Notes due 2025 issued by Gran Tierra Energy International Holdings Ltd. ("GTEIH") on February 15, 2018 (CUSIP: 38502HAA3 / G4066TAA0; ISIN: US38502HAA32 / USG4066TAA00) (the "2025 Notes"), and (ii) any and all of the outstanding 7.750% Senior Notes due 2027 issued by the Company on May 23, 2019 (CUSIP: 38502JAA9 / U37016AA7; ISIN: US38502JAA97 / USU37016AA70) (the "2027 Notes" and, together with the 2025 Notes, the "Existing Notes") for newly issued 9.500% Senior Secured Amortizing Notes due 2029 (the "New Notes"), pursuant to the terms and subject to the conditions set forth in the exchange offer memorandum and consent solicitation statement, dated September 19, 2023 in respect of the Exchange Offers and solicitations of Consents (as defined below) (as amended or supplemented prior to the date hereof, the "Exchange Offer Memorandum"). Any capitalized terms used in this press release without definition have the respective meanings assigned to such terms in the Exchange Offer Memorandum.
Existing Notes | CUSIP/ISIN Numbers | Principal Amount Outstanding | Principal Amount Tendered | Percentage of the Principal Amount Outstanding | ||||
6.250% Senior Notes due 2025 | 38502HAA3 / G4066TAA0 US38502HAA32 / USG4066TAA00 | US$271,909,000(1) | US$247,551,000 | 91.04% | ||||
7.750% Senior Notes due 2027 | 38502JAA9 / U37016AA7 US38502JAA97 / USU37016AA70 | US$300,000,000 | US$274,223,000 | 91.41% |
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(1) Amount outstanding does not include $28,091,000 of 2025 Notes held by a subsidiary of Gran Tierra.
As of 5:00 p.m., New York City time, on October 2, 2023 (the "Early Participation Deadline"), (i) US$247,551,000 aggregate principal amount outstanding of the 2025 Notes, representing approximately 91.04% of the total principal amount outstanding of the 2025 Notes, and (ii) US$274,223,000 aggregate principal amount outstanding of the 2027 Notes, representing approximately 91.41% of the total principal amount outstanding of the 2027 Notes, had been validly tendered for exchange and not validly withdrawn, as confirmed by the Information Agent and Exchange Agent for the Exchange Offers.
Since (a) GTEIH received consents from Eligible Holders of 2025 Notes (the "2025 Consents") that, in the aggregate, represent not less than 50% in aggregate principal amount of the 2025 Notes outstanding (the "2025 Required Holders") to effect certain proposed amendments (the "2025 Proposed Amendments") to the indenture dated as of February 15, 2018, under which the 2025 Notes were issued (the "2025 Existing Indenture"), and (b) the Company received consents from Eligible Holders of 2027 Notes (the "2027 Consents" and, together with the 2025 Consents, the "Consents") that, in the aggregate, represent not less than 50% in aggregate principal amount of the 2027 Notes outstanding (the "2027 Required Holders" and, the receipt of the Consents by GTEIH and the Company from both the 2025 Required Holders and ...