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Prospect News home > News index > List of issuers G > Headlines for Gran Tierra Energy Inc. > News item
Published on 6/28/2022 in the Prospect News Bank Loan Daily, Prospect News Canadian Bonds Daily, Prospect News Emerging Markets Daily and Prospect News High Yield Daily.

S&P pulls Gran Tierra note rating

S&P said it withdrew its B rating on Gran Tierra Energy Inc.'s 8¾% planned amortizing senior secured bond due 2029. The agency also affirmed its B senior unsecured debt ratings and removed them from CreditWatch with negative implications.

These actions follow Gran Tierra Energy terminating its exchange offer for its 6¼% senior unsecured notes due 2025 and 7¾% senior unsecured notes due 2027.

The company had planned to exchange at least 80% of its outstanding senior unsecured notes for new 8¾% senior secured notes with equal amortizations in 2027, 2028 and 2029.

“We expect GTE to continue evaluating debt reprofiling strategies in the coming months,” S&P said in a press release.


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