Gran Tierra amends covenants, permitted debt under credit agreement

By Marisa Wong

Morgantown, W.Va., May 15 – Gran Tierra Energy Inc. entered into a 12th amendment to its credit agreement dated Sept. 18, 2015 with Bank of Nova Scotia as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

The amendment, effective as of May 14, amends some covenants to permit any credit party to own and acquire future oil and gas properties in Ecuador and amends the definition of consolidated net income and other provisions related to the treatment of income and expenses from operations in Ecuador.

The amendment also increases the principal amount of senior unsecured notes plus other unsecured debt that may be outstanding from time to time to an aggregate $1 billion from an aggregate of $500 million.

In addition, the company designated Vetra Southeast SLU, a company formed under the laws of Spain, and Southeast Investment Corp., a company formed under the laws of Panama, as unrestricted subsidiaries under the credit agreement.

Gran Tierra is an oil and gas exploration and production company based in Calgary, Alta.

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