Gran Tierra talks $300 million seven-year notes at high 6% area yield

By Rebecca Melvin

New York, Feb. 7 – Gran Tierra Energy International Holdings Ltd. is selling $300 million of seven-year notes (expected B+/B+) that were being talked on Wednesday to yield in the high 6% area, according to a market source. Pricing was expected to be set on Thursday.

The notes, which are guaranteed by Gran Tierra Energy Inc. and subsidiaries, are non-callable for four years.

The Rule 144A and Regulation S notes are being sold via bookrunners Credit Suisse, RBC Capital Markets and Scotia Capital.

Proceeds will be used to repay outstanding amounts borrowed under the revolving credit facility and for general corporate purposes, which may include development capital.

Calgary, Alta.-based Gran Tierra Energy International is a subsidiary of Gran Tierra Energy Inc. and has a focus on oil and gas development in Colombia.

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