EM-focused Gran Tierra launches $300 million seven-year notes at 6½%; pricing expected Thursday

By Paul A. Harris

Portland, Ore., Feb. 8 – Gran Tierra Energy International Holdings Ltd. launched $300 million of seven-year notes (B+/B+) at 6½%, according to a syndicate source.

Guidance was in was in the mid-to-high 6% area.

Books are closed. The deal is expected to price 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 a 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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