Gran Tierra Energy Announces Successful Early Participation in Exchange Offers

Gran Tierra Energy Inc., a leading energy company, has announced the early participation results of its exchange offers for its outstanding senior notes. The company offered eligible holders the opportunity to exchange their existing notes for newly issued senior secured amortizing notes due 2029.

The response to the exchange offers has been overwhelmingly positive, with approximately 91.04% of the total principal amount outstanding of the 2025 Notes and approximately 91.41% of the total principal amount outstanding of the 2027 Notes being tendered for exchange. This strong participation demonstrates the confidence that investors have in Gran Tierra Energy’s future prospects.

In addition to the successful participation, the company also received consents from eligible holders of the existing notes to effect certain proposed amendments to the indentures. These amendments include the elimination of restrictive covenants and events of default, as well as the amendment of certain defined terms and covenants in the existing indentures. These changes will provide greater flexibility for Gran Tierra Energy in its operations.

The exchange offers and solicitations of consents are set to expire on October 18, 2023, with the settlement expected to occur on October 20, 2023. Eligible holders who have tendered their existing notes and delivered consents will receive the total consideration, which includes a cash portion and a principal amount of new notes.

Gran Tierra Energy is pleased with the strong response to the exchange offers and the support shown by its investors. The company remains committed to its growth strategy and believes that these transactions will further strengthen its financial position and provide a solid foundation for future success.