Gran Tierra 'B' Unsecured Debt Ratings Affirmed And Off CreditWatch Negative On Terminated Exchange Offer - S&P Global Ratings’ Credit Research

Gran Tierra 'B' Unsecured Debt Ratings Affirmed And Off CreditWatch Negative On Terminated Exchange Offer

Gran Tierra 'B' Unsecured Debt Ratings Affirmed And Off CreditWatch Negative On Terminated Exchange Offer - S&P Global Ratings’ Credit Research
Gran Tierra 'B' Unsecured Debt Ratings Affirmed And Off CreditWatch Negative On Terminated Exchange Offer
Published Jun 28, 2022
3 pages (1215 words) — Published Jun 28, 2022
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Abstract:

Colombia-based oil and gas producer Gran Tierra Energy Inc. (GTE) terminated the proposed exchange offer for its 6.25% senior unsecured notes due 2025 (GTEIH) and 7.75% senior unsecured notes due 2027 (GTE Inc.). On June 28, 2022, S&P Global Ratings withdrew its 'B' rating on GTE's 8.75% proposed amortizing senior secured bond due 2029. We also affirmed our 'B' senior unsecured debt ratings and removed them from CreditWatch with negative implications. MEXICO CITY (S&P Global Ratings) June 28, 2022--S&P Global Ratings took the rating action described above. The company intended to exchange a minimum of 80% of its outstanding senior unsecured notes for new 8.75% senior secured notes with equal amortizations in 2027, 2028, and 2029. However, on June 21,

  
Brief Excerpt:

...June 28, 2022 - Colombia-based oil and gas producer Gran Tierra Energy Inc. (GTE) terminated the proposed exchange offer for its 6.25% senior unsecured notes due 2025 (GTEIH) and 7.75% senior unsecured notes due 2027 (GTE Inc.). - On June 28, 2022, S&P Global Ratings withdrew its 'B' rating on GTE's 8.75% proposed amortizing senior secured bond due 2029. We also affirmed our 'B' senior unsecured debt ratings and removed them from CreditWatch with negative implications. MEXICO CITY (S&P Global Ratings) June 28, 2022--S&P Global Ratings took the rating action described above. The company intended to exchange a minimum of 80% of its outstanding senior unsecured notes for new 8.75% senior secured notes with equal amortizations in 2027, 2028, and 2029. However, on June 21, 2022, GTE terminated its exchange offer. We expect GTE to continue evaluating debt reprofiling strategies in the coming months....

  
Report Type:

Ratings Action

Ticker
GTE
Issuer
Gran Tierra Energy Inc.
GICS
Oil & Gas Exploration & Production (10102020)
Sector
Global Issuers
Country
United States
Region
United States
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Gran Tierra 'B' Unsecured Debt Ratings Affirmed And Off CreditWatch Negative On Terminated Exchange Offer" Jun 28, 2022. Alacra Store. Nov 07, 2026. <http://www.alacrastore.com/s-and-p-credit-research/Gran-Tierra-B-Unsecured-Debt-Ratings-Affirmed-And-Off-CreditWatch-Negative-On-Terminated-Exchange-Offer-2860008>
  
APA:
S&P Global Ratings’ Credit Research. (). Gran Tierra 'B' Unsecured Debt Ratings Affirmed And Off CreditWatch Negative On Terminated Exchange Offer Jun 28, 2022. New York, NY: Alacra Store. Retrieved Nov 07, 2026 from <http://www.alacrastore.com/s-and-p-credit-research/Gran-Tierra-B-Unsecured-Debt-Ratings-Affirmed-And-Off-CreditWatch-Negative-On-Terminated-Exchange-Offer-2860008>
  
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