By Paul A. Harris
Portland, Ore., Feb. 8 – Gran Tierra Energy International Holdings Ltd. priced a $300 million issue of 6¼% seven-year senior notes (expected ratings B+/B+) at 98.612 to yield 6½% on Thursday, according to a syndicate source.
The yield printed on top of yield talk. Initial guidance was in the mid-to-high 6% area.
Global coordinator Credit Suisse will bill and deliver. RBC Capital Markets was also a global coordinator. Scotia Capital was a joint bookrunner. SG CIB was a joint lead manager.
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.
| Issuer: | Gran Tierra Energy International Holding, Ltd.
|
| Amount: | $300 million
|
| Maturity: | Feb. 15, 2025
|
| Securities: | Senior notes
|
| Global coordinators: | Credit Suisse (bill and deliver), RBC Capital Markets
|
| Joint bookrunner: | Scotia Capital
|
| Joint lead manager: | SG CIB
|
| Co-managers: | HSBC, Natixis, CIBC
|
| Coupon: | 6¼%
|
| Price: | 98.612
|
| Yield: | 6½%
|
| First call: | Make-whole call at Treasuries plus 50 bps until Feb. 15, 2022, then callable at 103.125
|
| Trade date: | Feb. 8
|
| Settlement date: | Feb. 15
|
| Expected ratings: | S&P: B+
|
| Fitch: B+
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 6½%
|
| Marketing: | Roadshow
|
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