May 22, 2019 |
Gran Tierra said it has priced $300m in new eight-year bonds at 7.75%, a pick-up from the seven-year notes it sold at 6.5% in February last year.
The Canadian oil company's 2025s were yielding just above 7% in the secondary market before the new notes came to market, according to a source close the deal.
Gran Tierra said that it plans to use the net proceeds of $289m to pay off a revolving credit line and fund investments. The company got a $114m revolver to finance the acquisition an additional
Canadian oil company offers a pickup on its 2025s to raise money to pay off a revolver for the Suroriente deal in Colombia