Gran Tierra completes exchange of ~$523M notes for new 9.5% notes due 2029

GRAN TIERRA ENERGY INC.

Exchange accepted 91.8% of 2025 notes ($247.1M) and 92.1% of 2027 notes ($275.8M); issued $487.6M of 9.500% senior secured amortizing notes due 2029.
Early participants received $60M cash; per $1,000 2025 note, approx. $247 cash + $833 in new notes; per $1,000 2027 note, $1,020 in new notes.
Existing restrictive covenants and events of default eliminated upon settlement; $28.1M of 2025 notes held by subsidiary also cancelled.
Settlement expected October 20, 2023; no cash proceeds to company from issuance.

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