The story so far
The events that changed the company's story, in plain English, each written against everything known about the company at the time. The dot shows whether it was good, bad or neutral for shareholders.
shares on issue market cap (log scale)
202635.4m shares · US$265m market cap
- 5 Aug
Gran Tierra agreed to sell its entire Colombia and Ecuador business - the core of the company since its founding - to French E&P company Etablissements Maurel & Prom for $1.33 billion in cash, assumed debt and a deferred note; the buyer will assume Gran Tierra's outstanding notes and redeem its 2027 notes at closing, after which Gran Tierra will operate only its Canada and Azerbaijan assets.
material agreement
35.4m shUS$265m - 20 Feb
Gran Tierra reduced its note principal outstanding: exchanging $617.0 million of its 9.5% 2029 notes for $487.6 million of new 9.75% 2031 notes plus $125 million cash - a roughly $129 million cut in notes outstanding, extending maturity two years, though the cash portion was itself funded by drawing the Trafigura oil-prepayment facility.
debt financing
35.3m shUS$192m - 18 Feb
Gran Tierra terminated its year-old revolving credit facility and instead expanded its Trafigura crude-prepayment arrangement - adding up to $200 million more, now spanning both Colombian and Ecuadorian production - to fund a new exchange or tender offer for its 2029 notes.
debt financing
35.3m shUS$192m
202535.3m shares · US$154m market cap
- 29 Oct
Gran Tierra arranged a crude-oil prepayment financing with Trafigura secured against its Ecuador (Oriente) production - up to $200 million advanced against future oil deliveries over four years - to repay its revolver, buy back notes, and fund Ecuador capital spending.
debt financing
35.3m shUS$154m
202430.8m shares · US$227m market cap
- 19 Sept
Gran Tierra tapped another $150 million of its 9.5% 2029 notes specifically to fund the cash portion of the pending i3 Energy acquisition.
debt financing
30.8m shUS$227m - 20 Aug
Gran Tierra agreed to acquire UK-listed i3 Energy plc - and its Canadian oil and gas assets - in a cash-and-stock scheme of arrangement worth roughly 13.92 pence per i3 Energy share, lining up a new Trafigura term loan to help fund the deal.
debt financing
30.8m shUS$285m
202333.3m shares · US$231m market cap
- 24 Oct
Gran Tierra closed its debt exchange, swapping $247.1 million of 6.25% notes due 2025 and $275.8 million of 7.75% notes due 2027 for $487.6 million of new 9.5% senior secured notes due 2029 - extending maturities and adding collateral, but at a substantially higher interest cost.
debt financing
33.3m shUS$231m - 19 Sept
Gran Tierra scaled back and shortened its Trafigura credit facility (to $50 million, available through year-end) while launching an exchange offer to swap its existing 2025 and 2027 notes for new 2029 notes, planning to draw the Trafigura facility to help fund the cash portion.
debt financing
33.3m shUS$214m
2022369m shares · US$494m market cap
- 23 Aug
Gran Tierra lined up a new secured credit facility with commodities trader Trafigura - $100 million initially (expandable to $150 million), secured by its Colombian assets, at 6.00%+ interest.
debt financing
369m shUS$494m - 12 July
Gran Tierra terminated its long-running Bank of Nova Scotia-led credit facility (originally from 2015) after paying it off in full in June 2022 with no early-termination penalties, becoming debt-free on that facility ahead of replacing it with a smaller one.
material agreement termination
369m shUS$424m