💙 🔷 Not impressed by Big Tech in Q3? Explore these Blue Chip Bargains insteadExplore for free

BRIEF-Gran Tierra Energy Inc. announces strategic US$525 million acquisition of Petrolatina Energy

Published 2016-07-01, 05:49 a/m
© Reuters.  BRIEF-Gran Tierra Energy Inc. announces strategic US$525 million acquisition of Petrolatina Energy
GTE
-

July 1 (Reuters) - Gran Tierra Energy Inc GTE.TO :
* Gran Tierra Energy Inc. announces strategic US$525 million
acquisition of Petrolatina Energy Ltd. in Colombia
* Deal expected to be funded through combination of co's
current cash balance, new $130 million debt facility, and a
private placement
* Says acquisition has been unanimously approved by board of
directors of Gran Tierra
* Under terms, all remaining shares of Petrolatina are
acquired pursuant to provisions of articles of association of co
upon closing
* Consideration for deal to consist of initial payment of
$500 million at closing, and a deferred payment of $25 million
prior to december 31, 2016
* In connection with deal, Gran Tierra has agreed to issue
up to 57.8 million subscription receipts priced at $3.00 per
subscription receipt
* Entered into commitment letter with Scotiabank, its lead
lender, to provide up to $130 million in bridge financing to
fund portion of deal

Source text for Eikon: ID:nMKWkRY2ga
Further company coverage: GTE.TO


Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.