Colombia’s Ecopetrol plans dual tranches of dollar-denominated notes

By Rebecca Melvin

Concord, N.H., Oct. 27 – Ecopetrol SA plans to issue two series of U.S. dollar-denominated notes with Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Santander Investment Securities Inc. and Scotia Capital (USA) Inc. acting as bookrunners of the deal, according to a 424B3 filing with the Securities and Exchange Commission.

The notes have a make-whole call followed by a par call as well as a change-of-control put at 101 plus interest. The company intends to apply to list the notes on the New York Stock Exchange.

The proceeds will be used to prepay a portion of the outstanding principal amount under an acquisition loan of which $3,672,000,000 remains outstanding. In addition, the company expects to use cash on hand to pay accrued interest related to the acquisition loan and certain expenses related to the notes offering.

The Bogota, Colombia-based petroleum company is 88.49% government-owned.

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