Colombia’s Ecopetrol to sell dollar-denominated fixed-rate notes

By Mary-Katherine Stinson

Lexington, Ky., Jan. 10 – Ecopetrol SA plans to issue a series of dollar-denominated fixed-rate notes, according to a 424B3 filing with the Securities and Exchange Commission.

The notes will have a make-whole call option followed by a par call option as well as a change-of-control put at 101 plus interest.

Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Santander Investment Securities Inc. and Scotia Capital (USA) Inc. are acting as bookrunners of the deal.

The issuer will be advised by Shearman & Sterling LLP regarding New York law and Brigard & Urrutia Abogados SAS regarding Colombian law.

The bookrunners will be advised by Milbank LLP regarding U.S. law and Gomez-Pinzon Abogados SAS regarding Colombian law.

The company intends to apply to list the notes on the New York Stock Exchange.

The proceeds will be used to prepay the remaining outstanding principal amount under an acquisition loan and for general corporate purposes including financing the company’s investment plan.

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

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