By Mary Katherine Stinson
Lexington, Ky., Jan. 10 – Ecopetrol SA priced $1.85 billion of 8 3/8% notes due 2036 (BB+/BB+/ BB+) to fund a tender offer of up to $1.2 billion of notes, according to a press release and a 424B3 filing with the Securities and Exchange Commission.
The notes priced at 99.441 to yield 8.45%, or at Treasuries plus 442.5 basis points.
The notes feature a make-whole call at Treasuries plus 50 bps before Oct. 19, 2035; and then a par call option until maturity.
BBVA Securities Inc., BofA Securities, Inc. and Citigroup Global Markets, Inc. are dealer managers for the tender offer.
Ecopetrol is a Bogota-based petroleum company in Colombia with international drilling and exploration operations in the United States, Brazil and Mexico.
| Issuer: | Ecopetrol SA
|
| Amount: | $1.85 billion
|
| Issue: | Notes
|
| Maturity: | Jan. 19, 2036
|
| Bookrunners: | BBVA Securities Inc., BofA Securities, Inc. and Citigroup Global Markets, Inc.
|
| Trustee: | Bank of New York Mellon
|
| Counsel to issuer: | Shearman & Sterling LLP and Brigard & Urrutia Abogados SAS
|
| Counsel to underwriters: | Milbank LLP and Gomez-Pinzon Abogados SAS
|
| Coupon: | 8 3/8%
|
| Price: | 99.441
|
| Yield: | 8.45%
|
| Spread: | Treasuries plus 442.5 bps
|
| Call features: | At Treasuries plus 50 bps before Oct. 19, 2035; after at par
|
| Pricing date: | Jan. 9
|
| Settlement date: | Jan. 19
|
| Ratings: | Moody’s: Baa3
|
| S&P: BB+
|
| Fitch: BB+
|
| Distribution: | SEC registered
|
| Cusip: | 279158AV1
|
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