Ecopetrol gives final tender results for 5 7/8% notes due 2023

By Wendy Van Sickle

Columbus, Ohio, Feb. 14 – Colombia’s Ecopetrol SA took in tenders of an additional $2,338,000 of notes after the early deadline of its tender offer for up to $1 billion of its $1.8 billion of 5 7/8% senior notes due 2023 (Cusip: 279158AC3), according to a press release on Tuesday.

The offer expired at 11:59 p.m. ET on Feb. 13.

These late tenders were in addition to the $976,186,000 aggregate principal amount of tendered notes Ecopetrol received by the early deadline, 5 p.m. ET on Jan. 30, all of which was accepted for purchase without proration, as previously reported.

The total consideration was set at $1,003.41 per $1,000 principal amount, based on the 1/8% U.S. Treasury note due Sept. 15, 2023 plus a spread of 45 basis points.

For each $1,000 principal amount of notes tendered, the total consideration included a $30 early tender premium that was paid to holders who tendered by the early deadline.

As previously reported, noteholders will also receive accrued interest to the settlement date, which remains expected to be Feb. 15 for tenders submitted after the early date.

Global Bondholder Services Corp. (855 654-2014 or 212 430-3774) is the tender agent and information agent.

Citigroup Global Markets Group Inc. (800 558-3745 or 212 723-6106) is the dealer manager.

The petroleum company is based in Bogota, Colombia.

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