Ocensa gives early results in offer for up to $100 million 4% notes

By Mary-Katherine Stinson

Lexington, Ky., May 8 – Colombia’s Oleoducto Central SA (Ocensa) announced the early results of its cash tender offer to purchase up to $100 million aggregate principal amount of its $500 million outstanding 4% notes due 2027 (Cusip: 680617AC1, P7358RAD8), according to a notice.

As of the early tender date of 5 p.m. ET on May 5, $189,399,000 of the 4% notes had been tendered with $100 million of those accepted for purchase.

Holders who tendered by the early tender date are eligible to receive the total consideration of $892.50 per $1,000 principal amount, which includes an early tender payment of $30 per $1,000 principal amount.

The company will also pay accrued interest.

Since the maximum acceptance amount has been exceeded, tenders will be accepted on a prorated basis subject to a proration factor of 49.595%. Notes not accepted for purchase will be returned to noteholders.

All notes tendered by the early tender date have priority in acceptance over notes tendered after the early deadline. However, the company announced it will not accept any notes tendered after the early deadline due to the offer being oversubscribed.

The withdrawal deadline was 5 p.m. ET on May 5.

Early settlement is expected to be on May 10.

The offer will expire at 11:59 p.m. ET on May 19.

Final settlement is expected to occur on May 24, although that date is no longer relevant.

BofA Securities, Inc. (646 855-8988 or 888 292-0070) is the dealer manager for the offer.

Global Bondholder Services Corp. (https://www.gbsc-usa.com/ocensa; 855 654-2014 or 212 430-3774 for banks and brokers) is the tender agent and information agent.

As previously reported, the company said it reserves the right, at its discretion, from time to time to purchase any notes that remain outstanding after the expiration of the tender offer through open-market or privately negotiated transactions, one or more additional tender or exchange offers or otherwise or to exercise any of its redemption rights under the notes.

Ocensa is a Bogota, Colombia-based crude oil transportation company. Ecopetrol SA owns indirectly, through its wholly owned subsidiary Cenit Transporte y Logistica de Hidrocarburos SAS, 72.65% of Ocensa.

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