Colombia’s Ecopetrol prices tender offer for 4 1/8% notes due 2025

By William Gullotti

Buffalo, N.Y., Jan. 16 – Ecopetrol SA priced its Jan. 9 tender offer for any and all of its $1.2 billion outstanding 4 1/8% notes due 2025 (Cusip: 279158AK5), according to a press release on Tuesday.

As previously reported, the offer expires at 5 p.m. ET on Jan. 16, which is also the withdrawal deadline.

With pricing based on the 1 1/8% U.S. Treasury due Jan. 15, 2025 without any spread adjustment, Ecopetrol will pay a total consideration of $994.70 per $1,000 principal amount of notes. Accrued interest will also be paid to, but excluding, the settlement date.

As previously reported, there are guaranteed delivery procedures. Tenders via guaranteed delivery are due by 5 p.m. ET on Jan. 18.

Settlement remains planned for Jan. 19.

The offer also remains conditioned on the satisfaction or waiver of a financing condition. Ecopetrol recently priced $1.85 billion of 8 3/8% notes due 2036 with settlement planned for Jan. 19.

Global Bondholder Services Corp. is the tender agent and information agent (212 430-3774, 855 654-2014, https://gbsc-usa.com/ecopetrol).

BBVA Securities Inc. (212 728-2446, 800 422-8692, liabilitymanagement@bbva.com), BofA Securities, Inc. (646 855-8998, 888 292-0070) and Citigroup Global Markets, Inc. (212 723-6106, 800 558-3745, ny.liabilitymanagement@citi.com) are the dealer managers.

Ecopetrol is a Bogota-based petroleum company in Colombia with international drilling and exploration operations in the United States, Brazil and Mexico.

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