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

By Mary Katherine Stinson

Lexington, Ky., Jan. 19 – Ecopetrol SA settled its Jan. 9 cash tender offer for any and all of its $1.2 billion outstanding 4 1/8% notes due 2025 (Cusip: 279158AK5), according to multiple releases.

Ecopetrol purchased all $737.35 million of the notes that were tendered in the offer.

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

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

Tenders via guaranteed delivery were due by 5 p.m. ET on Jan. 18.

Settlement occurred on Jan. 19.

The offer was conditioned on the satisfaction or waiver of a financing condition, which was satisfied with Ecopetrol’s closing of a concurrent note issue consisting of $1.85 billion of 8 3/8% notes due 2036.

Global Bondholder Services Corp. was 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) were 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.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.