Colombia’s Ecopetrol starts capped tender for 5 7/8% notes due 2023

By Wendy Van Sickle

Columbus, Ohio, Jan. 17 – Ecopetrol SA announced a 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 news release.

Pricing will be based on the 0.125% U.S. Treasury note due Sept. 15, 2023 plus a spread of 45 basis points and will be set at 11 a.m. ET on Jan. 30.

For each $1,000 principal amount of notes tendered, a $30 early tender premium will be paid to holders who tender by 5 p.m. ET on Jan. 30.

Noteholders will also receive accrued interest to the settlement date, which is expected to be Jan. 31 for early tenders and Feb. 15 for tenders submitted after the early date.

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

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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