Ecopetrol gets commitments for $4 billion external credit line

By Marisa Wong

Los Angeles, Aug. 16 – Ecopetrol SA announced that Colombia’s Ministry of Finance and Public Credit authorized an up to $4 billion external credit line on Friday, according to a company press release.

Lenders are Banco Santander, SA, Citibank, NA, JPMorgan Chase Bank, NA and Bank of Nova Scotia, each with a 25% participation.

The credit facility has a two-year maturity from the loan signing date and an interest rate of Libor plus 80 basis points with an additional upfront fee of 30 bps.

The purpose of the loan is to finance the acquisition of 569,472,561 shares of Interconexion Electrica SA ESP, equivalent to 51.4% of its outstanding shares, which represents 100% of the stake that the ministry has in Interconexion Electrica.

The oil company is based Bogota, Colombia.

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