Ecopetrol gets OK for five-year loan up to $1.2 billion via six lenders

By Mary-Katherine Stinson

Lexington, Ky., March 21 – Ecopetrol SA announced on March 20 that Colombia’s Ministry of Finance and Public Credit authorized an up to $1.2 billion loan as part of the company’s comprehensive debt management and maturity refinancing strategy, according to a 6-K filing with the Securities and Exchange Commission.

Lenders are Bank of Nova Scotia ($300 million), BBVA Securities Inc. ($250 million), Bank of America, NA ($200 million), JPMorgan Chase Bank, NA ($200 million), Itau Chile New York Branch ($100 million) and Standard Chartered Bank Hong Kong Ltd. ($150 million).

The credit facility has a five-year maturity. Interest will be at a variable rate previously agreed upon by the parties.

The loan was approved to refinance the company’s existing $1.2 billion loan, authorized on July 30, 2021 and disbursed on Sept. 29, 2022, to finance the acquisition of Interconexion Electrica SA ESP.

The oil company is based Bogota, Colombia.

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