EEB Bond Issue To Refinance Ecogas Purchase

State-owned Colombian power company Empresa de Energía de Bogota (EEB) is to refinance the purchase of natural gas pipeline operator Ecogas by issuing up to $1.4 billion in global bonds, according to Dow Jones. The bonds, which will carry a maturity of seven to 10 years will be used to take out a nine-month syndicated loan secured with foreign banks at the end of last month. EEB bid $1.45 billion at the beginning of December to win Ecogas at auction, beating off local rival Promigas.