Ecopetrol Wants $3bn Debt Approval

Ecopetrol plans to put a COP5.5trn ($2.86bn) bond shelf to an investor vote March 25. The bonds would be sold in international or domestic markets. The oil producer, which is 89.9% owned by the Colombian government, had COP8.8trn approved this time last year, and the COP5.5trn amount represents the remainder following last year’s blowout $1.50bn 2019 debut bond in international markets. A local issue considered to follow last year was put off after Ecopetrol secured $500m more than expected through the dollar deal, on some $9bn in orders. Proceeds from the new bonds will fund international investments, as the company looks to meet $6.93bn in capex this year. In January, the company said it planned to raise up to $3.50bn through various instruments in international markets in 2010. It secured that month a preliminary loan commitment from the US Exim bank for $1.00bn.