Ecopetrol S.A. to prepay its entire syndicated loan with local banks, for a total amount of COP$ 1.4 trillion
July 06, 2018 at 21:56 PM EDT
BOGOTÁ , Colombia, July 6, 2018 /PRNewswire/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) reports it will prepay the entire syndicated loan it entered into in 2013 with local banks, which had been scheduled to be amortized up to 2025.
As stipulated in the loan agreement, Ecopetrol can at any time pay off all the principal voluntarily, with no penalty whatsoever, subject to at least 30 calendar days' advance notice to the lenders. Pursuant thereto, the prepayment will be made August 6, 2018 in the total amount of COP$1,430,333,333,333, which includes principal and interest.
This prepayment is in line with the objectives of Ecopetrol's 2020 business plan and confirms Ecopetrol's commitment to maintaining its credit rating and increasing the return to its shareholders.
Ecopetrol is Colombia's largest firm and is an integrated oil company that is among the 50 largest in the world and the four largest in Latin America. In addition to Colombia, where it generates over 60% of the country's production, it is active in exploration and production in Brazil, Peru and the United States (Gulf of Mexico). Ecopetrol operates the largest refinery in Colombia, most of the country's oil-pipeline and polyduct network, and is significantly increasing its share of bio-fuels.
This press release contains statements relating to business prospects, estimates of operating and financial results, and Ecopetrol's growth prospects. All are projections, and therefore are based solely on management's expectations of the company's future and its continuous access to capital to finance the company's sales plan. Achieving these estimates in the future depends on its performance under given market conditions, regulations, competition, performance of the Colombian economy and industry, among other factors; therefore, they are subject to change without prior notice.
For further information, contact:
Capital Markets Manager
Media Relations (Colombia)
SOURCE Ecopetrol S.A.