Colombia's Ecopetrol To Sell $1.5 Billion In 10-Year International Bonds
July 14 2009 - 10:19AM
Dow Jones News
Colombia's state-controlled oil company Ecopetrol SA (EC) plans
to sell $1.5 billion in international bonds maturing in 10 years,
Ecopetrol said in a press release Tuesday.
Ecopetrol picked investment banking units of JPMorgan Chase
& Co. (JPM) and Barclays PLC (BCS) to handle the bond sale,
Ecopetrol said.
Ecopetrol said the yield on the bonds hasn't been determined
yet.
The Bogota-based company plans to borrow $3.7 billion this year
to finance its expansion plan. The company recently secured 2.2
trillion Colombian pesos ($1.07 billion) in a syndicated loan with
the country's largest banks.
Monday, Moody's Investors Service assigned a Baa2 rating on the
company's foreign currency bond. Also Monday, shares of Ecopetrol
ended unchanged at COP2,510.
The local bourse hasn't open yet.
-By Diana Delgado, Dow Jones Newswires; 571-6107044 ext 1132;
diana.delgado@dowjones.com