Ecopetrol, announced that it has obtained a loan authorization from the Ministry of Finance and Public Credit. The latter consists of a committed credit line of one thousand billion Colombian pesos with Bancolombia. This authorization is part of the comprehensive debt management strategy and the refinancing of the debt maturing in 2023.
Ecopetrol receives borrowing authority to pay liabilities under existing credit obligations
This authorized line of credit will have a term of five years from the date of the first disbursement, a repayment of principal at maturity, a variable interest rate previously agreed upon by the parties and an availability period until December 16, 2024. All of the resources will be used to pay the commitments arising from Ecopetrol S.A.’s existing credit obligations. This decision reinforces the financial sector’s confidence in the company and its proactive management of the 2023 debt maturities.
Compliance with required internal and external procedures and approvals
In order to obtain this credit facility, Ecopetrol has complied with all required internal and external procedures and approvals. This decision by the Ministry of Finance and Public Credit confirms the confidence in the company and the quality of its financial management.
A company committed to proactive management of its debt maturities
This credit authorization is part of Ecopetrol’s proactive debt maturity management strategy. The company aims to reduce its cost of debt, maintain a strong debt profile and improve its access to capital markets. The line of credit obtained will allow Ecopetrol to pursue its growth strategy and to continue investing in oil and gas exploration and production projects in Colombia.
In conclusion, obtaining this credit authorization of one billion Colombian pesos from Bancolombia strengthens Ecopetrol’s financial position and its ability to pursue its growth strategy in the energy sector. The company continues to proactively manage its debt maturities, thereby reinforcing the confidence of the financial sector in its financial management.
