Ecopetrol would have had record numbers in 2022. Image: Ecopetrol.
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The Colombian oil company, Ecopetrol, announced on Monday a counter offer for the international bond repurchase offer that it had made on January 17.
It is worth remembering that the aggregate amount of outstanding capital of the bond is US$1.8 billion and has a coupon rate of 5.875%.
EcopetroSl’s offer will expire at 11:59 pm, New York City time, on February 13, 2023, unless extended or terminated earlier.
The oil company establishes that holders who offer validly and do not withdraw the bonds at 5:00 p.m.., and those whose purchases are accepted, they will receive the counter offer n total.
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The foregoing includes the early offer premium (US$1,003.41), with respect to the negotiable obligations validly offered (and accepted for purchase).
These would be subject to the maximum offer amount. Also, the promissory notes presented in the offer may not be withdrawn after 5:00 pm, New York City time on January 30, 2023.
Likewise, it was announced that holders will also receive accrued and unpaid interest from the last interest payment date until the applicable settlement.
In this case, that value will be paid in cash on the applicable settlement date.
As explained in Gurufocus.com, “to the extent that Ecopetrol purchases validly tendered bonds for an aggregate principal amount that represents the maximum amount of the tender on the early settlement date, Holders who validly offer notes after the early offer date will not be entitled to have any of their notes accepted for purchase.”.
Link: Ecopetrol announced a counter offer to its bond proposal launched in January published in Valora Analitik – Economic, political, stock market and financial news. All rights reserved.