• Most Popular
  • Most Shared

UPDATE 2-Colombia's Ecopetrol says to offer US dollar bonds

Fri Jul 10, 2009 10:13am EDT

Stocks

   

(Adds details, new dateline)

BOGOTA/NEW YORK, July 10 (Reuters) - Colombia's state-controlled oil company Ecopetrol ECO.CN will offer bonds denominated in U.S. dollars to help finance its 2009 investment plan, the firm said in a statement.

Barclays Capital (BARC.L) and JP Morgan Chase & Co. (JPM.N) are lead managers of the deal, which a source at one of the lead managers said would be benchmark size. Typically that implies a deal of $500 million or greater.

Ecopetrol's statement did not specify the amount to be offered or the timing of the planned transaction.

The marketing roadshow is scheduled to take place July 13-15 with teams giving presentations in New York, Boston, Los Angeles, San Francisco and London, the source said.

Ecopetrol shares slumped 1.2 percent to 2,475 pesos per share in early trading. The company announced the bond sale before the market opened.

Ecopetrol is rated "BB plus" by Fitch Ratings with a stable outlook. (Reporting by Nelson Bocanegra in Bogota and Daniel Bases in New York; Editing by Theodore d'Afflisio)



More from Reuters

Demonstrator holds a signboard with a slogan "Bla bla bla ACT NOW" during a rally outside the UN Climate Change Conference in Copenhagen December 12, 2009. REUTERS/Christian Charisius

"Polluters are given rights to continue their dirty habits"

A climate change scientist blasts proposals for a cap and trade system, arguing it allows dirty industries to continue polluting, instead of rewarding innovation.  Full Article | Full Coverage 

    Climate Conference
    The Boeing 787 Dreamliner aircraft is surrounded by employees and special guests during its world premiere outside the Boeing assembly plant in Everett, Washington, in this July 8, 2007 file photo. REUTERS/Robert Sorbo/Files

    Dreamliner set for test flight

    Boeing's fuel-efficient 787 will take off on its first test flight, nearly two and a half years behind schedule. But the hurdles aren't over.  Full Article 

    Aerospace and Defense Summit

    "Why do they hate me to this point?"

    Italian Prime Minister Silvio Berlusconi,
    referring to the attack that broke his nose and teeth and the division in Italy over his leadership
      World