Shearman & Sterling acted as counsel to Ecopetrol in connection with a public offering of $1.25 billion aggregate principal amount of its 4.625% notes due 2031 and $750 million aggregate principal amount of its 5.875% bonds due 2051. Citigroup Global Markets, J.P. Morgan Securities, Santander Investment Securities and Scotia Capital (USA) acted as underwriters. The net proceeds of the offering were used by Ecopetrol to prepay a portion of the outstanding principal amount under the loan Ecopetrol entered into in connection with its acquisition of Interconexión Eléctrica (ISA), of which $3.672 billion principal amount was outstanding prior to the prepayment.
Ecopetrol is partially owned by the Colombian government and the only vertically integrated crude oil and natural gas company in Colombia, as well as the largest company in the country as measured by revenue, profit, assets and shareholders’ equity. It is engaged in a broad range of oil and gas related activities, including exploration and production, refining and petrochemicals, transportation, distribution and marketing, and natural gas.
The Shearman & Sterling team below included visiting attorneys Pedro de Elizalde and Sebastian de la Puente (all New York-Capital Markets).