Epetrol received approval for a US$250 million loan for investment and debt

Epetrol reported that it received permission from the Ministry of Finance to take action credit for US $ 250 million with a term of 5 yearswhich according to the company will be used for investment and to pay financial commitments​​​​​​with maturities in 2026.

(See also: Epetrol received approval to borrow up to $1 billion from local banks)

This foreign debt transactionwhich will be underwritten by Sumitomo Mitsui Banking Corporation, which will be the entity that delivers the resources. This credit is for 5 years,”the capital payable at maturity and a previously agreed variable interest rate between the parties“.

The cThe position of this variable interest rate has not been reported to the market by Ecopetrol. This is how it works objective to finance investment costs, among which the oil company indicated that the payment of financial commitments is includeds which matures in 2026.

The oil company also said to get the loan, to complete all the procedures aimed at obtaining the necessary permitss, both at the internal corporate level, as well as before the corresponding regulatory authorities.

(Interested: Epetrol’s liquidity and cost of debt, concerns after Moody’s downgrade)

“The conditions obtained for this agreement confirm the support and confidence of the financial sector in the strategy of the Epetrol Group“, he highlighted the company through its communication with the market.

This action It is strengthened by others that have also been approved, such as the one that received the green light in June so that the company is financed in the local market up to $1 billion.

The loan will be applied by the Banco de Bogotá ($642,000 million), Bank of the West ($208,000 million) and Banco Popular ($150,000 million), who appear as borrowers.

(Also: Moody’s lowered Epetrol’s global credit rating)

According to the information, these cThere will be a term of 7 years, with a grace period of 2 years from the date of first payment. The amortization will be done in 10 semi-annual installments once the grace period has ended and the An interest rate will be recorded in the IBR on the terms previously agreed with the banks.

Like the agreement given for external credit, this It also aims to finance investment as well as payment obligations financial.

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