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 and JP Morgan Chase & Co.
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