Ecopetrol to make advance bond payment

Thursday, March 15, 2018

Colombian state oil company Ecopetrol has announced it will pre-pay US$350mn worth of bonds as it continues to whittle down debt.

In a statement, the Bogotá-based firm said it would meet its commitments for the five-year international securities in April, five months ahead of schedule.

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"The forward payment [reflects] the company's solid cash position, which amounted to more than 14.5tn pesos (US$5.2bn) at the end of 2017," the statement said.

Ecopetrol said expectations of continued strong cash flow would allow it to combat crude price volatility while pursuing organic and inorganic growth opportunities for reserves acquisitions.

Last month, the company reported that its nominal debt fell by US$2.9bn in 2017 while its gross debt/Ebitda ratio dipped to 1.9 on December 31 from 2.9 a year earlier.