Ecopetrol S.A. filed a Free Writing Prospectus on November 10, 2026, disclosing the final terms of a U.S.$2,000,000,000 offering of 7.875% senior unsecured notes maturing November 12, 2034, priced on November 9, 2026.

Key Highlights

  • Principal amount: U.S.$2,000,000,000 in 7.875% Notes due November 12, 2034.
  • Issue price and yield: Notes priced at 99.388% of par, with a yield to maturity of 7.980%.
  • Net proceeds before expenses: U.S.$1,984,760,000, after the underwriting discount but before expenses, according to the filing.
  • Expected settlement: November 12, 2026 (T+2), with interest payments commencing May 12, 2027.
  • Redemption notice update: The filing revises the conditional redemption notice for the 8.625% Senior Notes due 2029 from up to U.S.$720,000,000 to up to U.S.$810,000,000 aggregate principal amount.
  • Listing: The notes are listed and traded on the New York Stock Exchange.
  • Global coordinators: Citigroup Global Markets Inc. and J.P. Morgan Securities LLC served as global coordinators and joint book-running managers.

Ecopetrol's $2 Billion Note Offering: Final Terms and Key Structural Details

According to the filing, Ecopetrol S.A. set the final terms for a U.S.$2,000,000,000 issuance of 7.875% Notes due 2034 on a pricing date of November 9, 2026. The notes are described as "senior, unsecured and unsubordinated obligations of the Issuer, ranking pari passu, without any preferences among themselves, with all of its other present and future unsecured and unsubordinated obligations that constitute its External Indebtedness." The benchmark treasury referenced in the filing is the UST 4.875% due October 31, 2033, and the spread implied by the 7.980% yield to maturity is set against that benchmark.

The filing discloses that the notes carry a 30/360 day count convention and are governed by New York law. Interest is payable on May 12 and November 12 of each year, beginning May 12, 2027. The minimum denomination is U.S.$1,000 and integral multiples of U.S.$1,000 in excess thereof. Clearing is available through DTC, Euroclear, and Clearstream. The offering is SEC-registered under Registration Statement No. 333-278823.

On optional redemption, the filing states that prior to September 12, 2034, Ecopetrol may redeem the notes in whole or in part at a make-whole premium based on the Treasury Rate plus 50 basis points. On or after September 12, 2034, redemption may occur at par. Additionally, if Ecopetrol becomes obligated to pay additional amounts under the notes due to withholding tax, it may redeem the notes in whole, but not in part, at par. The filing also notes a change from the preliminary prospectus supplement, increasing the conditional redemption notice for the outstanding 8.625% Senior Notes due 2029 from up to U.S.$720,000,000 to up to U.S.$810,000,000.

What Was Disclosed

Ecopetrol S.A. disclosed the final pricing terms of a U.S.$2,000,000,000 note offering via a Free Writing Prospectus filed pursuant to Rule 433, including coupon, yield, settlement date, redemption provisions, and a revision to a previously announced redemption notice amount.