Ecopetrol Announces the Second Convening of Bondholders' Meetings for Domestic Public Debt Bonds

Rhea-AI Summary

Ecopetrol (NYSE: EC) announced that first-call meetings of holders of ordinary domestic public debt bonds from its 2010 and 2013 issuances failed to reach the required quorum, prompting a second convening by the bondholders' legal representatives Alianza Valores Fiduciaria and Itaú Fiduciaria Colombia.

The second meetings will be held on September 4, 2026, in Bogotá, with both in-person and virtual attendance via Deceval’s platform, to consider the proposed merger by absorption between Ecopetrol (surviving company) and Parque Solar Portón del Sol (absorbed company), previously approved by Ecopetrol’s General Shareholders’ Meeting on March 27, 2026.

The outstanding 2010 CPI-linked bonds (Series A, COC04CBVP023) total COP 284,300 million, maturing in 2040 with a coupon of CPI + 4.90%. The 2013 CPI-linked bonds (COC04CBVP007) include tranches maturing in 2028 and 2043, with coupons of CPI + 4.90% and CPI + 5.15% and outstanding amounts of COP 347,500 million and COP 262,950 million, respectively.

Market Context

A prior bondholder-meeting report recorded a 1.19% 24-hour reaction, adding a divergence precedent t...

Analysis

A prior bondholder-meeting report recorded a 1.19% 24-hour reaction, adding a divergence precedent to this second convening. The update remained procedural; quorum results and the unresolved merger process were the key items to watch.

Key Figures

Merger approval date: March 27, 2026 2010 bondholder meeting: September 04, 2026 at 2:00 p.m. 2013 bondholder meeting: September 04, 2026 at 3:30 p.m. +5 more

8 metrics

Merger approval date March 27, 2026 General Shareholders' Meeting approval

2010 bondholder meeting September 04, 2026 at 2:00 p.m. Second call, Bogotá time

2013 bondholder meeting September 04, 2026 at 3:30 p.m. Second call, Bogotá time

2010 outstanding amount COP 284,300 million Series A domestic public debt bonds

2010 coupon rate CPI + 4.90% 2010 Series A bonds

2013 2028 tranche COP 347,500 million Outstanding amount, maturing August 27, 2028

2013 2043 tranche COP 262,950 million Outstanding amount, maturing August 27, 2043

2013 2043 tranche coupon CPI + 5.15% 2013 bond issuance

Historical Context

5 past events · Latest: Aug 18 (Negative)

Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Aug 18	Bondholder meeting results	Negative	+1.2%	First-call meetings failed to reach required quorum for domestic bond issuances.
Aug 18	Brava acquisition completion	Positive	+0.0%	Ecopetrol completed acquisition of a controlling Brava Energia voting stake.
Aug 07	Bondholder meeting convening	Neutral	+1.6%	Bondholders were convened to consider the proposed Parque Solar merger.
Aug 05	Brava acquisition auction	Positive	+6.2%	Ecopetrol completed the tender-offer auction for Brava Energia shares.
Jul 20	Brava tender offer	Positive	+3.1%	Ecopetrol resumed its voluntary tender offer for Brava Energia shares.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Positive acquisition announcements aligned with positive reactions, while bondholder-process news diverged from its positive reaction.

Key Terms

merger by absorption, cpi-linked bonds, deliberative and decision-making quorums, forward-looking statements

4 terms

merger by absorption regulatory

"proposed merger by absorption between Ecopetrol S.A."

Merger by absorption is a corporate transaction in which one company takes over and absorbs another so the absorbed company is dissolved and its assets, liabilities and operations become part of the surviving company. It matters to investors because it changes ownership, share counts and the identity of the company they own—similar to two households combining into one—so shareholders of the absorbed firm typically receive cash or shares in the surviving entity and their original stock is retired.

cpi-linked bonds financial

"Series A, consisting of CPI-linked bonds denominated in Colombian pesos"

Bonds whose interest payments and/or principal are automatically adjusted based on changes in the consumer price index (CPI), a common measure of inflation. They matter to investors because the adjustments preserve the real value of returns as prices rise or fall, similar to a salary that increases with the cost of living, and therefore behave differently than fixed-rate bonds in inflationary or deflationary environments.

deliberative and decision-making quorums regulatory

"did not achieve the deliberative and decision-making quorums required"

Deliberative and decision-making quorums are the minimum number of board members or meeting participants required first for discussion (deliberative quorum) and second for taking official action like votes or resolutions (decision-making quorum). They matter to investors because they determine when a governing body can legally consider issues and when it can bind the company, like approving transactions or appointing officers—similar to how a minimum group is needed to start and to finalize a team decision.

forward-looking statements regulatory

"statements that may be considered forward-looking statements"

Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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BOGOTÁ, Colombia, Aug. 27, 2026 /PRNewswire/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) (the "Company" or "Ecopetrol") hereby announces that, as disclosed in the publication dated August 18, 2026, the first-call meetings of the holders of ordinary domestic public debt bonds issued in the 2010 and 2013 issuances (the "Bondholders") did not achieve the deliberative and decision-making quorums required under applicable regulations. Such meetings, previously convened by the legal representatives of the Bondholders, Alianza Valores Fiduciaria S.A. and Itaú Fiduciaria Colombia S.A. (the "Bondholders' Representatives"), were held on that date as scheduled.

Accordingly, the Bondholders' Representatives have issued a second call for the aforementioned meetings, through a notice published in the newspaper La República, for the purpose of submitting to the consideration of the local Bondholders the proposed merger by absorption between Ecopetrol S.A. (as the surviving company) and Parque Solar Portón del Sol S.A.S. (as the absorbed company). This merger was approved by Ecopetrol's General Shareholders' Meeting on March 27, 2026, in accordance with Article 6.4.1.1.22 of Decree 2555 of 2010, under the following terms:

2010 Outstanding Bond Issuance

Alianza Valores Fiduciaria S.A. hereby gives notice that it has convened a meeting of bondholders to be held on September 04, 2026, at 2:00 p.m. (Bogotá, D.C. time). Bondholders may attend the meeting either (i) in person, at Carrera 37 No. 24-24, Centro de Innovación Bogotá, Bogotá, D.C., Colombia, or (ii) virtually, via videoconference through the electronic platform of Colombia's Central Securities Depository (Depósito Centralizado de Valores de Colombia — Deceval S.A.). The meeting is being convened in accordance with Article 19 of Law 222 of 1995 and Decree 398 of 2020 of Colombia. The link for virtual attendance is set forth below: 
https://asambleadebonosecopetrol2010.azurewebsites.net

The outstanding 2010 issuance, Series A, consisting of CPI-linked bonds denominated in Colombian pesos, has the following characteristics:

Issuance	Placement Date	Maturity Date	Term (Years)	Coupon Rate	Outstanding Amount (COP million)
COC04CBVP023	Dec. 1, 2010	Dec. 1, 2040	30	CPI + 4.90%	284,300

Agenda

1. Verification of quorum.
2. Review and approval of the agenda.
3. Delegation to the Bondholders' Representatives for the appointment of the Chairperson and Secretary of the meeting, in accordance with Section 4.3.3 of Chapter I, Title I, Part III of Legal Circular 006 of 2025 issued by the Superintendencia Financiera de Colombia (Colombian Financial Superintendence).
4. Appointment of the committee responsible for approving the minutes of the meeting.
5. Presentation of Ecopetrol's report regarding the proposed Merger.
6. Report on the opinion issued by Alianza Fiduciaria S.A., in its capacity as Legal Representative of the Holders of the Domestic Public Debt Bonds issued in 2010.
7. Reading of the opinion issued by Fitch Ratings Colombia S.A.S.
8. Vote and decision by the bondholders with respect to the proposed Merger.

2013 Outstanding Bond Issuance

Itaú Fiduciaria Colombia S.A. hereby gives notice that it has convened a meeting of bondholders to be held on September 04, 2026, at 3:30 p.m. (Bogotá, D.C. time). Bondholders may attend the meeting either (i) in person at Carrera 37 No. 24-24, Centro de Innovación Bogotá, Bogotá, D.C., Colombia, or (ii) virtually, via videoconference through the electronic platform of Colombia's Central Securities Depository (Depósito Centralizado de Valores de Colombia — Deceval S.A.). The meeting is convened in accordance with Article 19 of Law 222 of 1995 and Decree 398 of 2020 of Colombia. The link for virtual attendance is set forth below: 
https://asambleadebonosecopetrol2013.azurewebsites.net

The outstanding 2013 CPI-linked bond issuance denominated in Colombian pesos has the following characteristics:

Issuance	Placement Date	Maturity Date	Term (Years)	Coupon Rate	Outstanding Amount (COP million)
COC04CBVP007	Aug. 27, 2013	Aug. 27, 2028	15	CPI + 4.90%	347,500
COC04CBVP007	Aug. 27, 2013	Aug. 27, 2043	30	CPI + 5.15%	262,950

Agenda

1. Verification of quorum.
2. Review and approval of the agenda.
3. Appointment of the Chairperson and Secretary of the meeting, in accordance with Section 4.3.3 of Chapter I, Title I, Part III of Legal Circular 006 of 2025 issued by the Superintendencia Financiera de Colombia (Colombian Financial Superintendence).
4. Appointment of the committee responsible for approving the minutes of the meeting.
5. Presentation of Ecopetrol's report regarding the proposed Merger.
6. Presentation of the opinion issued by Itaú Fiduciaria Colombia S.A. (formerly Helm Fiduciaria S.A.), acting in its capacity as legal representative of the bondholders.
7. Reading of the opinion issued by Fitch Ratings Colombia S.A.S.
8. Vote and decision by the bondholders with respect to the proposed Merger.

For further information regarding the general requirements and conditions for participating in the bondholders' meetings, please visit: 
https://www.ecopetrol.com.co/wps/portal/Home/es/Inversionistas/asamblea-de-tenedores-de-bonos-2026

---------------------- 

Ecopetrol is the largest company in Colombia and one of the main integrated energy companies in the American continent, with more than 19,000 employees. In Colombia, it is responsible for more than 60% of the hydrocarbon production of most transportation, logistics, and hydrocarbon refining systems, and it holds leading positions in the petrochemicals and gas distribution segments. With the acquisition of 51.4% of ISA's shares, the company participates in energy transmission, the management of real-time systems (XM), and the Barranquilla–Cartagena coastal highway concession. At the international level, Ecopetrol has a stake in strategic basins in the American continent, with drilling and exploration operations in the United States (Permian basin and the Gulf of Mexico), Brazil, and Mexico, and, through ISA and its subsidiaries, Ecopetrol holds leading positions in the power transmission business in Brazil, Chile, Peru, and Bolivia, road concessions in Chile, and the telecommunications sector.

This release contains statements that may be considered forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. All forward-looking statements, whether made in this release or in future filings or press releases, or orally, address matters that involve risks and uncertainties, including in respect of the Company's prospects for growth and its ongoing access to capital to fund the Company's business plan, among others. Consequently, changes in the following factors, among others, could cause actual results to differ materially from those included in the forward-looking statements: market prices of oil & gas, our exploration, and production activities, market conditions, applicable regulations, the exchange rate, the Company's competitiveness and the performance of Colombia's economy and industry, to mention a few. We do not intend and do not assume any obligation to update these forward-looking statements. 

For more information, please contact: 

Investor Relations Office 
Email: investors@ecopetrol.com.co 

Corporate Communications (Colombia)   
Email: noticias@ecopetrol.com.co 

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SOURCE Ecopetrol S.A.

FAQ

What is Ecopetrol (NYSE: EC) convening bondholders to decide on September 4, 2026?

Ecopetrol bondholders are being convened to vote on a proposed merger by absorption between Ecopetrol and Parque Solar Portón del Sol. According to Ecopetrol, the meetings will review company reports, legal representatives’ opinions, Fitch Ratings’ opinion, and then decide on the merger.

When and where will Ecopetrol’s 2010 bondholders’ meeting take place for the merger vote?

The 2010 bondholders’ meeting is scheduled for September 4, 2026 at 2:00 p.m. Bogotá time. According to Ecopetrol, holders can attend in person at Carrera 37 No. 24-24, Centro de Innovación Bogotá, or virtually via Deceval’s electronic platform using the published web link.

What are the key terms of Ecopetrol’s 2010 domestic public debt bonds (COC04CBVP023)?

Ecopetrol’s 2010 issuance COC04CBVP023 is a CPI-linked bond in Colombian pesos maturing on December 1, 2040. According to Ecopetrol, it has a 30-year term, a coupon of CPI + 4.90%, and an outstanding amount of COP 284,300 million as disclosed.

What are the characteristics of Ecopetrol’s 2013 CPI-linked bond issuance relevant to the 2026 meetings?

The 2013 issuance includes two CPI-linked tranches placed on August 27, 2013. According to Ecopetrol, one matures in 2028 with CPI + 4.90% and COP 347,500 million outstanding, and another matures in 2043 with CPI + 5.15% and COP 262,950 million outstanding.

How can Ecopetrol bondholders participate virtually in the September 4, 2026 meetings?

Bondholders can participate virtually via videoconference through Deceval’s electronic platform using meeting-specific links. According to Ecopetrol, separate web addresses are provided for the 2010 and 2013 bondholder meetings, allowing remote access under Colombian regulations for virtual assemblies.

Why did Ecopetrol’s bondholders need a second convening of meetings in 2026?

A second convening was required because the first-call 2010 and 2013 bondholders’ meetings lacked the deliberative and decision-making quorum. According to Ecopetrol, the bondholders’ legal representatives therefore issued a second call to validly consider and vote on the proposed merger.