05:32 AM EDT, 03/21/2024 (MT Newswires) -- Ecopetrol ( EC ) said Wednesday that Colombia's Ministry of Finance and Public Credit has approved its planned $1.2 billion debt management transaction to refinance a $1.2 billion loan that was authorized in 2021, disbursed in 2022, and expired in 2023.

The company said it will execute the new loan transaction with a group of six lenders, with the new loan to have a five-year term and variable interest rates, as previously agreed by the parties.