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Ecopetrol says the loan will primarily be used to pay existing debt.

Ecopetrol says it may draw upon the credit line to strengthen its "liquidity position in the face of eventual growth opportunities" or "mitigate risks associated to unexpected fluctuations in crude prices."

Empresas Publicas de Medellín (EPM) the City of Medellín-owned multinational utility announced last week the signing of a $1 billion USD loan from a syndicate of banks in a club deal to fund growth plans in 2016, including the Ituango hydroelectric project. Bank of America and...