Empresa de Energia de Bogota (EEB) is seeking to raise up to $610 million through a sale of foreign bonds, Reuters reports. The Colombian utility has received approval from its shareholders for the same.

The company will use the proceeds to repurchase bonds due in 2014 and issue more liquid debt, maturing in 2021, to improve its debt structure. The buyback will yield annual savings of $7.6 million.

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