Bancolombia’s $550 Million Offering and Liability Management
December 18, 2019
Cleary Gottlieb represented Citigroup Global Markets Inc. and J.P. Morgan Securities LLC, as underwriters and dealer managers, in an SEC-registered offering and related liability management transaction by Bancolombia S.A. (Bancolombia).
Bancolombia offered $550 million 4.625% subordinated notes due 2029. The issuance priced on December 10, 2019, and closed on December 18, 2019.
The related liability management transaction consisted of an offer to purchase for cash up to $750 million aggregate total consideration of Bancolombia’s outstanding 6.125% notes due 2020 and 5.125% notes due 2022, which was made by Citigroup, as tender offer structuring advisor and purchaser. The early tender deadline for the tender offer was December 9, 2019, and the final expiration of the tender offer was December 23, 2019.
Bancolombia is a full-service financial institution that offers a wide range of banking products and services to a diversified individual and corporate customer base of nearly 15 million customers.