Bancolombia’s $950 Million Offering and Liability Management Transaction
January 27, 2020
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 $950 million 3% senior notes due 2025. The issuance launched and priced on January 23, 2020, and is expected to close on January 29, 2020.
The related liability management transaction consisted of an offer to purchase for cash any and all of Bancolombia’s outstanding 5.95% notes due 2021, which was made by Citigroup, as tender offer structuring advisor and purchaser. The early tender deadline for the tender offer was January 22, 2020, and the final expiration of the tender offer is scheduled for February 6, 2020. Bancolombia intends to redeem all or a portion of the 5.95% notes due 2021 that remain outstanding following the completion of the tender offer.
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.