Philippi Prietocarrizosa Ferrero DU & Uría Colombia and Cleary Gottlieb advised underwriters and managers on the repurchase of existing bonds; and on the purchase of USD $800,000,000,000 worth of bonds issued by Bancolombia, bearing interest at 8.625 per cent and maturing in 2034.
Bancolombia offered USD 800 million in subordinated bonds at 8.625 per cent maturing in 2034. The issue was launched on 3 June, priced on 17 June and closed on 24 June.
In addition, a cash tender offer was made for any and all of Bancolombia’s 3,000 per cent senior notes due 2025 and up to $400 million of Bancolombia’s 6.909 per cent subordinated notes due 2027. The early maturity of the offerings was 14 June 2024, and the final maturity of the offerings is scheduled for 2 July 2024.
BofA Securities, Citigroup Global Markets and J.P. Morgan Securities acted as underwriters and managers of the transaction.
Bancolombia is a full-service financial institution offering a broad range of banking products and services to a diversified individual and corporate customer base of more than 31 million customers.
Sulivan & Cromwell and Brigard & Urrutia acted as advisors to Bancolombia in New York and Colombia, respectively.
PPU’s team was led by partner Hernando Padilla, with support from associates Daniel Vargas, Manuela Arenas, Neider Londoño and Tomás Velasquez.
Cleary’s team included partner Adam Brenneman (pictured left) and associates Silvia Fittipaldi, Sofia Falzoni, and Nicole Mueller. Partner Matthew Brigham (pictured right) and associates Victoria Ju and Mingyu Tang advised on tax matters. Associate Samuel Chang advised on sanctions matters.
