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Bancolombia launches tender offer for 2021 notes via Citigroup
By Wendy Van Sickle
Columbus, Ohio, Jan. 8 – Citigroup Global Markets Inc. has begun an offer to purchase for cash any and all of Bancolombia SA’s $995,643,000 outstanding 5.95% senior notes due 2021 (Cusip: 05968LAG7), according to a press release.
The tender offer will expire at 11:59 p.m. ET on Feb. 5.
Holders who tender their notes at or before 5 p.m. ET on Jan. 22, the early tender deadline, will be eligible to receive the total consideration of $1,053.50 per $1,000 principal amount.
The total consideration includes an early tender payment of $30.00 per $1,000 principal amount.
Holders tendering after the early tender date will be eligible to receive $1,023.50 per $1,000 principal
Payment for all notes tendered by the early tender date is expected to be made on Jan. 24. Final settlement for any remaining tenders will be on Feb. 7.
Tenders may be withdrawn prior to 5 p.m. ET on Jan. 22.
Bancolombia noted that it is not making the tender offer. Tendered notes purchased on the early settlement date by Citigroup will be exchanged by Citigroup with Bancolombia for a decrease in the proceeds of some new notes to be issued in a new offering by the Bancolombia, according to the release.
The tender offer is conditioned on, among other things, pricing of the new notes.
Citigroup Global Markets Inc. (800 558-3745 or 212 723-6106) and J.P. Morgan Securities LLC (866 846-2874 or 212 834-7279) are the dealer managers for the offer. Global Bondholder Services Corp. (212 430-3774 or 866 470-4200 or contact@gbsc-usa.com) is the information and tender agent.
The lender is based in Medellin, Colombia.
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