Colombia seeks to repurchase 4 3/8% bonds due 2021, 4% bonds due 2024

By Rebecca Melvin

New York, Jan. 21 – The Republic of Colombia announced that it is tendering for its outstanding 4 3/8% global bonds due 2021 and 4% global bonds due 2024 (ISINs: US195325BN40 and US195325BQ70), according to a press release.

The sovereign is concurrently offering to sell new global bonds to be denominated in U.S. dollars due 2030 and to reopen is 5.2% global bonds due May 15, 2049.

The purchase price of the 2021 notes, of which there is $2 billion outstanding, is fixed at $1,037.28 per $1,000 principal amount.

The purchase price of the 2024 bonds, of which there is $2.1 billion outstanding, will be based on par and a fixed 75 basis points spread over U.S. Treasuries, which equates to a hypothetical price of $1,058.91 per bond.

Tender orders may be subject to proration and other terms and conditions described in the Jan. 22 offer to purchase.

Orders by holders who have submitted an equivalent-sized indication of interest for the 2030 bonds prior to the pricing of the new bonds, at accepted terms, will be accepted before any non-preferred tender orders. And orders for the 2021 bonds will be accepted before orders for the 2024 bonds.

The dealer managers for the tender offer are: BBVA Securities Inc. (212 728-2446), Goldman Sachs & Co. LLC (212 357-14520) and Scotia Capital (USA) Inc. (212 225-5559). The billing and delivering bank for this tender offer is Goldman Sachs.

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