Colombia sets prices in tender for $700 million of dollar- and euro-denominated bonds

By Reshmi Basu

New York, Sept. 14 - The Republic of Colombia announced target prices for its buy back of $700 million of dollar- and euro-denominated bonds via a modified Dutch auction.

The country offered to pay a minimum price of:

* 104.70 for its 10½% global bonds due June 13, 2006.

* 104.10 for its 7 5/8% bonds due Feb. 15, 2007

* 109.10 for its 8 5/8% global bonds due April 1, 2008;

* 115.20 for its 9¾% global bonds due April 23, 2009;

* 120.60 for its 10½% global bonds due July 9, 2010;

* 114.60 for its 9¾% amortizing notes due April 9, 2011;

* 111.70 for its 8.70% bonds due Feb. 15, 2016;

* 106.80 for its 8 3/8% bonds due Feb. 15, 2027 and

* 128.20 for its 10 3/8% global bonds due Jan. 28, 2033.

* 118.30 for its 11 3/8% euro notes due Jan. 31, 2008; and

* 133.00 for its 11½% euro notes due May 31, 2011.

The finance ministry said the tender, which started last Wednesday, was scheduled to end at 4:15 p.m. ET on Wednesday. Colombia will announce the results of the repurchase on Thursday at 12 p.m. ET.

The tender is expected to settle on Sept. 21.

Merrill Lynch & Co. and Goldman Sachs & Co. are managing the buyback.

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