Colombia revises results of tender offer for four bond series

By Taylor Fox

New York, Jan. 14 – The Republic of Colombia announced revised final results of its Jan. 12 capped offer to purchase for cash its 4 3/8% global bonds due 2021, 4% global bonds due 2024, 4½% global bonds due 2026 and 3 7/8% global bonds due 2027, according to an announcement on Thursday.

As previously reported, the sovereign accepted for purchase $1,228,468,000 of valid reinvestment tenders and simple tenders. No tenders of the 2026 bonds were accepted, and no simple tenders of the 2027 bonds were accepted. No proration of tenders occurred.

The maximum purchase amount for the $1,485,568,000 principal amount outstanding of 2021 notes (Cusip: 195325BN4) is $191,422,000, previously announced as $200,875,000, of which $8,591,000, previously announced as $18,044,000, is reinvestment and $182,831,000 is simple tenders.

The maximum purchase price for the $2.1 billion principal amount outstanding of 2024 notes (Cusip: 195325BQ7) is $533,738,000, previously announced as $524,285,000, of which $188,762,000, previously announced as $179,853,000, is reinvestment and $344,976,000, previously announced as $344,432,000, are simple tenders.

The maximum purchase price for the $2.4 billion principal amount outstanding of 2027 notes (Cusip: 195325DL6) is $503,308,000, which represents 100% of the reinvestment and none of the $97,158,000 simple tenders.

No tenders of the $1.5 billion principal amount outstanding of 2026 notes (Cusip: 195325CX1) were accepted.

Reinvestment tenders were submitted if bondholders wished to bid on new 2031 bonds up to the amount of the tender value of their old notes divided by the issue price of the new bonds.

The tender offer is scheduled to settle on Jan. 20.

Credit Suisse Securities (USA) LLC (212 538-2147 or 800 820-1653), Deutsche Bank Securities Inc. (212 250-2955 or 866 627-0391) and J.P. Morgan Securities LLC (212 834-7279 or 866 846-2874) are dealer managers of the tender offer. JPMorgan is the billing and delivery bank.

D.F. King & Co. Inc. (212 269-5550, 877 896-3199, colombia@dfking.com) is the information agent.

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