Bancolombia accepts for exchange $200.49 million of 6.875% notes

By Marisa Wong

Madison, Wis., Oct. 11 - Bancolombia SA said it accepted for exchange all $200,488,000 of notes tendered in the private exchange offer for its 6.875% subordinated notes due 2017. The amount of tendered notes represents 50.12% of the $400 million principal amount of 6.875% notes outstanding at the start of the offer.

Bancolombia was offering new 5.125% subordinated notes due 2022 in exchange for the 6.875% notes.

The offer began on Sept. 11 and expired at 11:59 p.m. ET on Oct. 5. Settlement occurred on Wednesday.

Holders who exchanged received $1,135 principal amount of new notes per $1,000 principal amount of old notes tendered. The total payment included an early participation consideration of $30 principal amount of new notes.

The bank had previously amended the offer so that all eligible holders who tender would receive the early participation payment. Originally, only holders who tendered by Sept. 21 could receive the early participation payment.

As of Sept. 21, holders had tendered $188,283,000 principal amount, or 47%, of the outstanding notes. Holders who tendered by Sept. 21 received payment on the early settlement date, Sept. 25.

Global Bondholder Services Corp. was the exchange agent.

Bancolombia is a lender based in Medellin, Colombia.

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