Grupo de Inversiones Suramericana (Grupo Sura) starts consent solicitation

Chicago, March 5 – Colombia’s Grupo de Inversiones Suramericana SA started a consent solicitation for its 5˝% senior notes due 2026, according to a press release.

There are $530 million of the notes outstanding.

The proposed amendments would modify the terms of the indenture, originally dated April 29, 2016.

The company wants to harmonize the definitions related to a change-of-control trigger with the terms in financing documents for new loan arrangements.

The changes would also reflect the company’s new corporate and shareholders structure.

Further, the amendment would delete the existing definition of “continuing directors” which is no longer used in the indenture.

The proposed amendments constitute a single proposal.

The solicitation started on Tuesday and ends 5 p.m. ET on March 19.

Holders representing a majority of the notes must consent for the solicitation to be deemed successful.

A consent fee of $3.75 per $1,000 note is being offered to holders who validly deliver their consents before the expiration time. The fee would be paid within five days of the expiration time.

Holders may revoke consents before the effective time or the expiration time, whichever occurs earlier.

BofA Securities, Inc. is acting as solicitation agent.

Global Bondholder Services Corp. is the information and tabulation agent (855 654-2015, contact@gbsc-usa.com).

The issuer is an investment company based in Medellin.

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