Bancolombia’s $800 Million Offering and Related Liability Management Transaction

Cleary Gottlieb represented the underwriters and dealer managers, BofA Securities Inc., Citigroup Global Markets Inc., and J.P. Morgan Securities LLC, in an SEC-registered offering and related liability management transaction by Bancolombia S.A. (Bancolombia).

Bancolombia offered $800 million 8.625% subordinated notes due 2034. The issuance launched on June 3, 2024, priced on June 17, 2024, and closed on June 24, 2024.

The related liability management transaction consisted of an offer to purchase for cash any and all of Bancolombia’s outstanding 3% senior notes due 2025 and up to $400 million of Bancolombia’s outstanding 6.909% subordinates notes due 2027. The early tender deadline for the tender offers was June 14, 2024, and the final expiration of the tender offers is scheduled for July 2, 2024.

Bancolombia is a full-service financial institution that offers a wide range of banking products and services to a diversified individual and corporate customer base of over 31 million customers.

For more information, please see the press releases here and here.