Bancolombia talks $400 million 10-year notes at Treasuries plus 225-240 bps

By Reshmi Basu

New York, May 17 - Bancolombia SA set initial price guidance for a $400 million offering of 10-year subordinated unsecured notes (Baa3//BB) at Treasuries plus 225 to 240 basis points, according to a market source.

Proceeds from the sale will be used to fund operations, to strengthen capital structure and regulatory compliance and for other general corporate purposes.

JP Morgan and UBS Investment Bank are lead managers for the offering, which have been registered with the Securities and Exchange Commission.

The issuer is a commercial bank in Colombia.

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