Bancolombia board gives green light to issuing up to $1 billion notes

By Susanna Moon

Chicago, May 18 - Bancolombia SA said its board of directors approved Wednesday issuing up to $1 billion of senior notes with a term of up to 10 years.

The notes will be issued in one series and may be offered abroad, in one or more issuances, depending on market conditions at the time, according to a press release by the Medellin, Colombia-based bank.

The yield will be determined by market conditions at the time of the offering, the bank noted.

Proceeds will be used to further the bank's corporate objective.

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