Bancolombia board of directors approves up to COP 3 trillion of notes

By Marisa Wong

Madison, Wis., May 29 - Bancolombia SA's board of directors approved the issuance of up to COP 3 trillion principal amount of ordinary notes and subordinated notes on Monday, according to a 6-K filing with the Securities and Exchange Commission.

The notes will be offered in Colombia in one or more tranches.

Banca de Inversion Bancolombia SA Corporacion Financiera will act as structuring agent and lead manager and joint bookrunner for all note issuances.

Alianza Fiduciaria SA will act as the representative for holders of the notes.

The timing and amounts of the tranches will depend on market conditions, Bancolombia's funding needs and the management of its balance sheet, the filing said.

The bank is based in Medellin, Colombia.

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