Bancolombia plans to issue up to $1 billion of subordinated notes

By Rebecca Melvin

New York, Sept. 26 – Bancolombia SA plans to issue up to $1 billion of subordinated notes, which will be offered abroad in one series, in one or more issuances, depending on market conditions, according to a company news release.

Proceeds from the offerings will be used to acquire a portion of its 6 1/8% notes due 2020 and 5 1/8% notes due 2022, issued on July 26, 2010 and Sept. 4, 2012, respectively. Any remaining proceeds to be used for general corporate purposes.

Dealer managers of the tender for up to $750 million of the outstanding 2020 and 2022 are Citigroup Global Markets Inc., BofA Merrill Lynch and UBS Securities LLC. The tender expires Oct. 24.

The issuer is based in Medellin, Colombia.

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