Bancolombia SA priced a US$550.0 million public offering of subordinated notes due Dec. 18, 2029, saying that the notes will carry a coupon of 4.625%.
The 10-year notes have an optional redemption right in the fifth year. Bancolombia expects to settle the offering on Dec. 18, 2019, according to a statement.
The bank will use the proceeds to complete a liability management transaction it announced in November. Any remaining proceeds will be used for general corporate purposes.
Citigroup Global Markets Inc. and J.P. Morgan Securities LLC are acting as the joint book-running managers for the offering, while Valores Banistmo SA is serving as co-manager.