Bancolombia SA said that its tender offer to repurchase up to $750 million worth of its 6.125% notes due 2020 and 5.125% notes due 2022 was fully subscribed as of the Oct. 10 early tender deadline.
The company said that $566.2 million worth of the 5.125% notes and $360.9 million worth of the 6.125% notes were tendered in the offer. The company expects to accept for purchase all of the tendered 6.125% notes and about $321.2 million of the 5.125% notes.
As the tender offer was fully subscribed by the early deadline, Bancolombia will not accept for purchase any notes tendered after the early tender date. The tender offer is set to expire on Oct. 24.
The total consideration payable by the company per $1,000 principal amount of securities accepted for purchase has been set at $1,105.00 for its notes due 2020 and $1,072.50 for its notes due 2022. Bancolombia expects to make the payment for the securities validly tendered and accepted for purchase on Oct. 13.
Citigroup Global Markets Inc., Merrill Lynch, Pierce, Fenner & Smith Inc., and UBS Securities LLC are acting as the deal managers for the tender.