Citigroup Global Markets validly tendered about $490.5 million of the $750.0 million aggregate principal amount of its offer to purchase Bancolombia SA's 2020 and 2022 notes.
The offering from Citigroup Global Markets, which launched in late November, included the Colombian bank's outstanding 6.125% subordinated notes due 2020 and 5.125% subordinated notes due 2022.
As of the Dec. 23 expiry date, Citigroup Global Markets accepted for purchase an additional $47,000 in aggregate principal amount of notes due 2020 and about $4.5 million in aggregate principal amount of notes due 2022. The final settlement date for the additional notes is expected to be on Dec. 26.
Considering the results of the early tender deadline on Dec. 9 which included some $81.4 million worth of the 2020 notes and about $404.6 million of the 2022 notes for a total of about $486 million, about $81.4 million worth of the 2020 notes and about $409.1 million worth of the 2022 notes were validly tendered.
Citigroup Global Markets and J.P. Morgan Securities LLC were the dealer managers for the tender offer, while Global Bondholder Services Corporation served as the information and tender agent.
Citigroup Global Markets is expected to exchange the notes purchased on the early settlement date for a share in the proceeds of notes to be issued in a planned offering by Bancolombia.