Banco de Bogotá Announces Early Results Of $300 Million USD Tender Offer On 2027 senior notes

Colombian bank and member of Grupo Aval, Banco de Bogotá announced yesterday the early tender results in connection with its previously announced offer to purchase for cash up to U.S.$300 million USD of the outstanding 4.375% senior notes due 2027 issued by Banco de Bogotá for a purchase price for the notes equal to the applicable purchase price. Banco de Bogotá also announced the extension of the “total consideration” through the expiration time.

The early tender date for the notes was 5:00pm US Eastern time yesterday.  Banco de Bogotá has been advised by Global Bondholder Services Corporation (GBSC), the information and tender agent  that, as of the Early Tender Date, $119,707,000 USD in aggregate principal amount of the notes, or approximately 19.95% of the outstanding notes, had been tendered.

The bank says notes that have been validly tendered and not validly withdrawn prior to or at the Early Tender Date cannot be withdrawn, except as may be required by applicable law. Holders who validly tendered their notes at or prior to the Early Tender Date, in the manner described in the Offer to Purchase will be eligible to receive the ‘total consideration,” which includes the early tender payment, plus accrued interest on the early settlement date, which is expected to be tomorrow, April 6, 2022, or as promptly as practicable thereafter.

Banco de Bogotá says that the Tender Offer will expire at 11:59 p.m., New York City time, on April 19, 2022, unless extended, terminated early or withdrawn (such date and time, as the same may be extended, the “Expiration Time”). Banco de Bogotá has decided to extend the Total Consideration through the Expiration Time. Accordingly, Holders of Notes who validly tender Notes after the Early Tender Date but prior to or at the Expiration Time will be eligible to receive the Total Consideration (as defined in the Offer to Purchase) plus Accrued Interest.

Banco de Bogotá’s obligation to purchase Notes in the Tender Offer is subject to and conditioned upon the satisfaction or waiver of certain conditions described in the Offer to Purchase. Banco de Bogotá reserves the right, in Banco de Bogotá’s sole discretion, to amend or terminate the Tender Offer at any time.

The terms and conditions of the Tender Offer are described in the Offer to Purchase.

Banco de Bogotá will only accept for purchase Notes up to the Maximum Principal Amount. If the Tender Offer is oversubscribed, the amount of Notes purchased by us from a tendering Holder will be subject to proration as described in “Principal Terms of the Tender Offer—Maximum Principal Amount and Proration” in the Offer to Purchase. As any Notes validly tendered (and not validly withdrawn) in the Tender Offer will be accepted for purchase by Banco de Bogotá subject to the Maximum Principal Amount (as defined in the Offer to Purchase), purchases of validly tendered Notes will be prorated, as more fully described in the Offer to Purchase.

A copy of the Offer to Purchase is available by clicking here.

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