The Republic of Colombia closed an SEC-registered debt offering and liability management transaction, completing a one-day cash tender offer for certain of its outstanding bonds and a simultaneous global offering of $1.5 billion aggregate principal amount of its 4.500% global bonds due 2029 and $500 million aggregate principal amount of its 5.000% global bonds due 2045. The 2045 global bonds offering is a further issuance of, and will form a single series with, the outstanding $4 billion aggregate principal amount of Colombia’s 5.000% global bonds due 2045 that were previously issued on January 28, 2015, March 26, 2015 and January 25, 2017, and will be fully fungible with the outstanding bonds. The 2029 global bonds and the 2045 global bonds are listed on the Luxembourg Stock Exchange and admitted to trading on the Euro MTF Market of the Luxembourg Stock Exchange.
S&C, which acts as regular underwriters’ counsel in offerings by Colombia, represented Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Credit Suisse Securities (USA) LLC, as joint lead underwriters.
The S&C team working on the transaction was led by Ann Fisher, Robert Risoleo and Christopher Mann, along with Laura Duncan, Jason Schnier and Emma Guido. Kirsten Rodger advised on U.K./EEA matters. Jeffrey Hochberg, Eric Wang and Mike Orchowski, along with Nir Fishbien advised on tax matters.