Bancolombia S.A. Announces Decision of Board of Directors

MEDELLIN, Colombia, July 6 /PRNewswire-FirstCall/ -- Today, the Board of Directors of Bancolombia S.A. ("Bancolombia") (NYSE: CIB) approved the issuance of up to COP 1,200,000,000,000.00 (approximately USD 636,837,888.00) in aggregate principal amount of Bonos Ordinarios Subordinados (the "Subordinated Notes") and the related Reglamento de Emision de Bonos Ordinarios Subordinados (the "Terms of the Subordinated Notes").

Pursuant to the approved Terms of the Subordinated Notes, the Subordinated Notes will be issued in one series and may be offered abroad, in one or more issuances, depending on market conditions at the time and any authorizations granted for this purpose by the authorities. The Subordinated Notes would have a term of 10 years.

Any proceeds from the offerings will be used for general corporate purposes, which include carrying out the business of a financial institution in accordance with applicable law.

SOURCE Bancolombia, S.A.