Bancolombia S.A. Announces Early Tender Results for its Offer to Purchase up to U.S.$370,000,000 of its outstanding 3.000% Senior Notes Due 2025 and an Increase in the Maximum Tender Amount

MEDELLIN, Colombia, July 26, 2023 /PRNewswire/ -- Today, Bancolombia S.A. (the "Issuer") announced the early tender results of its previously announced offer to purchase for cash (the "Offer") up to U.S.$370,000,000 of its outstanding 3.000% Senior Notes due 2025 (the "Notes"). The Offer is subject to the terms and conditions as described in the offer to purchase dated July 12, 2023 (the "Offer to Purchase").

The table below summarizes certain payment terms of the Offer and sets forth the principal amount of Notes validly tendered and not validly withdrawn as of the Early Tender Date (as defined below):

(1)           Per U.S.$1,000 principal amount of Notes.

(2)           Excludes accrued interest, which will be paid in addition to the Tender Offer Consideration or the Total Consideration, as applicable.

The early tender deadline for the Offer occurred at 5:00 P.M., New York City time, on July 25, 2023 (the "Early Tender Date"). The Issuer also announced that it has increased the Maximum Tender Amount from U.S.$370,000,000 to U.S.$467,966,000 and intends to accept for purchase on the early settlement date for the Offer (the "Early Settlement Date"), which is expected to be August 1, 2023, all Notes validly tendered and not validly withdrawn prior to the Early Tender Date up to an amount of U.S.$467,966,000.

The tender offer was oversubscribed as of the Early Tender Date. Accordingly, the Issuer will not accept for purchase any Notes tendered after the Early Tender Date.

Holders that validly tendered prior to the Early Tender Date, and whose Notes are accepted for purchase, will be entitled to receive the total consideration set forth in the table above, which includes the early tender payment. In addition, holders whose Notes are purchased in the Offer will be entitled to receive accrued and unpaid interest in respect of their purchased Notes from the last interest payment date to, but not including, the Early Settlement Date.

The withdrawal deadline for the Offer was 5:00 P.M., New York City time, on July 25, 2023, and so has passed. Accordingly, Notes tendered (in the past or future) in the Offer may no longer be withdrawn, except as required by applicable law.

Conditions to the Issuer's obligation to accept for purchase and to pay for the Notes validly tendered and not withdrawn are described in the Offer to Purchase. The Issuer may amend, extend, terminate or withdraw the Offer.

J.P. Morgan Securities LLC is the dealer manager for the Offer. Global Bondholder Services Corporation has been appointed as the information and tender agent for the Offer.

Persons with questions regarding the Offer should contact J.P. Morgan Securities LLC at (866) 846-2874 (toll-free) or (212) 834-7279 (collect). In addition, holders of Notes may contact their broker, dealer, commercial bank, trust company or other nominee for assistance concerning the Offer.

Holders who would like copies of the Offer to Purchase may call the information and tender agent, Global Bondholder Services Corporation at (212) 430-3774 or (855) 654-2015 (toll free) or by e-mail at contact@gbsc-usa.com.

This press release is for informational purposes only and is not a recommendation, an offer to purchase, or a solicitation of an offer to sell with respect to any securities. The Offer is being made solely pursuant to the Offer to Purchase that is being distributed to the holders of Notes. The Offer is not being made to, nor will tenders be accepted from or on behalf of, holders of Notes in any jurisdiction in which the making of the Offer or the acceptance thereof would not comply with the laws of that jurisdiction. Further, this press release is not an offer to sell or the solicitation of an offer to buy any securities.

Forward-Looking Statements

This release and the Offer to Purchase contain statements which may constitute "forward-looking statements". These forward-looking statements are not based on historical facts, but instead represent only our belief regarding future events, many of which, by their nature, are inherently uncertain and outside our control. Words such as "anticipate," "believe," "estimate," "approximate," "expect," "may," "intend," "plan," "predict," "target," "forecast," "guideline," "should," "project" and similar words and expressions are intended to identify forward-looking statements. It is possible that our actual results may differ, possibly materially, from the anticipated results indicated in these forward-looking statements. Forward-looking statements speak only as of the date they were made, and we undertake no obligation to update publicly or revise any forward-looking statements after the date on which they are made in light of new information, future events and other factors.

About the Issuer

Bancolombia S.A. is a full-service financial institution that offers a wide range of banking products and services to a diversified individual and corporate customer base of nearly 29 million customers.

Media contact: Catalina Tobon Rivera,
Investor Relations and Capital Markets Director,
[email protected]

SOURCE Bancolombia S.A.