Republic of Colombia Announces the Expiration of the Tender Offer for its U.S. Dollar Bonds
BOGOTÁ, Colombia, Nov. 19, 2025/PRNewswire/ -- The Republic of Colombia's ("Colombia") previously announced tender offer (the "Tender Offer") to purchase its outstanding global bonds listed in the table below, on the terms and subject to the conditions contained in the Offer to Purchase, dated November 14, 2025 (the "Offer to Purchase"), expired as scheduled for the U.S. Dollar Bonds (as defined below) at 5:00 p.m., New York City time, on Wednesday, November 19, 2025 (the "U.S. Dollar Bonds Tender Period Expiration Time"). Non-U.S. Dollar Bonds (as defined in the Offer to Purchase) may continue to be tendered until 5:00 p.m., New York City time, on Friday, November 21, 2025 (the "Non-U.S. Dollar Bonds Tender Period Expiration Time").
The Purchase Price for each series of U.S. Dollar Bonds and the Non-U.S. Dollar Bonds (collectively, the "Old Bonds") validly accepted pursuant to the Tender Offer is the fixed purchase price identified for such series of Old Bonds in the Offer to Purchase and Colombia's press release issued on November 14, 2025. In addition, holders will receive accrued and unpaid interest on their Old Bonds up to (but excluding) the Tender Offer Settlement Date (as defined below).
Based on the principal amount of each series of U.S. Dollar Bonds tendered at the U.S. Dollar Bonds Tender Period Expiration Time, Colombia currently anticipates that the aggregate purchase price to be paid for the U.S. Dollar Bonds will be in the range of U.S.$4-6 billion. The purchases remain subject to the conditions set out in the Offer to Purchase and are anticipated to be funded by funds available to Colombia as well as the borrowing or issuance of debt. No assurance can be given as to the ultimate aggregate purchase price to be paid for the U.S. Dollar Bonds or Maximum Purchase Amount (as defined in the Offer to Purchase), which may be smaller or larger at Colombia's sole discretion and is expected to be communicated as described below. The table below provides, among other information, the aggregate principal amount of U.S. Dollar Bonds tendered at the U.S. Dollar Bonds Tender Period Expiration Time and the illustrative acceptance prioritization among the U.S. Dollar Bonds. Colombia expects to accept any and all EUR 3.875% Global Bonds due 2026 tendered prior to the Non-U.S. Dollar Bonds Tender Period Expiration Time.
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U.S. Dollar Bonds |
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Old Bonds |
Outstanding |
Security Identifier |
Fixed Purchase |
Aggregate Principal |
Indicative |
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3.875% Global |
U.S.$1,740,144,000 |
CUSIP: 195325DL6 ISIN: US195325DL65 |
$1,000.00 |
U.S.$342,668,000 |
- |
|
4.500% Global |
U.S.$2,000,000,000 |
CUSIP: 195325DP7 ISIN: US195325DP79 |
$1,000.00 |
U.S.$656,155,000 |
- |
|
3.000% Global |
U.S.$1,542,968,000 |
CUSIP: 195325DR3 ISIN: US195325DR36 |
$918.75 |
U.S.$635,568,000 |
- |
|
7.375% Global |
U.S.$1,900,000,000 |
CUSIP: 195325 ER2 ISIN: US195325ER27 |
$1,086.25 |
U.S.$1,193,626,000 |
1 |
|
10.375% Global |
U.S.$340,511,000 |
CUSIP: 195325BB0 ISIN: US195325BB02 |
$1,277.50 |
U.S.$157,376,000 |
- |
|
8.000% Global |
U.S.$1,624,241,000 |
CUSIP: 195325EF8 ISIN: US195325EF88 |
$1,127.50 |
U.S.$804,328,000 |
- |
|
7.500% Global |
U.S.$2,200,000,000 |
CUSIP: 195325EG6 ISIN: US195325EG61 |
$1,087.50 |
U.S.$1,198,328,000 |
2 |
|
8.500% Global |
U.S.$1,900,000,000 |
CUSIP: 195325ES0 ISIN: US195325ES00 |
$1,160.00 |
U.S.$1,329,101,000 |
3 |
|
8.000% Global |
U.S.$1,900,000,000 |
CUSIP: 195325EL5 ISIN: US195325EL56 |
$1,117.50 |
U.S.$954,847,000 |
4 |
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7.750% Global |
U.S.$2,000,000,000 |
CUSIP: 195325EP6 ISIN: US195325EP60 |
$1,090.00 |
U.S.$1,098,921,000 |
- |
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7.375% Global |
U.S.$1,818,400,000 |
CUSIP: 195325BK0 ISIN: US195325BK01 |
$1,066.25 |
U.S.$485,310,000 |
5 |
|
6.125% Global |
U.S.$2,500,000,000 |
CUSIP:195325BM6 ISIN: US195325BM66 |
$928.75 |
U.S.$427,136,000 |
- |
|
5.000% Global |
U.S.$3,670,948,000 |
CUSIP: 195325CU7 ISIN: US195325CU73 |
$787.50 |
U.S.$622,372,000 |
- |
|
8.750% Global |
U.S.$1,900,000,000 |
CUSIP: 195325EM3 ISIN: US195325EM30 |
$1,192.50 |
U.S.$1,054,625,000 |
- |
|
8.375% Global |
U.S.$1,640,000,000 |
CUSIP: 195325EQ4 ISIN: US195325EQ44 |
$1,147.50 |
U.S.$1,085,538,000 |
- |
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(1) |
Per $1,000 for the U.S. Dollar Bonds. |
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(2) |
Note that the indicative acceptance prioritization set forth above is for illustrative purposes only, where number 1 represents the highest priority through the number 5, which is the lowest priority. A dash (–) denotes an indicative priority that the Tender is not expected to be accepted. Colombia reserves the right, as set forth in the Offer to Purchase, to accept or not accept any or all tenders for any reason, subject to applicable law, as well as to change the indicative prioritization prior to announcing the aggregate principal amount of Old Bonds accepted, in Colombia's sole discretion. Actual acceptance of tendered Old Bonds will be communicated as set forth below. |
On Friday, November 21, 2025, or as soon as possible thereafter, Colombia expects to (i) announce the aggregate principal dollar amount tendered of Non-U.S. Dollar Bonds, (ii) accept, subject to proration and other terms and conditions as described in the Offer to Purchase, valid tenders of U.S. Dollar Bonds and Non-U.S. Dollar Bonds, (iii) announce the Maximum Purchase Amount, (iv) announce the aggregate principal amount of U.S. Dollar Bonds and Non-U.S. Dollar Bonds that have been accepted, and (v) announce whether any proration has occurred for Old Bonds accepted.
The settlement of the Tender Offer is scheduled to occur on Wednesday, November 26, 2025 (the "Tender Offer Settlement Date"), subject to the conditions in the Offer to Purchase, including the Financing Condition (as defined in the Offer to Purchase), and subject to change without notice.
Colombia reserves the right, in its sole discretion, not to accept any or all Tenders and to terminate the Tender Offer for any reason.
The Offer to Purchase may be downloaded from the Information Agent's website at www.gbsc-usa.com/colombia or obtained from the Information Agent, Global Bondholder Services Corporation, at +1 (855) 654-2014 or from any of the Dealer Managers.
The Dealer Managers for the Tender Offer are:
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Dealer Managers |
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Goldman Sachs & Co. LLC
Attention: Liability 200 West Street New York, New York 10282 United States of America Toll Free: +1 (800) 828-3182 Collect: +1 (212) 357-1452 |
J.P. Morgan Securities LLC
Attention: Latin American 270 Park Avenue New York, New York 10017 United States of America Toll-Free: +1 (866) 846-2874 Collect: +1 (212) 834-7279 |
Santander U.S. Capital Markets LLC Attention: Liability Management 437 Madison Avenue New York, New York 10022 United States of America U.S. Toll Free: +1 (855) 404-3636 U.S. Collect: +1 (212) 350-0660 Email (U.S.): [email protected]
Email (Europe) (Banco Santander, S.A.): |
Questions regarding the Tender Offer may be directed to the Dealer Managers at the above contact.
Contact information for the Tender Agent and Information Agent:
Global Bondholder Services Corporation
65 Broadway, Suite 404
New York, New York 10006
Attn: Corporate Actions Banks and Brokers call: +1 (212) 430-3774
Toll free: +1 (855) 654-2014
Email: [email protected]
Website: https://www.gbsc-usa.com/colombia/
Important Notice
The distribution of materials relating to the Tender Offer and the transactions contemplated by the Tender Offer may be restricted by law in certain jurisdictions. The Tender Offer is void in all jurisdictions where it is prohibited. If materials relating to the Tender Offer come into a holder's possession, the holder is required by Colombia to inform itself of and to observe all of these restrictions. The materials relating to the Tender Offer, including this communication, do not constitute, and may not be used in connection with, an offer or solicitation in any place where offers or solicitations are not permitted by law. If a jurisdiction requires that the Tender Offer be made by a licensed broker or dealer and a Dealer Manager or any affiliate of a Dealer Manager is a licensed broker or dealer in that jurisdiction, the Tender Offer, as the case may be, shall be deemed to be made by the Dealer Manager or such affiliate on behalf of Colombia in that jurisdiction. Owners who may lawfully participate in the Tender Offer in accordance with the terms thereof are referred to as "holders."
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities nor will there be any sale of Old Bonds or any offer made pursuant to the Tender Offer in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction. The offering of any securities will be made only by means of a prospectus supplement and the accompanying prospectus and an offer to purchase in Canada, under applicable exemptions from any prospectus or registration requirements.
The Tender Offer is made in Canada only to a person deemed to be a principal that is an accredited investor, as defined in National Instrument 45-106 Prospectus Exemptions or subsection 73.3(1) of the Securities Act (Ontario), and is a permitted client, as defined in National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations, and who is not an individual.
The Offer to Purchase, and any other documents or materials related to such offers have not been and will not be registered with the Italian Securities Exchange Commission ( Commissione Nazionale per le Società e la Borsa, the "CONSOB") pursuant to applicable Italian laws and regulations. The Tender Offer is being carried out pursuant to the exemptions provided for, with respect to the Tender Offer, in Article 101 bis, paragraph 3 bis of Legislative Decree No. 58 of 24 February 1998, as amended (the "Consolidated Financial Act") and Article 35 bis, paragraph 4, of CONSOB Regulation No. 11971 of 14 May 1999, as amended.
Holders or beneficial owners of the Old Bonds that are resident and/or located in Italy can tender the Old Bonds for purchase through authorized persons (such as investment firms, banks or financial intermediaries permitted to conduct such activities in Italy in accordance with Regulation (EU) 2017/1129, the Consolidated Financial Act, the CONSOB Regulation No. 20307 of 15 February 2018, as amended, and Legislative Decree No. 385 of September 1, 1993, as amended) and in compliance with any other applicable laws and regulations or with any requirements imposed by CONSOB or any other Italian authority. Each intermediary must comply with the applicable laws and regulations concerning information duties vis à vis its clients in connection with the bonds or the relevant offering.
The Offer to Purchase, nor any other documents or materials relating to the Tender Offer have been approved by, or will be submitted for the approval of, the Mexican National Banking and Securities Commission ( Comisión Nacional Bancaria y de Valores , the "CNBV") and, therefore, the Old Bonds have not been, and may not be offered or sold publicly in Mexico. However, investors that qualify as institutional or qualified investors pursuant to the private placement exemption set forth in article 8 of the Mexican Securities Market Law ( Ley del Mercado de Valores ) may be contacted in connection with, and may participate in, the Tender Offer. The participation in the Tender Offer will be made under such investor's own responsibility.
The Tender Offer is not intended for any person who is not qualified as an institutional investor, in accordance with provisions set forth in Resolution SMV No. 021-2013-SMV-01 issued by Superintendency of Capital Markets (Superintendencia del Mercado de Valores) of Peru, and as subsequently amended. No legal, financial, tax or any other kind of advice is hereby being provided.
The Offer to Purchase has not been and will not be registered as a prospectus with the Monetary Authority of Singapore. The Tender Offer constitutes an offering of securities in Singapore pursuant to the Securities and Futures Act, Chapter 289 of Singapore (the "SFA").
Neither the communication of the Offer to Purchase nor any other offer material relating to the Tender Offer has been approved by an authorized person for the purposes of section 21 of the Financial Services and Markets Act 2000 (as amended, the "FSMA"). Accordingly, the Offer to Purchase is not being distributed to, and must not be passed on to, the general public in the United Kingdom ("UK"). The Offer to Purchase is only being distributed to and is only directed at (i) persons who are outside the UK; (ii) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended, the "Order"); or (iii) high net worth entities and other persons to whom it may be lawfully communicated falling within Article 49(2)(a) to (d) of the Order (all such persons falling within (i)-(iii) together being referred to as "relevant persons"). Any investment or investment activity to which the Offer to Purchase relates is available only to relevant persons and will be engaged in only with relevant persons. Any person who is not a relevant person should not act or rely on the Offer to Purchase or any of its contents.
SOURCE Republic of Colombia
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