Grupo Nutresa’s debut in the international capital markets in 2025 marked a turning point for both the company and Colombia’s corporate bond market. Its $2 billion bridge-to-bond financing was the largest private-sector corporate transaction ever executed out of Colombia, the largest debut bond issuance in Latin America’s history, and a decisive reopening of global markets for Colombian corporates after a prolonged absence.
For its scale, execution and market impact—and for pairing a transformational ownership consolidation with disciplined capital markets strategy—the transaction earns the award for Debut Issuer of the Year.
The financing capped a period of strategic repositioning for the food conglomerate. Nutresa has reshaped its portfolio and geographic footprint, expanding internationally while exiting non-core positions. In 2025, it added a new ice cream brand, strengthened its overseas presence and divested minority holdings, including its 30% stake in Starbucks Colombia. The company now operates directly in 18 countries and exports to more than 70 markets.
“We are a rare breed, with a strong market share in different countries. This is something that is usually seen only in the huge global companies,” says Catherine Chacón, director of investor relations.
That operating evolution was matched by a step change in financing ambition. Early in 2025, Nutresa and its controlling shareholder, the Gilinski Group, sought to complete the final phase of a multi-year acquisition process that would consolidate ownership and secure a stable long-term capital structure. The solution was a tightly sequenced bridge-to-bond strategy designed to deliver permanent funding while navigating volatile global markets.
The transaction began in March with a $2 billion bridge loan that enabled the Gilinski Group to raise its ownership stake in Nutresa to just under 85%. The bridge was underwritten by a syndicate of international banks and structured with a clear take-out strategy from inception. Rather than rely on incremental refinancing or domestic funding, Nutresa committed to a full international bond take-out as soon as execution conditions allowed.
That opportunity came in May, when Nutresa launched its inaugural global bond offering under Rule 144A and Regulation S. The dual-tranche deal comprised $1 billion of 8.00% senior notes due 2030 and $1 billion of 9.00% senior notes due 2035. Proceeds were used entirely to repay the bridge loan, locking in long-term funding and completing the ownership consolidation in a single, coordinated step.
“From a strategic point of view, we have always wanted to issue internationally, so we are very pleased that our debut issue was so successful,” says Chacón.
Execution was intensive. Management undertook a four-day international roadshow, holding more than 125 meetings with institutional investors across the US, Europe and Latin America. Beyond explaining the bridge-to-bond mechanics, the effort focused on introducing Nutresa’s credit story to global investors less familiar with Colombian consumer names.
Andrés Bernal, vice president of corporate finance, says investors responded positively to both structure and strategy. “Investors were very interested, because of how the operation was structured with the bond mirroring the bridge loan,” he says. But he adds that demand reflected confidence in the company’s longer-term direction. “We are transforming the organization. We are tackling expenses, becoming more agile and flexible and focusing on our core.”
Demand confirmed that message. Orders reached approximately $5.3 billion, representing oversubscription of more than three times and participation from over 190 institutional investors. Pricing tightened by around 25 basis points from initial guidance, an uncommon outcome for a first-time issuer reintroducing its country to global markets. The bonds were rated Baa3 by Moody’s, placing Nutresa firmly in investment-grade territory, while Fitch assigned a BB+ rating, one notch below.
The strength of the debut issuance quickly translated into follow-on demand. In August 2025, Nutresa returned with a $1 billion reopening, adding $500 million to each tranche. Once again, demand exceeded supply by more than three times, reinforcing investor confidence and validating the original execution.
Since the transaction, Nutresa’s operating and financial performance has strengthened. By the end of the third quarter of 2025, total sales were up 13.3% year on year, while net profit rose 66.9%. The company has also implemented comprehensive hedging arrangements to manage foreign exchange and interest rate exposure, ensuring predictability of funding costs following its entry into the international markets.