Bancolombia Prices New York Follow On

Bancolombia has raised $300m in the international portion of its follow-on equity offering, pricing 5m ADRs representing 20m preferred shares at $60.00 each, according to bankers on the trade. The deal represents the remaining shares after Colombians bought 44m shares at COP26,000 each to raise COP1.14trn ($614m) in a domestic offer that closed last week. The price comes at a 3.24% discount to the ADRs’ $62.01 Tuesday close. The $914m-equvalent total follow-on comes as the bank seeks additional capital after spending $150m to join Grupo Sura’s bid for ING’s LatAm insurance assets late last year. It has also been trying to improve operational efficiency. UBS was global coordinator of the ADR sale, with Bank of America Merrill Lynch and JPMorgan coming in as joint bookrunners. Bancolombia’s own capital markets arm managed the domestic portion. Bancolombia’s Colombian shares closed Tuesday at COP27,960.