Argos Issues Convertibles

Colombia’s Grupo Argos has issued COP750bn ($413m) in 3-year convertible bonds in the domestic market. The Colombian conglomerate upsized the sale by COP250bn, after getting COP759bn in demand. The bonds have a 5% coupon and are convertible into preferred shares at the holder’s discretion during the life of the bond, and mandatorily at maturity. Bancolombia led the deal, rated AA+ on a national scale, with Bolsa y Renta, Corredores Asociados, Correval and Serfinco as bookrunners.