#United States #Goldman Sachs #New York #BNP Paribas #Banco Santander

Final Results of the Tender Offer

In a significant development in the financial markets, a consortium of major banks has announced the final results of a tender offer for the Republic of Colombia's outstanding bonds. This offer was initiated by Banco Bilbao Vizcaya Argentaria, S.A., Banco Santander, S.A., BNP Paribas Securities Corp., Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, and J.P. Morgan Securities plc—some of the leading financial institutions in the global market.

The tender offer targeted a range of Colombian Global Bonds, which included maturities from as early as 2027 to as late as 2061. Specifically, the bonds offered for purchase included:

• - 3.875% Global Bonds due 2027
• - 4.500% Global Bonds due 2029
• - 3.000% Global Bonds due 2030
• - 3.125% Global Bonds due 2031
• - 3.250% Global Bonds due 2032
• - 6.125% Global Bonds due 2041
• - 4.125% Global Bonds due 2042
• - 5.625% Global Bonds due 2044
• - 5.000% Global Bonds due 2045
• - 5.200% Global Bonds due 2049
• - 4.125% Global Bonds due 2051
• - 3.875% Global Bonds due 2061

After the offer expired on September 3, 2025, it was confirmed that an impressive aggregate principal value of U.S.$5,437,969,000 in existing bonds was validly tendered and accepted for purchase. The individual amounts accepted from each participating financial institution were as follows:

• - Banco Bilbao Vizcaya Argentaria, S.A.: U.S.$776,845,000
• - Banco Santander, S.A.: U.S.$1,035,798,000
• - BNP Paribas Securities Corp.: U.S.$517,932,000
• - Citigroup Global Markets Inc.: U.S.$1,035,798,000
• - Goldman Sachs & Co. LLC: U.S.$1,035,798,000
• - J.P. Morgan Securities plc: U.S.$1,035,798,000

The purchase prices for the accepted bonds amounted to a total of U.S.$4,600,520,622.50, excluding accrued and unpaid interest. Notably, there was no proration, meaning all bonds that were tendered and accepted will be purchased.

The settlement for this tender offer is scheduled for September 8, 2025, which is an important date for those who participated in the offer. Holders of the bonds that were accepted for purchase will be entitled to receive the purchase price, plus any accrued interest leading up to the settlement date. This transaction is expected to bolster investor confidence in Colombian bonds and reflects the ongoing interest and demand for Latin American bonds from distinguished global financial institutions.

Each participating financial institution is separately liable for their respective payments associated with the bonds they accepted. No bank will be responsible for the other banks' portions, ensuring a clear delineation of obligations amongst these major financial players.

Potential bondholders may access a copy of the Offer to Purchase and related documents through the designated Information Agent, Global Bondholder Services Corporation. The overall participation in this tender offer exemplifies the strong market interest in Colombian sovereign debt instruments and underscores the importance of bond markets in global finance today.

Investors and other market participants are encouraged to stay informed about potential future offerings as these may present additional attractive opportunities in the evolving landscape of global financial markets. With the implications of this tender offer still unfolding, it will be critical to watch how it influences Colombia’s market sentiment and the bond issuer's overall financial strategy in the months to come.