Decisions Adopted by the Shareholders' Assembly of Grupo Argos
21 October 2024Decisions Adopted by the Shareholders' Assembly of Grupo Argos
Read more“We welcome the success of this first private sector debt swap operation in Colombia, which marks a new corporate alternative and strengthens the development of the capital market. We are very pleased with the welcome, the support of the Bolsa de Valores de Colombia and the regulator to materialize this initiative”.
Jorge Mario Velásquez
President of Argos Business Group
Grupo Argos carried out a successful and innovative transaction to exchange ordinary bonds for a total amount of COP 136.500 million. This transaction constitutes the first private debt exchange in the country, representing a milestone in the Colombian capital market and contributing to its development and deepening. Debt swap operations are debt portfolio management mechanisms usually used in the most developed capital markets around the world.
From a financial perspective, this operation strengthens the balance sheet structure of the company, optimizes the debt maturity curve (increasing its average life to 5.7 years) and allows taking advantage of the attractive interest rates offered by the market. In addition to the benefits in terms of market development, this first operation allows Grupo Argos to strengthen cash flow over the next four years and increase the maturity of a portion of the bonds issued in three additional years.
94% of the issue was paid in kind and therefore does not lead to an increase in the company’s leverage, beyond the costs and expenses associated with the transaction. The total share of Grupo Argos Ordinary Bond and Commercial Paper Issuance and Placement Program is COP 2.35 billion, of which COP 1.93 billion has been issued. The bonds have an AA+ rating issued by BRC Investor Services S.A.
Decisions Adopted by the Shareholders' Assembly of Grupo Argos
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