Sustainability
Ordinary bonds of Grupo Argos had a record over demand of 2.57 times
28 August 2019AUGUST 28th, 2019
- The total amount of the issue was COP 450 thousand millions and the demand amounted to COP 1.15 billion, reflecting market confidence in Grupo Argos.
- 100% of the resources from the issues will be used to replace the organization’s debt.
- In the course of 2019, Grupo Argos and its businesses, Cementos Argos, Celsia and Odinsa, have participated in 2 bond issues in Colombia and 2 international issues, for a total value of COP 4.2 billion.
Grupo Argos made a successful placement of ordinary bonds for a total amount of COP 450,000 million. The issue had a demand for COP 1.15 billion, which represents an over demand of 2.57 times the amount offered, a record for the real sector in Colombia during 2019. The issue contributes to financial flexibility by increasing life average of the debt for 4.3 to 6.8 years. The issue was made in three sections with terms of 3, 6 and 15 years.
“This issue strengthens us to continue growing profitably and with a long-term vision. Its result reflects market confidence in Grupo Argos. Additionally, with this step, we reiterate the interest of the organization to actively participate in the local and international capital market, where only this year the Argos business group has made issues for a total amount of COP 4.2 billion”, said Jorge Mario Velásquez, president of Grupo Argos.
The resources from this placement will be used exclusively in the substitution of the company’s financial liabilities, managing to increase the average life of the debt to 6.8 years with a cost of debt that will be close to 7.0%. The total quota for the issuance and placement program of ordinary bonds and commercial papers of Grupo Argos is $ 2.35 billion, of which $ 1.8 billion has been iss
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