August 27, 2019 / 4:46 PM / 6 months ago

Colombia's Grupo Argos, Corficolombiana to issue $276 mln in bonds

BOGOTA, Aug 27 (Reuters) - Colombian holding companies Grupo Argos SA and Corficolombiana will each issue more than $100 million in local bonds on Tuesday and Wednesday, in efforts to raise financing or substitute debt, the companies said.

Corporacion Financiera Colombiana SA, known as Corficolombiana, will issue up to 500 billion pesos ($145.6 million) of 3-, 10- and 20-year paper, with yields tied to consumer prices, the Casa de Bolsa brokerage, which is in charge of issuing them, said in a statement.

The bonds will finance "economic activity," the brokerage said. Corficolombiana is involved in the financing of various road construction projects in the Andean country.

Grupo Argos will issue 450 billion pesos ($131 million) of 3-, 6- and 15-year paper, the company said in a statement to Colombia's financial regulator.

"The resources from the issue of the ordinary bonds will be 100% destined for the substitution of debt," the statement said.

The bonds are part of Argos' global tranche of 2.35 trillion pesos, of which 1.35 trillion has already been issued. ($1 = 3,432.85 Colombian pesos) (Reporting by Nelson Bocanegra Writing by Julia Symmes Cobb Editing by Jonathan Oatis)

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