BOGOTA, Sept 10 (Reuters) - Colombian conglomerate Grupo Argos raised 1 trillion pesos ($509.4 million) in a bond sale on Wednesday that was more than doubly oversubscribed, the company said in a filing to the financial regulator.
Grupo Argos said the issue enabled it to restructure debt which it said would now come due in 6.3 years instead of 1.5 years, a period it said matched its investment needs well.
More than half the bonds sold will come due in 10 or 15 years though others were sold with a lifespan of 2, 3 and 5 years. The conglomerate received offers to buy more than 2 trillion pesos in bonds, prompting it to increase the size of the sale to 1 trillion pesos instead of a planned 800 billion.
It had received regulatory approval last month to sell up to $531 million in bonds to finance its expansion plans and roll over its existing debt.
Grupo Argos is controlled by Colombia’s largest industrial conglomerate, Grupo Empresarial Antioqueno (GEA) and is the controlling shareholder of the Andean nation’s largest cement maker, Cementos Argos. (Reporting by Peter Murphy; Editing by Grant McCool)