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In order to support the process of expansion and consolidation, Cementos Argos has used different sources of funding. In the year 2005 and 2009, the Company conducted an issuance in Colombia of COP$600 billion and COP$640 billion in ordinary bonds.
These bonds were successfully placed in the Colombian stock market in two tranches; one in November 2005 for COP$450 billion with maturities in 2012, 2015 and 2017; and the other in February 2007 for COP$150 billion due in 2017. A second issuance of Colombian bonds was carried out on April 2009, for a total amount of COP$ 640 billion. These bonds were placed in maturities of 3, 5, 7, 10 and 15 years.
In March 2012, a program of Colombian bonds and/or commercial papers for up to COP$1.000 billion was approved by the Financial Superintendence of Colombia (Superintendencia Financiera de Colombia). The first issue of this program was successfully conducted on April 11th 2012, with three series of 18, 24 and 36 months for a total amount of COP$300 billion. The remaining amount of COP$700 billion was placed on May 16, 2012 with maturities of 6, 10 and 15 years.
In November 2014, the Superintendencia Financiera de Colombia (Financial Superintendence of Colombia) approved the renewal of the term and the increase of the global limit of the ordinary bonds and/or commercial papers program of March 2012, for an additional amount of up to COP$1.000 billion, from which a total amount of COP$600 billion was successfully placed on Nov 27, 2014 with maturities of 2, 10 and 15 years.
In April 2016, the remaining of the program for COP$400 billion in ordinary bonds, were fully placed the 13th of April 2016, with maturities of 5, 10 and 15 years.
In April 2017, the Superintendencia Financiera de Colombia approved the increase in the global quota of the bond and/or commercial paper program, for an additional value of COP$ 1.000 billion.
In May 2017, COP$ 1.000 billion in ordinary bonds were fully placed with three series of 6,13 and 25 years.
In May 2018, the Superintendencia Financiera de Colombia approved a new program of ordinary bonds and/or commercial papers for an amount up to COP $ 1 billion. During June of the same year, Argos placed the first tranche of the program, for an amount of COP $500.000 million in three portions. For detailed information about each portion, the offering memorandum of the program, the offer announcement and further information about the placement, please refer to the table below.
In June 2021, the first addendum to the 2018 PEC was made, extending the program’s term, increasing the authorized amount to be issued to COP$ 2 trillion, among others.
In December 2022, a commercial paper issuance of COP$209,499,000,000 was carried out in series with maturities of 9 and 12 months, approximately. Additionally, on that date, a reopening of the bond series C25 from 2020 was conducted, corresponding to COP$102,350,000 million and maturing in February 2025.
Following is the link to access the rating report (in Spanish):
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