CONFORMED COPY
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1933
For the month of December 2006
BANCOLOMBIA S.A.
(Translation of Registrant's name into English)
Calle 50 No. 51-66
Medellin, Colombia
(Address of principal executive offices)
(Indicate by check mark whether the registrant files or will file annual reports
under cover of Form 20-F or Form 40-F.)
Form 20-F X Form 40-F
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(Indicate by check mark whether the registrant by furnishing the information
contained in this form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of
1934.)
Yes No X
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(If "Yes" is marked, indicate below the file number assigned to the registrant
in connection with Rule 12g3-2(b): 82-______________.)
This Report on Form 6-K shall be incorporated by reference into the registrant's
registration statement on Form F-3 (File No. 001-32535).
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
BANCOLOMBIA S.A.
(Registrant)
Date: December 18, 2006 By /s/ JAIME ALBERTO VELASQUEZ B.
-------------------------------------
Name: Jaime Alberto Velasquez B.
Title: Vice President of Finance
(BANCOLOMBIA LOGO) (CIB LISTED NYSE LOGO)
BANCOLOMBIA'S BOARD OF DIRECTORS APPROVED THE ISSUANCE OF BONDS
AND SUBORDINATED BONDS
MEDELLIN, COLOMBIA, DECEMBER 18, 2006
Today, The Board of Directors of Bancolombia S.A. ("Bancolombia") approved the
issuance of bonds ("bonos ordinarios") in an aggregate principal amount of up to
Ps 1,500,000,000,000 or its USD equivalent and the issuance of subordinated
bonds ("bonos ordinarios subordinados") in an aggregate principal amount of up
to Ps 1,000,000,000,000 or its USD equivalent as follows:
1. The bonds will be offered in Colombia in multiple and successive
issuances subject to a total limit and that should be done in a
maximum term of five years. According to the regulations approved
today, the issuances of such bonds may have various series with
financial conditions and maximum interests established by the Board of
Directors for each issuance. The President was authorized to do the
offer of each issuance in accordance with the conditions determined in
the regulations.
2. The subordinated bonds may be sold in Colombia and/or outside Colombia
depending on specific markets conditions and authorizations of the
applicable governmental authorities and of the Board of Directors who
will approve the regulations and will establish the conditions of the
securities including the term, the interest rates and the capital
amortization.
The bonds and the subordinated bonds have not been registered under the U.S.
Securities Act of 1933, and may not be offered in the United States or to US
persons except pursuant to an exemption from the registration requirements of
such Act.
Bancolombia will use the proceeds of this issuance in the development of
activities that constitute its main purpose which consists in carrying out all
the operations and business legally authorized to banking institutions.
CONTACTS
Sergio Restrepo Jaime A. Velasquez Mauricio Botero
Executive VP Financial VP IR Manager
Tel.: (574) 5108668 Tel.: (574) 5108666 Tel.: (574) 5108866