Obligation Colombia 8.25% ( US195325BE41 ) en USD

Colombia

100 % ▲

Colombie

US195325BE41 ( en USD )

8.25% par an ( paiement semestriel )

22/12/2014 - Obligation échue

Prospectus brochure de l'obligation Colombia US195325BE41 en USD 8.25%, échue

2 000 USD

1 000 000 000 USD

195325BE4

L'Obligation émise par Colombia ( Colombie ) , en USD, avec le code ISIN US195325BE41, paye un coupon de 8.25% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 22/12/2014

Prospectus Supplement
424B5 1 d424b5.htm PROSPECTUS SUPPLEMENT
Table of Contents
PROSPECTUS SUPPLEMENT

Filed Pursuant to Rule 424(b)(5)
(To prospectus dated October 1, 2003)

Registration No. 333-109215

U.S. $500,000,000

Republic of Colombia

8.25% Global Bonds due 2014

The bonds will mature on December 22, 2014. Colombia will pay interest on the bonds each June 22 and
December 22. Interest will accrue from September 20, 2004, and the first interest payment will be made on June
22, 2005.
The bonds will not be redeemable before maturity and will not be entitled to the benefit of any sinking fund.
The bonds will contain provisions regarding acceleration and future modifications to their terms that differ from
those applicable to Colombia's outstanding public external indebtedness issued prior to January 21, 2004. Under
these provisions, which are described beginning on page S-6 of this prospectus supplement, Colombia may
amend the payment provisions of the bonds with the consent of the holders of 75% of the aggregate principal
amount of the outstanding bonds.
Application has been made to list the bonds on the Luxembourg Stock Exchange.

Per Bond
Total

Public Offering Price

98.248%
U.S. $491,240,000
Underwriting Discount

0.300%
U.S. $ 1,500,000
Proceeds, before expenses, to Colombia

97.948%
U.S. $489,740,000
http://www.sec.gov/Archives/edgar/data/917142/000119312504156891/d424b5.htm (1 of 75)9/16/2004 8:04:12 AM

Prospectus Supplement
Purchasers will also be required to pay accrued interest, if any, from September 20, 2004 to the date of delivery
of the bonds.
Delivery of the bonds, in book-entry form only, is expected to be made on or about September 20, 2004.
Neither the Securities and Exchange Commission nor any other regulatory body has approved or disapproved of
these securities or determined if this prospectus supplement or the accompanying prospectus is truthful or
complete. Any representation to the contrary is a criminal offense.

Citigroup
Merrill Lynch & Co.

The date of this prospectus supplement is September 13, 2004.
http://www.sec.gov/Archives/edgar/data/917142/000119312504156891/d424b5.htm (2 of 75)9/16/2004 8:04:12 AM

Prospectus Supplement
Table of Contents
TABLE OF CONTENTS

PROSPECTUS SUPPLEMENT

About this Prospectus Supplement

S-3
Incorporation by Reference

S-3
Use of Proceeds

S-4
Summary of the Offering

S-5
New Provisions Applicable to the Bonds

S-6
Recent Developments

S-9
Republic of Colombia

S-9
Economy

S-9
Foreign Trade and Balance of Payments
S-

10
Monetary System
S-

12
Public Sector Finances
S-

14
Public Sector Debt
S-

16
Description of the Bonds
S-

18
General Terms of the Bonds
S-

18
Payment of Principal and Interest
S-

19
Paying Agents and Transfer Agents
S-

19
Notices
S-

19
Registration and Book-Entry System
S-

20
Certificated Bonds
S-

20
Underwriting
S-

21
General Information
S-

23

PROSPECTUS
http://www.sec.gov/Archives/edgar/data/917142/000119312504156891/d424b5.htm (3 of 75)9/16/2004 8:04:12 AM

Prospectus Supplement

About this Prospectus

2
Forward-Looking Statements

2
Use of Proceeds

2
Description of the Securities

3
Taxation

11
Plan of Distribution

13
Official Statements

14
Validity of the Securities

14
Authorized Representative

14
Where You Can Find More Information

14

You should rely only on the information contained in or incorporated by reference in this prospectus
supplement and the accompanying prospectus. We have not authorized anyone to provide you with
different information. We are not making an offer of these securities in any state where the offer is not
permitted. You should not assume that the information contained in this prospectus supplement or the
accompanying prospectus is accurate as of any date other than the date on the front of this prospectus
supplement.

S-2
http://www.sec.gov/Archives/edgar/data/917142/000119312504156891/d424b5.htm (4 of 75)9/16/2004 8:04:12 AM

Prospectus Supplement
Table of Contents
ABOUT THIS PROSPECTUS SUPPLEMENT
You should read this prospectus supplement along with the prospectus attached hereto. Colombia is furnishing
this prospectus supplement and the prospectus solely for use by prospective investors in connection with their
consideration of a purchase of the bonds and for Luxembourg listing purposes. Colombia confirms that:

· the information contained in this prospectus supplement and the accompanying prospectus is true and

correct in all material respects and is not misleading;

· it has not omitted other facts the omission of which makes this prospectus supplement and the

accompanying prospectus as a whole misleading; and

· it accepts responsibility for the information it has provided in this prospectus supplement and the

accompanying prospectus.

INCORPORATION BY REFERENCE
The SEC allows Colombia to incorporate by reference some information that Colombia files with the SEC.
Colombia can disclose important information to you by referring you to those documents. The following
documents, which Colombia has filed or will file with the SEC, are considered part of and incorporated by
reference in this prospectus supplement and any accompanying prospectus:

· Colombia's annual report on Form 18-K for the year ended December 31, 2003, filed with the SEC on

July 1, 2004;

· Any amendment on Form 18-K/A to the 2003 annual report filed after the date of this prospectus

supplement and prior to the termination of the offering of the bonds; and

· Each subsequent annual report on Form 18-K and any amendment on Form 18-K/A filed after the date of

this prospectus supplement and prior to the termination of the offering of the bonds.
Later information that Colombia files with the SEC will update and supersede earlier information that it has filed.
Any person receiving a copy of this prospectus supplement may obtain, without charge and upon request, a copy
of any of the above documents (including only the exhibits that are specifically incorporated by reference in
them). Requests for such documents should be directed to:
Dirección General de Crédito Público y Tesoro Nacional
Ministerio de Hacienda y Crédito Público
Carrera 7a, No. 6-45, Piso 8
Bogotá D.C., Colombia
Telephone: 57-1-350-9476
Fax: 57-1-350-6206
http://www.sec.gov/Archives/edgar/data/917142/000119312504156891/d424b5.htm (5 of 75)9/16/2004 8:04:12 AM

Prospectus Supplement
You may also obtain copies of documents incorporated by reference, free of charge, at the office of the
Luxembourg paying agent and transfer agent specified on the inside back cover of this prospectus supplement.

S-3
http://www.sec.gov/Archives/edgar/data/917142/000119312504156891/d424b5.htm (6 of 75)9/16/2004 8:04:12 AM

Prospectus Supplement
Table of Contents
USE OF PROCEEDS
The net proceeds of the sale of the bonds will be approximately U.S. $489,565,000, after deduction of the
underwriting discount and of certain expenses payable by Colombia estimated at U.S. $175,000. Colombia will
use the proceeds for the general budgetary purposes of the Government of Colombia including, but not limited to,
the refinancing, repurchase or retirement of external indebtedness.

S-4
http://www.sec.gov/Archives/edgar/data/917142/000119312504156891/d424b5.htm (7 of 75)9/16/2004 8:04:12 AM

Prospectus Supplement
Table of Contents
SUMMARY OF THE OFFERING
This summary highlights information contained elsewhere in this prospectus supplement and the prospectus. It is
not complete and may not contain all the information that you should consider before investing in the bonds. You
should read the entire prospectus supplement and prospectus carefully.
Issuer
The Republic of Colombia.
Aggregate Principal Amount
U.S. $500,000,000.
Issue Price
98.248% of the principal amount of the bonds, plus accrued interest from
September 20, 2004.
Issue Date
September 20, 2004.
Maturity Date
December 22, 2014.
Form of Securities
The bonds will be issued in the form of one or more registered global
securities without coupons. The bonds will not be issued in bearer form.
Denominations
The bonds will be issued in denominations of U.S. $2,000 and integral
multiples of U.S. $1,000 in excess thereof.
Interest
The bonds will bear interest from September 20, 2004 at the rate of 8.25%
per year. We will pay you interest semi-annually in arrears on June 22 and
December 22 of each year, commencing on June 22, 2005.
Redemption
We may not redeem the bonds before maturity. At maturity, we will redeem
the bonds at par.
Status
The bonds will be direct, general, unconditional, unsecured and
unsubordinated external indebtedness of Colombia and will be backed by the
full faith and credit of Colombia. The bonds will rank equal in right of
payment with all of Colombia's present and future unsecured and
unsubordinated external indebtedness.
Withholding Tax and
We will make all payments on the bonds without withholding or deducting
Additional Amounts
any taxes imposed by Colombia, subject to certain specified exceptions. For
more information, see "Description of the Securities--Debt Securities--
Additional Amounts" on page 4 of the prospectus.
http://www.sec.gov/Archives/edgar/data/917142/000119312504156891/d424b5.htm (8 of 75)9/16/2004 8:04:12 AM

Prospectus Supplement
Further Issues
Colombia may, without the consent of the holders, create and issue
additional bonds that may form a single series of bonds with the outstanding
bonds; provided that such additional bonds do not have, for purposes of U.S.
federal income taxation (regardless of whether any holders of such
additional bonds are subject to U.S. federal tax laws), a greater amount of
original issue discount than the bonds have as of the date of the issue of such
additional bonds.
Listing
Application has been made to list the bonds on the Luxembourg Stock
Exchange.
Governing Law
New York. The laws of Colombia will govern all matters relating to
authorization and execution by Colombia.
Additional Provisions
The bonds will contain provisions regarding acceleration and future
modifications to their terms that differ from those applicable to Colombia's
outstanding external public indebtedness issued prior to January 21, 2004.
Those provisions are described in the following section, "New Provisions
Applicable to the Bonds."

S-5
http://www.sec.gov/Archives/edgar/data/917142/000119312504156891/d424b5.htm (9 of 75)9/16/2004 8:04:12 AM

Prospectus Supplement
Table of Contents
NEW PROVISIONS APPLICABLE TO THE BONDS
The bonds will contain provisions regarding acceleration and voting on amendments, modifications and waivers
that differ from the provisions described in the accompanying prospectus. The provisions described in this
prospectus supplement will govern the bonds. These provisions are commonly referred to as "collective action
clauses." Under these provisions, Colombia may amend certain key terms of the bonds, including the maturity
date, interest rate and other payment terms, with the consent of less than all of the holders of the bonds.
Default and Acceleration of Maturity
The bonds will contain the same events of default as those described in the accompanying prospectus, but the
procedures for acceleration if an event of default occurs will be different from those described in the prospectus.
The events of default are the following:

1. Non-Payment: Colombia fails to pay any principal of or interest on the bonds within 30 days of when

the payment was due; or

2. Breach of Other Obligation: Colombia fails to perform any other material obligation contained in the
bonds or the fiscal agency agreement and that failure continues for 45 days after any holder of the bonds

gives written notice to Colombia to remedy the failure and gives a copy of that notice to the fiscal agent;
or

3. Cross Default on Direct Obligations: Colombia fails to pay when due any public external indebtedness
(other than public external indebtedness constituting guaranties by Colombia) with an aggregate

principal amount greater than U.S. $20,000,000 or the equivalent, and that failure continues beyond any
applicable grace period; or

4. Cross Default on Guaranties: Colombia fails to pay when due any public external indebtedness
constituting guaranties by Colombia with an aggregate principal amount greater than U.S. $20,000,000

or the equivalent, and that failure continues until the earlier of (a) the expiration of the applicable grace
period or 30 days, whichever is longer, or (b) the acceleration of the public external indebtedness by any
holder; or

5. Denial of Obligations: Colombia denies its obligations under the bonds; or

6. Moratorium: Colombia declares a general suspension of payments or a moratorium on the payment of

debt which does not expressly exclude the bonds; or

7. IMF Membership: Colombia ceases to be a member of the IMF or ceases to be eligible to use the

general resources of the IMF.
If any of the events of default described above occurs and is continuing, the holders of at least 25% of the
aggregate principal amount of the bonds outstanding (as defined below) may, by notice to the fiscal agent,
http://www.sec.gov/Archives/edgar/data/917142/000119312504156891/d424b5.htm (10 of 75)9/16/2004 8:04:12 AM

Document Outline

sec.gov
- #1">Prospectus Supplement