Business Context and Reporting Period
This Form 6-K filing by Grupo Aval Acciones y Valores S.A. (Grupo Aval) is dated December 17, 2021. The document serves as a second summons for a General Assembly of Bondholders regarding local Colombian law-governed bonds. The meeting is scheduled for December 28, 2021, following a failed first meeting on December 16, 2021, due to insufficient quorum.
Key Financial Metrics and Debt Structure
The filing details specific debt obligations subject to the bondholder meeting but does not provide consolidated revenue, profit, cash flow, or margin data for the reporting period.
| Debt Issuance Year | Principal Amount (COP) | Interest Rate | Rating |
|---|---|---|---|
| 2009 (A Series) | 124,520,000,000 | IPC + 5.20% | AAA (BRC Ratings / S&P Global) |
| 2016 (A Series - 10 yr) | 93,000,000,000 | IPC + 3.86% | AAA (BRC Ratings / S&P Global) |
| 2016 (A Series - 20 yr) | 207,000,000,000 | IPC + 4.15% | AAA (BRC Ratings / S&P Global) |
| 2017 (A Series) | 300,000,000,000 | IPC + 3.99% | AAA (BRC Ratings / S&P Global) |
| 2019 (C Series) | 100,000,000,000 | 6.42% | AAA (BRC Ratings / S&P Global) |
| 2019 (A Series) | 300,000,000,000 | IPC + 3.69% | AAA (BRC Ratings / S&P Global) |
| Total Outstanding | 1,124,520,000,000 | - | - |
The filing text does not provide clear values for liquidity, operating margins, or cash flow.
Material Changes and Corporate Actions
The primary material event is the proposed spin-off (escisión) of the shareholding corresponding to 75% of BAC Holding International Corp. (formerly Leasing Bogota S.A. Panama). The agenda includes the listing of this company on the Colombian and Panama Stock Exchanges. This proposal requires approval from the bondholders to proceed.
Outlook, Risks, and Contingencies
- Quorum Requirements: For this second meeting, a quorum requires a plural number representing the majority of bondholders present and 40% of the total outstanding bonds called. If this quorum is not met, a third meeting may be called where any plural number of bondholders is sufficient to deliberate and decide by any majority.
- Binding Decisions: Decisions adopted by the General Meeting of Bondholders are binding on all bondholders, including those absent or dissenting, pursuant to Colombian Decree 2555 of 2010.
- Management Commentary: The filing references a special report prepared by Grupo Aval analyzing the effects of the spin-off on the company and bondholders, available on the company website and regulatory portals.
Key Facts for Investor Verification
- Verify the outcome of the bondholder meeting scheduled for December 28, 2021, regarding the approval of the BAC Holding International Corp. spin-off.
- Confirm the total outstanding debt of COP 1.124 trillion and the specific interest rate structures (IPC-linked vs. fixed) for the affected tranches.
- Monitor the listing status of BAC Holding International Corp. on the Colombian and Panama Stock Exchanges following the proposed spin-off.
- Review the special report and legal representative opinions available on Grupo Aval's investor relations website for detailed impact analysis.