Panama accepts 96.08% of tenders from offer for 4% global bonds

Chicago, Nov. 29 – The Republic of Panama announced the results of its capped tender offer for its $837,075,000 outstanding 4% global bonds due Sept. 22, 2024 (ISIN: US698299BD54), according to a press release.

Noteholders tendered $504,724,000 of the bonds and Panama is choosing to accept $478,444,847.32 of the bonds, applying a proration factor of 96.08%.

The purchase price of $986.59 per $1,000 bond was determined using the 4 3/8% U.S. Treasury due Oct. 31, 2024 and a fixed spread of 26 basis points.

Interest will be paid to the settlement date.

The offer expired at 7:30 a.m. ET on Nov. 29. Pricing was determined at 2:30 p.m. ET on Tuesday.

Settlement is scheduled for Dec. 2.

BofA Securities Inc. (888 292-0070, 646 855-8998) and HSBC Securities (USA) Inc. (888 HSBC-4LM, 212 525-5552) are the dealer managers.

The tender and information agent is D.F. King & Co., Inc. (212 269-5550, 800 334-0384, panama@dfking.com, www.dfking.com/panama).

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