Panama to redeem its 4% global bonds due 2024

By Rebecca Melvin

Concord, N.H., June 21 – The Republic of Panama is making a tender offer to purchase for cash its outstanding 4% global bonds due 2024 (Cusip: 698299BD5), according to a news release.

The sovereign may also offer new local Treasury bonds to be denominated in U.S. dollars due 2031. Pricing is expected to occur on Wednesday, subject to market conditions.

The tender is contingent on the pricing of, but not the settlement of, the new bonds.

As of June 21, there were $1.25 billion of the old bonds outstanding. The purchase price is expected to be $1,097 per $1,000 principal amount of bonds.

The tender offer will be subject to the terms and conditions set forth in an offer to purchase released no later than Wednesday.

The offer document may be downloaded from D.F. King & Co. Inc.'s website at www.dfking.com/panama.

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