Panama formally launches one-day tender offer for 4% global bonds

Chicago, June 23 – The Republic of Panama formally launched its tender offer to purchase for cash from its $1.25 billion outstanding 4% global bonds due 2024 (Cusip: 698299BD5), according to a notice.

The sovereign is offering to purchase the bonds at $1,097 per $1,000 note.

The offer is expected to be capped, but the maximum purchase amount has not yet been determined.

There is a financing condition for the tender offer. The sovereign must sell, but not necessarily settle, an offer of new Treasury bonds due 2031. Pricing will take place on Wednesday for the new notes.

Tending noteholders may either submit a non-preferred tender order or a preferred tender order.

Non-preferred tenders must be received to 12 p.m. ET on June 23.

Preferred tenders are due by 2 p.m. ET on June 23.

Preferred tenders are tender orders that are submitted with an indication of interest for the new Treasury bonds in an amount equal to the amount of bonds being tendered.

Tenders may be subject to proration.

Old bonds must be delivered for settlement, if through DTC, no later than 3 p.m. ET on the settlement date.

Settlement is planned for June 25.

Dealer managers for the offer are HSBC Securities (USA) Inc. (212 525-5552, 888 HSBC-4LM), Santander Investment Securities Inc. (212 940-1442, 855 404-3636) and Scotia Capital (USA) Inc. (833 498-1660).

D.F. King & Co. Inc. is the information agent (888 877-0082, 212 269-5550, panama@dfking.com).

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