Panama announces final amount of 4% bonds after tender offer

Chicago, June 30 – The Republic of Panama followed up its one-day tender offer with an announcement that there are now $837,075,000 of the republic’s 4% global bonds due 2024 (Cusip: 698299BD5) after the settlement of the tender offer, according to a press release.

When the tender offer started, there were $1.25 billion of the notes outstanding.

Previously announced, the maximum purchase amount was $412,965,000.

In the initial announcement, noteholders could either tender their notes as a preferred tender order or a non-preferred tender order.

Preferred tenders were 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.

As a recap, the republic received preferred tenders in the principal amount of $171,677,000, all notes of which were accepted.

For non-preferred tenders, the republic accepted $241,288,000 of the $402,148,000 principal amount of notes tendered. The tendered notes were not prorated.

Non-preferred tenders were due at 12 p.m. ET on June 23.

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

Settlement was scheduled 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).

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.