Panama plans to sell local bonds due 2031 denominated in U.S dollars

By Rebecca Melvin

Concord, N.H., June 21 – The Republic of Panama may offer new local Treasury bonds to be denominated in U.S. dollars due 2031, according to a news release.

Pricing is expected to occur on Wednesday, subject to market conditions.

The sovereign is also making a tender offer to purchase for cash its outstanding 4% global bonds due 2024 (Cusip: 698299BD5). 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.

If Panama determines to issue and sell Treasury bonds to holders of the old notes, settlement is expected to occur on June 30.

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

© 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.