Panama to price add-on to 6.4% bonds due 2035, new bonds due 2054

By Marisa Wong

Los Angeles, March 21 – The Republic of Panama is planning to offer additional 6.4% global bonds due Feb. 14, 2035 (ISIN: US698299BT07) and new global bonds due 2054 (ISIN: US698299BV52), according to a 424B3 filed with the Securities and Exchange Commission.

The 2035 bonds will be a further issuance of and will be consolidated to form a single series with the $1.5 billion outstanding 6.4% bonds due 2035 that were issued on Nov. 21 and will be fully fungible with the existing 2035 bonds.

For the 2035 bonds, there will be a make-whole call until three months before the maturity date, after which there will be a par call. For the 2054 bonds, there will be a make-whole call until six months prior to maturity, followed by a par call.

Goldman Sachs & Co. LLC and Scotia Capital (USA) Inc. are the joint bookrunners.

Bank of New York Mellon is the fiscal agent.

Legal advisers for Panama are in-house counsel and Arnold & Porter Kaye Scholer LLP as U.S. counsel.

Sullivan & Cromwell LLP will act as U.S. counsel for the underwriters, and Arias, Fabrega & Fabrega is advising on Panamanian matters.

Proceeds will be used for general budgetary purposes and liability management transactions.

Listing will be on the Luxembourg Stock Exchange.

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