By Aaron Hochman-Zimmerman
New York, June 2 - The Republic of Panama (Ba1/BB+/BB+) reopened its 7¼% bonds due 2015 for $235 million, according to a term sheet.
The bonds were priced at 109.564 to yield 5.533% with a spread of Treasuries plus 158 basis points.
Citigroup and Deutsche Bank acted as bookrunners for the registered off-the-shelf deal.
The original $600 million issue, priced in November 2004, was retapped for $313 million in July 2006. With the new issuance, the total will amount to $1.148 billion.
Proceeds will be used for general budgetary purposes.
The government is also accepting offers to exchange its 9 5/8% bonds due 2011 and the 9 3/8% bonds due 2012 for 9 3/8% bonds due 2029. The tender will be completed on Tuesday.
| Issuer: | Republic of Panama
|
| Amount: | $235 million
|
| Issue: | Retap of bonds due 2015
|
| Maturity: | March 15, 2015
|
| Coupon: | 7¼%
|
| Price: | 109.564
|
| Yield: | 5.533%
|
| Spread: | Treasuries plus 158 bps
|
| Bookrunners: | Citigroup, Deutsche Bank
|
| Pricing date: | June 2
|
| Settlement date: | June 11
|
| Distribution: | Off shelf
|
| Ratings: | Moody's: Ba1
|
| Standard & Poor's: BB+
|
| Fitch: BB+
|
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