Banco Nacional de Panama to sell $62.2 million 8 1/8% Panama bonds due 2034 via Credit Suisse

By Christine Van Dusen

Atlanta, March 18 - Banco Nacional de Panama plans to sell $62.2 million of 8 1/8% global bonds due April 28, 2034 issued by The Republic of Panama through Credit Suisse, according to a filing with the Securities and Exchange Commission.

The bonds were originally issued in the amount of $250 million on Jan. 28, 2004. A $250 million add-on priced on Aug. 11, 2005.

Those notes were repurchased and canceled in the amount of $327.2 million in a tender offer on Jan. 26, 2006.

Banco Nacional de Panama is selling the bonds in its role as trustee of the Fondo Fiduciario para el Desarrollo.

Credit Suisse will buy the bonds from Banco Nacional de Panama at market prices or negotiated prices and then sell them to the public on a variable-price reoffer basis from time to time.

Proceeds from the issue will be used primarily for reinvestment in securities.

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