By Reshmi Basu and Paul A. Harris
New York, Nov. 16 - The Republic of Panama sold $600 million of bonds due March 2015 (Ba1/BB) Tuesday at 99.301 with a 7¼% coupon to yield 7.35%, or 314 basis points over comparable Treasuries, according to market sources.
The deal, increased from $500 million, came in the middle of price talk of 7.30% to 7.40%.
Proceeds will be used to refinance 2005 amortizations.
Morgan Stanley was the sole bookrunner for the Securities and Exchange Commission-registered bond sale. Goldman Sachs & Co. was the co-manager.
| Issuer: | Republic of Panama
|
| Amount: | $600 million (increased from $500 million)
|
| Issue: | SEC-registered bonds
|
| Maturity: | March 15, 2015
|
| Coupon: | 7¼%
|
| Issue price: | 99.301
|
| Yield: | 7.35%
|
| Spread: | 314 basis points over comparable Treasuries
|
| Pricing date: | Nov. 16
|
| Settlement date: | Nov. 23
|
| Call features: | Non-callable
|
| Bookrunner: | Morgan Stanley
|
| Co-manager: | Goldman Sachs & Co.
|
| Ratings: | Moody's: Ba1
|
| Standard & Poor's: BB
|
| Price guidance: | 7.30%-7.40%
|
|
|
© 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.
