Panama plans issue of local bonds in connection with exchange offer

By Angela McDaniels

Tacoma, Wash., Jan. 17 - The Republic of Panama expects to settle a new issue of local Panamanian bonds on Jan. 30, according to a 424B3 filing with the Securities and Exchange Commission.

The republic began an exchange offer for its $1.47 billion of 7¼% global bonds due 2015 on Tuesday. It is also conducting a concurrent cash invitation for holders to submit offers to sell their 7¼% bonds back to Panama for cash.

The exchange offer and cash invitation are conditioned on the settlement of the local Panamanian bonds or other financing.

The dealer managers for the exchange offer are Goldman Sachs & Co. (800 828-3181 or 212 902-5183) and Citigroup Global Markets Inc. (800 558-3745 or 212 723-6108). The information and exchange agent is Bondholder Communications Group, LLC (888 385-2663, 212 809-2663 or 44 20 7382 4580).

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