Panama to buy $815 million of bonds in tender

By Reshmi Basu

New York, Nov. 18 - The Republic of Panama announced Friday that it would purchase $815 million of bonds maturing in 2008, 2011, 2012 and 2020 in its cash tender offer, which was announced on Monday, Nov. 14.

The country also priced $980 million of bonds due Jan. 2026 (Ba1/BB/BB+) to finance the concurrent tender offer.

Panama will buy back the following bonds for cash at the following prices per $1,000 principal amount:

• $449 million of 8¼% notes due 2008 at $1,082.50, leaving $151 million outstanding;

• $165 million of 9 5/8% global bonds due 2011 at $1,185.00, leaving $585 million outstanding;

• None of 9 3/8% global bonds due 2012 at $1,190.00, leaving $500 million outstanding;

• $201 million of 10 ¾% dollar-denominated global bonds due 2020 at $1,380.00, leaving $149 million outstanding.

The tender offer expired at 11 a.m. ET on Nov. 17.

Citigroup was the manager of the tender.

Remaining proceeds from the new deal will be used to manage the country's external liabilities.

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