Panama offering add-on of 2028 dollar bonds, new 2047 dollar bonds

By Wendy Van Sickle

Columbus, Ohio, May 3 – Panama said it commenced a global offering of an add-on issue of 2028 dollar-denominated bonds and a new issue of 2047 dollar-denominated bonds.

The new 2028 bonds will be consolidated and for a single series with the $1 billion of 3 7/8% bonds due 2028 previously issued by Panama.

Bank of America Merrill Lynch and Morgan Stanley & Co. LLC are the joint lead underwriters.

The republic also announced Wednesday a one-day cash tender offer for its 5.2% bonds due 2020.

Panama may, but is not required to, issue and sell new bonds to holders who tender the 2020 bonds and place firm orders for new bonds during the tender period. Any new bonds issued to tendering holders will be consolidated and form a single series with, and be fully fungible with, the other new bonds of the same series issued and sold under the 2028 and 2047 bond offerings.

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