The Republic of Panama completed a $2.98 billion SEC-registered debt offering, consisting of its 5.227% Global Bonds due 2034 and its 5.662% Global Bonds due 2038, and concurrent liability management transaction, consisting of a cash tender offer for certain of its outstanding bonds.
The purchase price for the bonds accepted in the tender offer was funded with the net proceeds of the new global bonds offering, and accrued interest was paid separately by Panama.
S&C, which regularly acts as underwriters’ counsel for registered public offerings by Panama, acted for J.P. Morgan Securities and BofA Securities as underwriters in the global offering and dealer-managers in the cash tender offer.
The S&C team included Alan Fishman, Chris Mann and Renata Mascarenhas. Jeff Hochberg and Julia Fleurantin advised on tax matters. Vanessa Blackmore and Emily Thomson advised on UK/EEA matters.