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Arnold & Porter Advises Republic of Panama in Three-Part $2.575 Billion Deal

October 1, 2020

Arnold & Porter advised the Republic of Panama on its SEC registered offering of $1.25 billion 2.252% Global Bonds due 2032 and $1 billion 3.870% Global Bonds due 2060, and on its offering, in reliance on Rule 144A/Reg S of the Securities Act, of $325 million 3.750% Treasury Notes (Notas del Tesoro) due 2026, which were executed concurrently with a tender offer to purchase for cash Panama's 4.875% PANOTA due 2021 and 5.625% PABONT due 2022. The proceeds from the bond offerings, all of which closed September 29, 2020, will be used to fund the budget and refinance debt.

Arnold & Porter has represented Panama with respect to all of its sovereign issuances since the early 1990s, when the firm advised on a bond exchange and subsequent Brady restructuring.

The Arnold & Porter Corporate & Finance team was led by partner Whitney Debevoise and included partner Gregory Harrington, counsel Carlos Pelaez, and associates Mateo Morris and Valentina Garzon. The Tax team included partner David Sausen and associate Anna Parnes.