Liability management transaction

Republic of Panama

Our attorneys represented the Republic of Panama in a cash tender for the Republic’s 7.250% Global Bonds due 2015 and a simultaneous offer to exchange its 2015 Bonds for 6.700% US Dollar-Denominated Global Bonds due 2036.  On February 1, 2012, Panama accepted US$250,127,000 aggregate principal amount of the 2015 Bonds in exchange for cash and exchanged US$258,478,000 of its 2015 Bonds for US$248,596,000 of its 2036 Bonds.  The transaction was funded by a concurrent issue of 10-year bonds in the Panamanian domestic market.

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