New Issue: Panama's Elektra Noreste sells $100 million 15-year notes

By Reshmi Basu

New York, July 6 - Elektra Noreste, SA sold a $100 million offering of 15-year senior notes (-/-/BBB) at 99.136 to yield a spread of 250 basis points more than Treasuries via a private placement last Friday, according to a market source.

JP Morgan led the transaction.

According to Fitch Ratings, Elektra is one of three main electricity distribution companies in Panama and serves about 300,000 customers. The company's concession covers an area of about 29,000 square kilometers, which amounts to about 39% of Panama's territory and around 41% of its total population.

Issuer: Elektra Noreste, SA

Amount: $100 million

Issue: Senior notes

Maturity: July 12, 2021

Coupon: 7.60%

Issue price: 99.136

Spread: 250 basis points more than Treasuries

Pricing date: June 30

Settlement date: July 10

Lead manager: JP Morgan

Ratings: Fitch: BBB

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