New Issue: Panama's Empresa Nacional de Autopistas issues $395 million notes due 2018, 2025

By Paul A. Harris

Portland, Ore., Aug. 24 - Panama's national highway authority, Empresa Nacional de Autopistas priced $395 million of eurobonds (/BBB-/BBB) in two tranches on Aug. 18, according to a market source.

The deal included $170 million of class A notes due Nov. 25, 2025, which priced at par to yield 5¾%, and $225 million of class B notes due Nov. 25, 2018, which priced at par to yield 5¼%.

HSBC Bank plc and Global Bank were the bookrunners.

Issuer:	Empresa Nacional de Autopistas
Amount:	$395 million
Securities:	Eurobonds
Bookrunners:	HSBC Bank plc, Global Bank
Trade date:	Aug. 18
Settlement date:	Aug. 23
Ratings:	Standard & Poor's: BBB-
	Fitch: BBB
Distribution:	Rule 144A and Regulation S
Class A notes
Amount:	$170 million
Maturity:	Nov. 25, 2025
Coupon:	5¾%
Price:	Par
Yield:	5¾%
Class B notes
Amount:	$225 million
Maturity:	Nov. 25, 2018
Coupon:	5¼%
Price:	Par
Yield:	5¼%

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