Panama offers to buy back 7¼% global bonds due 2015 at 109.161

By Angela McDaniels

Tacoma, Wash., Nov. 14 - The Republic of Panama began a tender offer for its $962,395,000 of outstanding 7¼% global bonds due 2015, according to a news release.

The amount on offer is $1,091.61 per $1,000 principal amount of bonds plus accrued interest.

The offer will end at 5 p.m. ET on Nov. 19. The settlement date is expected to be Nov. 26.

Bondholders located or resident in certain non-U.S. jurisdictions may not participate in the offer before confirming their status as qualified investors or that they meet other eligibility standards.

The offer is conditioned on the settlement of an issue of local Panamanian bonds or another financing.

The joint dealer managers are Citigroup Global Markets Inc. (800 558-3745 or 212 723-6108) and J.P. Morgan Securities LLC (866 846-2874 or 212 834-7279). The information and tender agent is Bondholder Communications Group, LLC (888 385-2663 or 212 809-2663).

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