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Banco Panamá to offer more than $3.4M in new securities

Banco Panamá SA on Dec. 14 plans to offer more than $3.4 million in short-term revolving commercial securities under an existing $100.0 million program.

The bank will sell up to $1.4 million worth of six-month, series BC notes carrying an interest rate of 3.25%, as well as up to $2.01 million worth of one-year, series BD debt at a 3.75% rate. Interest on both series, to be issued Dec. 17, is payable quarterly.

Banco Panamá plans to use the proceeds from the offerings for asset growth, working capital and debt restructuring, among other purposes.