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Banco Panamá to offer bonds worth $5.3M

Banco Panamá SA on Feb. 22 plans to offer two tranches of revolving commercial bonds for a total of some $5.3 million.

The offerings include $1.5 million in series BM securities, which have a 3.25% interest rate and a 6-month term. It will also offer $3.7 million in series BN notes, with a one-year term and a 3.75% interest rate. Both series will be issued Feb. 26, the bank said.

The Panama City-based company said plans to use the proceeds from the offerings for asset growth, working capital and debt restructuring, among other purposes.

The offerings are part of the Panamanian bank's revolving corporate bond program worth up to $100.0 million.