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Banco Panamá plans $8M bond offering

Banco Panamá SA on Dec. 21 plans to offer up to $8.0 million worth of two-year debt under the Panamanian bank's revolving corporate bond program worth up to US$50.0 million.

The series AL securities, to be issued on Dec. 23, will carry a 4.50% interest rate, payable quarterly. The bonds will mature in December of 2019.

The company plans to use the proceeds from the issuance to finance the growth of its business and consumer portfolios.