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Panama's Metrocredit to offer $3M in new debt

Panama's Hipotecaria Metrocredit SA will offer $3.0 million worth of debt securities in the coming weeks, according to filings with financial regulator SMV.

The company plans to auction the series Q bonds worth $1.0 million Aug. 10. The notes, to be issued Aug. 14, have a term of four years and carry an 8% fixed interest rate.

Meanwhile, Metrocredit on Aug. 22 will offer the two-year series R securities, which carry a 7.5% rate and are also worth $1.0 million. They will be issued Aug. 24.

On Aug. 30, the Panama City-based lender will offer $1.0 million in the four-year series S mortgage bonds, which carry a fixed annual interest rate of 8% and will be issued Sept. 3.

Metrocredit said it intends to use the proceeds from the offerings for working capital to expand its loan portfolio.