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Banco Panamá to offer $1.5M in commercial bonds

Banco Panamá SA on March 8 plans to offer two tranches of revolving commercial bonds for a total of $1.5 million.

The offerings include $1.0 million in series BO securities, which have a 3.25% interest rate and a 6-month term. It will also offer $500,000 in series BP notes, with a one-year term and a 3.75% interest rate. Both series will be issued March 10, the bank said.

The Panama City-based company said it 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.