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Panama's Towerbank plans $5M bond offering

Towerbank International Inc. plans to offer 180-day negotiable bonds worth up to $5.0 million, according to a filing.

The series AM bonds will be issued March 21 at an annual interest rate of 3.25%, payable on a monthly basis, the Panama-based bank said.

Proceeds from the offering, which is part of the company's negotiable bonds program for up to $50.0 million, will be used to expand Towerbank's credit portfolio.