AES Changuinola Issues Bonds for $420 million

It is the biggest issue in Panama within the private sector authorized by the Superintendency of Securities of Panama for $470 million in total.

Monday, November 25, 2013

The General Bank was the structuring firm and main buyer of the bonds, the first two series were placed at interest rates of 6.25% and 6.75%.

The funds will be used to refinance "the balance of the existing debt contracted for $397.4 million with a syndicate of banks and originally used for the construction of the AES Changuinola hydro plant in Bocas del Toro ..." reported

In addition a loan of $12 million with Banco General SA, maturing in October 2013, will be refinanced , "as well as paying off the financial derivative on interest rate charges held with Bank of Nova Scotia with an approximate market value as at 30 June 2013 of $10.7 million. "

According to Miguel Bolinaga, general manager for AES Panama, the operation is considered the largest issue by the private sector "and sets a new milestone in the Panamanian market, since it is the largest corporate financing to date." This transaction was rated investment grade A + by Fitch Ratings.

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The Panamanian company whose emissions were suspended in September 2014, has amended the terms of its bonds for $8 million, extending the deadline to 2019 and agreeing to pay principal and interest in tracts.

From the resolution issued by the Superintendency of Securities:

Sustained Growth in Panamanian Stock Market

January 2014

Economic stability and the flexibility of the financial market are driving record new bond releases and other investment options.

Data from the Superintendence of Securities (VPS by its initials in Spanish), reveals that during 2013 a total of $3,579 million in emissions were authorized and there are about $158 million in pending approvals.

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Up to September 30th the Panamanian stock market reported $2.433 billion in new registrations, while in the same period of 2012 there were $1.913 billion.

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