Electric Company to Issue $300 Million

Aiming to settle outstanding debts and finance part of the Electric Expansion Plan, in Panama Etesa will issue rotating bonds in the local market for up to $300 million, with a term of no more than ten years.

Wednesday, January 16, 2019

The issue has already been approved by the Board of Directors of Empresa de Transmisión Eléctrica S.A. (Etesa), by the National Economic Council and by the Cabinet Council, so that the bonds are placed in public auction, privately, by order book or any other method.

Laestrella.com.pa reviews that "... The sections, types and series will be defined at the time according to the need for cash faced by the entity. The interest will also be fixed by the market when each issue is made, whose maximum term must not exceed 10 years, according to Cabinet Decree No. 1 of January 8th, 2019."

The article adds that ".... The bonds will be issued on the Panama Stock Exchange or any other stock exchange in the associated region. The bonds shall be registered in Latinclear, Euroclear or any other securities house incorporated with an account annotation system only."

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More on this topic

State-owned Electrical Plant Issues $75 Million in Debt

May 2019

Empresa de Transmisión Eléctrica de Panamá issued seven-year local market debt securities with a 3.85% interest rate.

Empresa de Transmisión Eléctrica S.A. (ETESA) made its first issue of corporate bonds in the Stock Market of Panama, for the sum of seventy-five million dollars ($75 million) to be used to finance investment projects included in the Expansion Plan of the National Interconnected System (PESIN) of 2018, said the institution in a statement.

State-owned Electric Plant Issues $500 Million in Debt

April 2019

The Empresa de Transmisión Eléctrica de Panamá issued debt securities for 30 years at a 5.125% interest rate.

The bonds have a deadline in May 2049, i.e. 30 years from the date of issue and will have a grace period on capital payments of 15 years, informed the institution.

State-owned Electric Plant Begins to Promote Its Bonds

April 2019

On April 12, Panama's state-owned electric company began the marketing stage for the potential issuance of international bonds, which would be at least $500 million.

"Once the issuer's international risk ratings have been obtained and after several months of arduous preparation, we are ready to market among the most important investors in the United States, Europe and Latin America, our company's first long-term bond issue," explained Gilberto Ferrari, general manager of Empresa de Transmisión Eléctrica, S.A. (ETESA).

State Electric Company to Issue $750 Million in Debt

February 2019

Empresa de Transmisión Eléctrica de Panamá was authorized to make one or more issues and reopen securities in international markets for up to $750 million.

The issuance will take place in the first half of 2019, will be listed in the U.S. Securities and Exchange Commission and in the Superintendence of the Securities Market of Panama, informed Empresa Eléctrica.

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