State-owned Electrical Plant Issues $75 Million in Debt

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

Thursday, May 2, 2019

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.

Gilberto Ferrari, general manager of ETESA, explained that "... It is the first time in the history of the company that it is possible to finance investments through the Panamanian capital market, which contributes to continue diversifying our sources of financing in the short and medium term."

The ETESA document states that "... This issue, with a 7-year term, is part of a Revolving Bond Program authorized by the company's Board of Directors for up to US$300 million. "This program is intended to partially finance ETESA's Expansion Plan for the next three (3) years, with the exception of the Fourth Transmission Line project, which will be financed by the contractor," Ferrari said.  "This transaction positions us as an important issuer in the local stock market and is the culmination of another component of the financing strategy that we have been managing since August 2017", commented ETESA's general manager.

The issuance process began at 8:00 a.m. in Panama City, in which offers were received from 13 investors for the sum of one hundred and sixteen million dollars (US$116 million), which corresponds to 1.55 times the amount offered, allowing the operation to be carried out at an interest rate of 3.85% and a yield rate of 3.85%. "To be able to issue this bond at only twelve (12) basis points of difference over the bond of the Republic of Panama launched last April 10, is a clear sample of our financial solidity and of the confidence that the investors have in the company", explained Alfredo Díaz Camarano, ETESA's Corporate Finance Manager
."

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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).

Tocumen Issues Debt for $650 Million

November 2018

Panama's international airport issued in the international market debt securities expiring in 2048, with a coupon rate of 6% and a yield of 6.25%.

From the statement of Tocumen S.A.:

Panama November 8th, 2018. On Wednesday, November 7th, 2018, Tocumen International Airport successfully issued six hundred and fifty million dollars (US$650,000,000.00) in corporate bonds on the New York Stock Exchange, following rules 144-A and also registered on the Panama Stock Exchange.

Dominican Republic Issues $1.822 billion in Bonds

February 2018

The Caribbean country issued $1 billion on the international market for a term of 30 years and at a rate of 6.5%, and another $822 million with a 5-year term and a rate of 8.9%.

Dominican authorities reported that the country issued for the first time in the New York market, a 5-year bond issue for $822 million, and another, also in dollars, at 30 years and for $1 billion.

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