Panama Canal Authority launches $450 million 20-year notes at Treasuries plus 220 bps

By Christine Van Dusen

Atlanta, Sept. 24 – Autoridad del Canal de Panama, also known as the Panama Canal Authority (PCA), launched a $450 million offering of 20-year amortizing senior unsecured bonds at Treasuries plus 220 basis points, a market source said.

The notes were talked at a spread in the 230 bps area.

BofA Merrill Lynch is the bookrunner for the Rule 144A and Regulation S deal.

The proceeds will be used to partially refund financing of the construction of the Atlantic Bridge.

The PCA is an autonomous, legal entity of Panama charged with operation, administration, management, preservation, maintenance and modernization of the Panama Canal.

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