April 15, 2019 |
Panama's Global Bank will likely reopen bonds later this year to raise money to pay off $600m in debt due in October 2019, a source at the company told LatinFinance.
The bank sold $300m in 10-year notes on April 11 to fund part of a buyback of its 5.125% 2019 notes. The new notes, which priced at par with a coupon of 5.25%, become callable in 2028 and pay 300bp over Libor in their last year of maturity in 2029, the source said.
"The sale went well and the bonds have been trading above par since
Panamanian lender plans to add to existing notes to meet $600m in debt payments due in October, source says