UDG builds bond program

UDG builds bond program

Corporate & Sovereign Strategy Bonds Debt Fixed Income Panama

Panamanian real estate company Urban Development Group (UDG) said it formed a $20 million revolving bond program through its division Ritol Investments, according to a securities filing on Tuesday. UDG can price the bonds at fixed or floating interest rates with maturities up to 10 years. The floating-rate notes will use one-, three- and six-month Libor as benchmarks, UDG said. The company will use part of the proceeds to pay back a $9.9 million loan it received from Global Bank in January 2020,

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