April 8, 2021 |
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,
Panamanian real estate company could raise up to $20 mln to pay off debt