Panama Canal Authority Completes USD 450M Bond Offering

The Panama Canal Authority (ACP) has raised USD 450 million from its first ever international bond offering to finance the completion of a third bridge over the Panama Canal.

The 20-year 4.950% bonds were priced at 98.232% plus accrued interest, if any, from October 1, 2015.

“We’re very pleased to be part of the ACP’s first international offering,” said Marcelo Mottesi, head of Milbank’s Global Securities group, who led the team representing Bank of America Meryll Lynch, the lead manager of the transaction.

“More than 100 years after its completion, the Canal remains a vital artery of the global economy.”

The project to expand the Panama Canal is 93% complete, according to the ACP, and the expanded Canal is expected to be operational by April 2016.

However,the project could potentially face setbacks after seepage was detected on the Canal’s third set of Pacific Locks back in September.

Grupo Unidos por el Canal (GUPC), the contractor responsible for the design and construction of the third set of locks, said that the leaks should not postpone the completion of the project.

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