Arnold & Porter Advises Panama on €2.9 Billion in Sovereign Financings

"Arnold & Porter advised the Republic of Panama on two sovereign loans totaling €2.9 billion provided by Banco Santander (€1.2bn at 4.83%) and Merrill Lynch International (€1.7bn at 4.67%). The financings refinanced €2.4bn of 2027 maturities, extended debt to 2031 and secured fixed-rate funding below the government's comparable market cost."

Arnold & Porter advised the Republic of Panama in two sovereign financing transactions with Banco Santander and Merrill Lynch International (a Bank of America affiliate). In the first transaction, Banco Santander provided a €1.2 billion loan at a fixed interest rate of 4.83%. The proceeds were used to refinance debt scheduled to mature in 2027. In the second transaction, Merrill Lynch International provided a €1.7 billion loan at a fixed interest rate of 4.67%. That financing comprised €1.2 billion to refinance additional debt scheduled to mature in 2027 and €500 million of new financing. Together, the two transactions enabled Panama to address €2.4 billion of its 2027 maturities in advance, extend the relevant debt maturities to 2031, and secure fixed-rate financing at rates below the Government’s estimated cost of a comparable market issuance. Arnold & Porter represented the Republic of Panama with a team composed by: partners Whitney Debevoise and Gregory Harrington; counsel Arturo Caraballo; senior associate Mateo Morris; and tax advice provided by partner David Sausen and associate Lauren Olaya.

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Arnold & Porter Advises Panama on €2.9 Billion in Sovereign Financings

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Arnold & Porter Advises Panama on €2.9 Billion in Sovereign Financings

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