ARIFA has assisted Banco Latinoamericano de Comercio Exterior, S.A. (BLADEX) (“Bladex”) in connection with the registration of its inaugural revolving bond program the Republic of Panamá allowing for the issuance of up to US$300,000,000.00 in bonds in multiple currencies, and various rates. The program is the only Panamanian registered bond program by an NYSE listed and US Registered issuer.
The matter represents the largest bond program registered in the Republic of Panama to date in 2023 and is the first program to allow for open issuance across multiple currencies.
The program also represents an important step forward in variable rate offerings in Panama as it incorporates SOFR rate substitution mechanics that are more consistent with substitution mechanics prevalent in the US loan and bond market.
ARIFA acted as lead counsel for Bladex in the registration and assisted in the preparation of all legal documentation associated with the registration process, the preparation of underlying form agreements, the review and drafting of the prospectus, and the negotiation of all term sheet and agreements with third parties.
Bladex is a specialized multinational bank originally established by central banks of Latin American and Caribbean countries to promote foreign trade and economic integration in the Region. Bladex offers its services through its head office in Panama City, its agency in New York (the “New York Agency”), its subsidiaries in Brazil and Mexico, and its representative offices in Buenos Aires, Argentina; Mexico City, Mexico; Sao Paulo, Brazil; Lima, Peru; and Bogotá, Colombia, as well as through a worldwide network of correspondent banks. Bladex intends to use the proceeds from offerings under the Program to finance the growth of the loan portfolio and diversify Bladex’s funding sources, to cancel, redeem, or refinance any series issued under the Program or for any other use identified by Bladex in any supplements to the Program prospectus.