The Republic of Panama announced today that it has commenced an offer to purchase for cash any and all of its outstanding 4.000% Global Bonds due 2024 in an aggregate principal amount that will not result in an aggregate Purchase Price that exceeds an amount determined by Panama in its sole discretion. As of November 21, 2022, there was U.S.$837,075,000 aggregate principal amount of the Bonds outstanding. Holders of the Bonds participating in the Offer will also receive any accrued and unpaid interest on their Bonds up to (but excluding) the Settlement Date. The Offer is made subject to the terms and conditions contained in the Offer to Purchase, dated November 21, 2022 All capitalized terms used but not defined in this communication have the respective meanings specified in the Offer Document.
The Purchase Price payable for each $1,000 principal amount of Bonds validly tendered and accepted for purchase will be based on the fixed spread specified for the Bonds, plus the yield of the specified Reference U.S. Treasury Security for the Bonds as of 10:00 a.m., New York time, on Tuesday, November 29, 2022, unless extended or earlier terminated with respect to the Offer. The Accrued Interest will be payable in cash in addition to the Purchase Price.