Aiming to settle outstanding debts and finance part of the Electric Expansion Plan, in Panama Etesa will issue rotating bonds in the local market for up to $300 million, with a term of no more than ten years.

The issue has already been approved by the Board of Directors of Empresa de Transmisión Eléctrica S.A. (Etesa), by the National Economic Council and by the Cabinet Council, so that the bonds are placed in public auction, privately, by order book or any other method.

Laestrella.com.pa reviews that “… The sections, types and series will be defined at the time according to the need for cash faced by the entity. The interest will also be fixed by the market when each issue is made, whose maximum term must not exceed 10 years, according to Cabinet Decree No. 1 of January 8th, 2019.”

The article adds that “…. The bonds will be issued on the Panama Stock Exchange or any other stock exchange in the associated region. The bonds shall be registered in Latinclear, Euroclear or any other securities house incorporated with an account annotation system only.”