First international offering ever issued by the Panama Canal Authority

Arias, Fábrega & Fábrega represented Bank of America Merrill Lynch, as underwriter, in the first international offering ever issued by the Panama Canal Authority (ACP), for a total amount of up to USD$450 million.

The agency overseeing the expansion of the Panama Canal issued the 20-year bonds to finance construction of a third bridge to cross the waterway, near the canal’s Atlantic entrance.