Clifford Chance

Clifford Chance advises Banco General on first additional Tier 1 offering by a Panamanian bank in the international markets

New York: Leading international law firm Clifford Chance has advised Panamanian bank Banco General, S.A. (Banco General) on the issuance of US$400 million 5.250% Perpetual Non-Cumulative Fixed-to-Fixed Subordinated Notes (the Notes), representing additional Tier 1 capital of Banco General. BofA Securities and JP Morgan acted as global coordinators and Goldman Sachs acted as an active bookrunner on the transaction.

Banco General is the oldest and largest private sector, locally-owned bank in Panama. This was the first Additional Tier 1 offering by a Panamanian bank in the international markets. The Notes will be listed on both the Panama Stock Exchange and the Singapore Stock Exchange.

Partner Jonathan Zonis led the transaction, with support from associates Lane Feler, Edwin Ramirez-Homs and Michael Mbiti. Partner Avrohom Gelber and associate Elizabeth Adams advised on the tax aspects of the transaction.

Clifford Chance advises on many of the landmark transactions in the Central American market. The firm previously advised AES Panama subsidiaries on the largest transaction by a private company in Central America as well as Banco Nacional de Panamá on its US$1 billion Rule 144A/Regulation S bond issuance and US$510 million credit facilities. Clifford Chance also recently advised CMI Energía on the refinancing of approximately US$1 billion in existing project finance debt.