Panama Canal Railway Company Bond Refinancing Wins ‘Latin American Refinancing Deal of the Year’
14 Feb 2008
Antonia E. Stolper, Alejandro A. Gordano

New York, February 14, 2008—Project Finance Magazine announced that it has selected the recent bond refinancing by the Panama Canal Railway Company (PCRC) as its “2008 Latin American Refinancing Deal of the Year.”

Shearman & Sterling represented Morgan Stanley as initial purchaser in the refinancing, which took the form of a Rule 144A offering of $100 million of PCRC’s 7% Senior Secured Notes due 2026 (the Notes). The Notes were used in part to refinance PCRC’s outstanding indebtedness to the International Finance Corporation (IFC) and featured a novel structure that resembled a hybrid between traditional project finance bonds and corporate high yield bonds. The offering closed on November 2, 2007.

The New York-based Shearman & Sterling team was led by capital markets partner Antonia Stolper, assisted by capital markets associates Carl McCarthy, Alejandro Gordano and Ting Zhao, and visiting foreign attorney Juan Cristobal Pellegrini.