Shearman & Sterling advised Autoridad del Canal de Panama (the “ACP”), an autonomous legal entity of the Republic of Panama, in connection with its inaugural Rule 144A/Regulation S offering of US$450 million aggregate principal amount of its 4.950% Bonds due 2035. The ACP has exclusive control over the administration, operation, conservation, maintenance and modernization of the Panama Canal and related activities.

The ACP will use the net proceeds of the offering to finance in part the construction of a new bridge crossing the Panama Canal on its Atlantic Ocean end. Any remaining funds will be used for general corporate purposes.