Shearman & Sterling LLP multinational law firm headquartered in New York City, United States.

News Oct 01, 2015

Shearman & Sterling Advises on Autoridad del Canal de Panama’s Inaugural Bond Offering

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.

The Shearman & Sterling team included partner Manuel Orillac (New York-Capital Markets) and associates Grissel Mercado (New York-Capital Markets), Jeffrey Tate (Washington, DC-Tax), Richard Bass (New York-Capital Markets), Michael Daly (Washington, DC-Tax) and John Slater (New York-Corporate).