Shearman & Sterling advised Banco General, S.A. on its Rule 144A/Regulation S offering of $550 million aggregate principal amount of 4.125% senior notes due 2027 (the “Notes”). This was Banco General’s first Rule 144A/Regulation S offering since 1997. Banco General intends to use the net proceeds from the offering for general corporate purposes.
Founded in 1955, Banco General is the oldest and largest private sector, locally owned bank in Panama, conducting operations for more than 60 years. Banco General offers a wide range of universal banking services and products including deposit-taking, residential mortgage loans, personal loans, credit cards, automobile loans, commercial mortgages, corporate and commercial lines of credit, interim construction loans and commercial loans. In addition to its branch network in Panama, Banco General has five regional offices located in Mexico, Colombia, Guatemala, El Salvador and Peru, and 11 branches in Costa Rica through its subsidiary Banco General (Costa Rica), S.A.
The Shearman & Sterling team included partners Manuel Orillac and Stuart Fleischmann (both New York–Capital Markets); counsel Grissel Mercado (New York–Capital Markets); and associates Maria Marulanda Larsen (New York–Capital Markets) and Erika Khalek (New York–Corporate). Other Shearman & Sterling lawyers involved in the transaction included partners Nathan Greene (New York—Investment Funds) and Doreen Lilienfeld (New York–Compensation, Governance & ERISA); counsel Jeffrey Tate (Washington, DC–Tax); and associates Robert Powel (New York–Capital Markets), Devon Yamauchi (Washington, DC–Tax), Justin Reda (New York—Investment Funds) and Jake Glazeski (New York–Compensation, Governance & ERISA).