Part of Canal expansion plan, new span is third to cross the 101-year-old channel
Milbank, Tweed, Hadley & McCloy LLP represented initial purchaser BofA Merrill Lynch in the $450 million bond offering by The Panama Canal Authority (ACP) to finance completion of a third bridge over the waterway. The new span is a key part of the ongoing expansion and widening of the Canal to meet the requirements of 21st-century global shipping fleets.
This is the first international bond offering by the ACP, the agency responsible for operation and management of the 48-mile Canal. The 20-year 4.950% bonds were priced at 98.232% plus accrued interest, if any, from October 1, 2015.
Marcelo Mottesi, head of Milbank’s Global Securities group, led the team representing BofA.
“We’re very pleased to be part of the ACP’s first international offering,” Mr. Mottesi said. “More than 100 years after its completion, the Canal remains a vital artery of the global economy.”
In addition to Mr. Mottesi, the Milbank deal team included Tax partner Andrew Walker, Global Securities associates Don Canavaggio, Elizabeth McNichol and Tax associate Michael Goon.
About Milbank
Milbank, Tweed, Hadley & McCloy LLP is a leading international law firm that has been providing innovative legal solutions to clients throughout the world for nearly 150 years. Milbank is headquartered in New York and has offices in Beijing, Frankfurt, Hong Kong, London, Los Angeles, Munich, São Paulo, Seoul, Singapore, Tokyo and Washington, DC.
The firm’s lawyers provide a full range of legal services to the world’s leading commercial, financial and industrial enterprises, as well as to institutions, individuals and governments. Milbank’s lawyers meet the needs of its clients by offering a highly integrated and collaborative range of services across key practice groups throughout its global network. Milbank’s integrated practice is underpinned by its attorneys’ acknowledged technical excellence, sectorial experience and a strong tradition of innovation and client service.
