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Global Bank Corporation Announces That Deutsche Bank Securities Inc. Intends To Launch A Tender Offer For Any And All Of The Outstanding 4.750% Notes Due 2017

Global Bank Corporation ("Global Bank"), today announced that Deutsche Bank Securities Inc. (the "Offeror") intends to launch an offer (the "Tender Offer") to purchase for cash any and all of the outstanding 4.750% Notes due 2017 issued by Global Bank under its U.S.$500 million Covered Bond Programme (the "Notes").

29 septiembre 2016 |

The Tender Offer will expire at 11:59 p.m., New York City time, on October 26, 2016, unless extended by the Offeror (such date and time, as the same may be extended, the "Expiration Date"). Holders of the Notes ("Holders") must validly tender their Notes before 5:00 p.m., New York City time, on October 12, 2016, unless extended by the Offeror (such date and time, as the same may be extended, the "Early Tender Date") to be eligible to receive the Total Consideration, which consists of the Tender Offer Consideration (as defined below) and the Early Tender Payment (as defined below).

Holders who validly tender their Notes after the Early Tender Date and on or prior to the Expiration Date will be eligible to receive the Tender Offer Consideration, but not the Early Tender Payment on the Final Settlement Date (as defined below). Notes that have been validly tendered may be withdrawn in accordance with the terms of the Tender Offer prior to 5:00 p.m., New York City time, on October 15, 2016, but not thereafter, unless such time is extended by the Offeror (such date and time, as the same may be extended, the "Withdrawal Date").

The total consideration to be paid for each U.S.$1,000 principal amount of Notes validly tendered at or prior to the Early Tender Date and not validly withdrawn at or prior to the Withdrawal Date will be U.S.$1,033.75 (the "Total Consideration"). The Total Consideration includes a benefit of a payment of U.S.$50.00 per U.S.$1,000 principal amount of Notes (the "Early Tender Payment") payable only in respect of Notes validly tendered at or prior to the Early Tender Date. Holders validly tendering Notes after the Early Tender Date, but at or prior to the Expiration Date, will be eligible to receive only U.S.$983.75 per U.S.$1,000 principal amount of Notes (the "Tender Offer Consideration"), equal to the Total Consideration less the Early Tender Payment.

Subject to the terms and conditions of the Tender Offer being satisfied or waived, the Offeror will (i) after the Early Tender Date, accept for purchase all Notes validly tendered and not validly withdrawn at or prior to the Early Tender Date and pay the Total Consideration for such Notes on a business day selected by the Offeror (the "Early Settlement Date") which is expected to be October 19, 2016, and (ii) after the Early Tender Date, accept for and at or prior to the Expiration Date and will pay the Tender Offer Consideration for such Notes within three business days or as promptly as practicable following the Expiration Date (the "Final Settlement Date"). Holders whose Notes are purchased in the Tender Offer will receive accrued and unpaid interest in respect of their purchased Notes from, and including, the most recent interest payment date to, but not including, the applicable settlement date for the Notes.

Global Bank has consented to the Offeror making the Tender Offer. Global Bank will not be making the Tender Offer. It is intended that the Notes purchased by the Offeror pursuant to the Tender Offer will be sold by the Offeror to Global Bank, to be paid for with the net proceeds from the issuance of senior unsecured notes in an international capital markets offering,as it was known by Miguel Sanchiz of the Business (Negocios) Section of PanamaOn and editor of the Panama Business News.

Deutsche Bank Securities Inc., Citigroup Global Markets Inc. ("Citigroup") and J.P. Morgan Securities LLC ("J.P. Morgan") have been engaged to act as Dealer Managers in connection with the Tender Offer. Questions regarding the Tender Offer may be directed to Deutsche Bank Securities Inc.

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