[Federal Register Volume 60, Number 127 (Monday, July 3, 1995)] [Notices] [Pages 34554-34555] From the Federal Register Online via the Government Publishing Office [www.gpo.gov] [FR Doc No: 95-16361] ======================================================================= ----------------------------------------------------------------------- INTERNATIONAL DEVELOPMENT COOPERATION AGENCY Agency For International Development Housing Guaranty Program; Notice of Investment Opportunity The U.S. Agency for International Development (USAID) has authorized the guaranty of loans to the Banco General S.A., Panama (``Borrower'') as part of USAID's development assistance program. The proceeds of these loans will be used to finance shelter and shelter- related infrastructure for the benefit of low-income families in Panama. At this time, the Banco General S.A. has authorized USAID to request proposals from eligible lenders for a loan under this program of $7.0 Million U.S. Dollars (US$7,000,000). The name and address of the Borrower's representative to be contacted by interested U.S. lenders or investment bankers, the amount of the loan and project number are indicated below: Banco General S.A., Panama Project No: 525-HG-013 Housing Guaranty Loan No.: 525-HG-014 A02 Amount: US$7,000,000 [[Page 34555]] Attention: Mr. Francisco Sierra, Vice President--Treasury Banco General S.A., Panama (Street address: Avenida Cuba y Calle 34, Panama City, Panama) Telex No.: 2733 GENERAL PG Telefax No.: 507/225-2868 (preferred communication) Telephone Nos.: 507/227-0770 or 507/227-3200 Interested lenders should contact the Borrower as soon as possible and indicate their interest in providing financing for the housing Guaranty Program. Interested lenders should submit their bids to the Borrower's representative by Tuesday, July 11, 1995, 12:00 noon Eastern Daylight Savings Time. Bids should be open for a period of 48 hours from the bid closing date. Copies of all bids should be simultaneously sent to the following: Mr. Michael C. Trott, Chief, General Development Office and Economics, USAID, Unit 0949, APO AA 34002, c/o American Embassy, Panama City, Panama (Street address: Plaza Regency 2nd Floor, Avenida Via Espana #1), Telefax No.: 507/264-0104 (preferred communication), Telephone No.: 507/263-6011 and Mr. Ronald A. Carlson, Director, Regional Housing and Urban Development Office, Latin America, USAID/RHUDO/Guatemala, Guatemala City, Guatemala, Unit 3323, APO AA 34024, Telefax No.: 502/2-320-663, Telephone No.: 502/2-320-603 Mr. Charles Billand, Assistant Director, Mr. Peter Pirnie, Financial Advisor, Address: U.S. Agency for International Development, Office of Environment and Urban Programs, G/ENV/UP, Room 409, SA-18, Washington, D.C. 20523-1822, Telex No.: 892703 AID WSA, Telefax No.: 703/875-4384 or 875-4639 (preferred communication), Telephone No.: 703/875-4300 or 875-4510 For your information the Borrower is currently considering the following terms: (1) Amount: U.S. $7.0 million. (2) Term: 30 years. (3) Grace Period: Ten years grace on repayment of principal. (During grace period, semi-annual payments of interest only). If variable interest rate, repayment of principal to amortize in equal, semi-annual installments over the remaining 20-year life of the loan. If fixed interest rate, semi-annual level payments of principal and interest over the remaining 20-year life of the loan. (4) Interest Rate: Alternatives of fixed rate, and variable rate are requested. (a) Fixed Interest Rate: If rates are to be quoted based on a spread over an index, the lender should use as its index a long bond, specifically the 7\5/8\% U.S. Treasury Bond due February 15, 2025. Such rate is to be set at the time of acceptance. (b) Variable Interest Rate: To be based on the six-month British Bankers Association LIBOR, preferably with terms relating to the Borrower's right to convert to fixed. The rate should be adjusted weekly. (5) Prepayment: (a) Offers should include an option for prepayment and mention prepayment premiums, if any. (6) Fees: Offers should specify the placement fees and other expenses, including USAID fees, Paying and Transfer Agent fees, and out of pocket expenses, etc. Lenders are requested to include all legal fees in their placement fee. Such fees and expenses shall be payable at closing from the proceeds of the loan. (7) Closing Date: As early as practicable, but not to exceed 60 days from date of selection of lender. Selection of investment bankers and/or lenders and the terms of the loan are initially subject to the individual discretion of the Borrower, and thereafter, subject to approval by USAID. Disbursements under the loan will be subject to certain conditions required of the Borrower by USAID as set forth in agreements between USAID and the Borrower. The full repayment of the loans will be guaranteed by USAID. The USAID guaranty will be backed by the full faith and credit of the United States of America and will be issued pursuant to authority in Section 222 of the Foreign Assistance Act of 1961, as amended (the ``Act''). Lenders eligible to receive the USAID guaranty are those specified in Section 238(c) of the Act. They are: (1) U.S. citizens; (2) domestic U.S. corporations, partnerships, or associations substantially beneficially owned by U.S. citizens; (3) foreign corporations whose share capital is at least 95 percent owned by U.S. citizens; and, (4) foreign partnerships or associations wholly owned by U.S. citizens. To be eligible for the USAID guaranty, the loans must be repayable in full no later than the thirtieth anniversary of the disbursement of the principal amount thereof and the interest rates may be no higher than the maximum rate established from time to time by USAID. Information as to the eligibility of investors and other aspects of the USAID housing guaranty program can be obtained from: Mr. Michael J. Lippe, Director, Office of Environment and Urban Programs, U.S. Agency for International Development, Room 409, SA-18, Washington, DC 20523- 1822, Fax Nos: 703/875-4384 or 875-4639, Telephone: 703/875-4300. Dated: June 28, 1995. Michael G. Kitay, Assistant General Counsel, Bureau for Global Programs, Field Support and Research, U.S. Agency for International Development. [FR Doc. 95-16361 Filed 6-30-95; 8:45 am] BILLING CODE 6116-01-M