English 
Español Morgan & Morgan advised OeEB, FMO and Proparco in connection with a senior Secured Term Facility for an amount of up to US$45 million
Morgan & Morgan acted as Panamanian counsel to Oesterreichische Entwicklungsbank AG (OeEB), Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V. (FMO) and Societe de Promotion et de Participation pour la Cooperation Economique (Proparco); as lenders, in connection with: (i) a US$45 million Secured Term Facility Agreement, by and among Corporación Interamericana para el Financiamiento de Infraestructura, S.A. (CIFI), as borrower, the Lenders and FMO, as facility agent; (ii) the Collateral Accounts and Security Agreement, by and among the Lenders, CIFI and Union Bank, N.A., as account bank and securities intermediary; and (iii) the Assignment of Revenues and Security Agreement, together with the Collateral Accounts and Security Agreement, by and among the Lenders, CIFI and Union Bank, as custodian.
Partner Inocencio Galindo and associate Roberto Vidal, participated in this transaction.
Morgan & Morgan actuó como asesor panameño de Oesterreichische Entwicklungsbank AG (OeEB), Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V. (FMO) y Société de Promotion et de Participation pour la Coopération Economique (Proparco), prestamistas, en relación con: (i) un Contrato de Financiación Garantizada a Plazo por y entre Corporación Interamericana para el Financiamiento de Infraestructura, S.A. (CIFI), prestatario, los Prestamistas y FMO como agente de financiación; (ii) un Contrato de Fianza y Cuentas de Garantía por y entre los Prestamistas, CIFI y el Union Bank, N.A. como banco de la cuenta e intermediario de valores; y (iii) el Contrato de Cesión de Rentas y Garantía junto con el Contrato de Fianza y Cuentas de Garantía por y entre los Prestamista, CIFI y Union Bank como custodio.
Inocencio Galindo, socio, y Roberto Vidal, asociado, participaron en esta transacción.
- Published in Banking Law, Inocencio Galindo, Roberto Vidal
Morgan & Morgan advised Banistmo S.A., as trustee of the ENA Este Trust, in relation to the issuance and public offering of corporate bonds for an amount of up to US $212 million
Morgan & Morgan represented Banistmo S.A. in the issuance of corporate bonds for an amount of up to US$212,000,000.00 which were successfully placed through the Panama Stock Exchange. The bonds were placed by Banistmo S.A., acting as trustee of the ENA Este Trust, registered with the Superintendency of Securities of the Republic of Panama.
The payments to the holders of such bonds are backed by the ENA Este Trust, which is as well a guarantee and administration of payments trust organized under the laws of the Republic of Panama created by ENA Este, S.A., and Empresa Nacional de Autopista, S.A. (ENA), as settlors and the latter as servicer, and Banistmo S.A., as trustee. The trust assets of ENA Este Trust are composed primarily of the assignment of the toll payments for the phase 2 of Corredor Norte (which is comprised of two tranches: (i) Golf-Tocumen; and (ii) Gonzalillo-Pedregal), funds of the reserve accounts of the ENA Este Trust which includes reserves up to the amount of US$52,000,000.00 and additional reserve accounts for operation, capital investments and operation costs of a total of US$1,750,000.00, the shares of ENA Este, S.A, and the capital contributions done by Empresa Nacional de Autopista, S.A. (ENA), of the excess cash flow once the series 2011 class B bonds issued for the ENA Sur Trust are cancelled.
The Bonds offered to the investing public as a result of this transaction obtained an AAA.pa and BBB- International risk rating granted by risk rating agencies with great experience and excellent reputation. All of the bonds were purchased.
Partner Inocencio Galindo, and associates Kharla Aizpurua Olmos, Ricardo Arias and Gilbert Mallol, participated in this transaction.
Morgan & Morgan advised Credit Suisse and HSBC, with respect to a financing agreement for the construction of the Ciudad de las Artes project
Morgan & Morgan acted as counsel to Credit Suisse AG, Cayman Islands branch, as assignee and administrative agent and to HSBC Bank (Panama), S.A., as local collection agent, in a US$50,960,135.51 Master Assignment Agreement of certain credit rights of Consorcio Omega, conformed by Omega Engineering Inc. and Omega Engineering LLC, as assignor.
Consorcio Omega has assigned under the Master Assignment Agreement and ancillary documents all of its payment rights arising from the US$54,527,345.00 design and construction contract executed between Consorcio Omega and Instituto Nacional de Cultura (INAC), for the construction of the Ciudad de las Artes. It is the first – and only – turnkey contract into which INAC has entered.
Morgan & Morgan partners Francisco Arias and Inocencio Galindo, and associates Kharla Aizpurúa Olmos, Aristides Anguizola and Gilbert Mallol, participated in this transaction.
- Published in Aristides Anguizola, expertise, Francisco Arias, Gilbert Mallol, Inocencio Galindo, Kharla Aizpurua, Projects
Morgan & Morgan advised Credit Suisse and HSBC, with respect to a financing agreement for the construction of the Ciudad de las Artes project
Morgan & Morgan acted as counsel to Credit Suisse AG, Cayman Islands branch, as assignee and administrative agent and to HSBC Bank (Panama), S.A., as local collection agent, in a US$50,960,135.51 Master Assignment Agreement of certain credit rights of Consorcio Omega, conformed by Omega Engineering Inc. and Omega Engineering LLC, as assignor.
Consorcio Omega has assigned under the Master Assignment Agreement and ancillary documents all of its payment rights arising from the US$54,527,345.00 design and construction contract executed between Consorcio Omega and Instituto Nacional de Cultura (INAC), for the construction of the Ciudad de las Artes. It is the first – and only – turnkey contract into which INAC has entered.
Morgan & Morgan partners Francisco Arias and Inocencio Galindo, and associates Kharla Aizpurúa Olmos, Aristides Anguizola and Gilbert Mallol, participated in this transaction.
Morgan & Morgan asesoró a Credit Suisse AG, sucursal de las Islas Caimán, como cesionario y agente administrativo, y también a HSBC Bank (Panamá), SA, como agente local de recolección, en un Contrato de Cesión Maestro por un valor de US$ 50,960,135.51 de determinados derechos de crédito del Consorcio Omega, conformado por Omega Engineering Inc. y Omega Engineering LLC, como cedente.
El Consorcio Omega ha cedido en el marco del Contrato de Cesión de documentos maestros y auxiliares todos sus derechos de cobro derivados del contrato de diseño y construcción por un valor de US$ 54,527,345.00 suscrito entre el Consorcio Omega y el Instituto Nacional de Cultura (INAC), para la construcción de la Ciudad de las Artes. Es el primer – y único – contrato de esta índole (llave en mano) en el que el INAC ha participado.
Francisco Arias e Inocencio Galindo, socios de Morgan & Morgan, y los asociados Kharla Aizpurúa Olmos, Aristides Anguizola y Gilbert Mallol, participaron en esta transacción.
- Published in Aristides Anguizola, Banking Law, expertise, Francisco Arias, Gilbert Mallol, Inocencio Galindo, Kharla Aizpurua
Morgan & Morgan advised a group of financial entities in relation to the securitization of Senior Secured Notes for an amount of up to US$257 million
Morgan & Morgan acted as local counsel to (i) HSBC Investment Corporation (Panama), S.A., as original co-trustee; (ii) Global Financial Funds, Corp., as co-trustee; and (iii) the holders of the 9.50% Senior Secured Notes due 2017 in an aggregate principal amount of US$257,643,695.00, issued by Newland International Properties, Corp.
Newland International Properties, Corp. issued notes pursuant to a pre-packaged Chapter 11 bankruptcy plan with the Unites States Bankruptcy Court, Southern District of New York that provided for the cancellation of the existing 9.50% Senior Secured Notes due 2014 issued by Newland International Properties, Corp., in exchange for the aforementioned 2017 notes. Newland International Properties, Corp. granted CSC Trust Company of Delaware, as trustee, and Global Financial Funds, Corp., as co-trustee, certain collateral related to the Trump Ocean Club International Hotel & Tower in Panama City, Panama.
Morgan & Morgan partners Jose Carrizo, Carlos E. Gonzalez, Inocencio Galindo and Francisco Arias, and associates Kharla Aizpurúa Olmos, Aristides Anguizola and Roberto Vidal, participated in this transaction.
Morgan & Morgan actuó como asesor local para: (i) HSBC Investment Corporation (Panamá), SA, como co-fiduciario original, (ii) Global Financial Funds, Corp., como co-fiduciario, y (iii) los titulares de los pagarés garantizados con vencimiento en 2017 y tasa de interés de 9.50% por un monto de capital total de US$ 257,643,695.00, emitidos por Newland International Properties, Corp.
Newland International Properties, Corp. emitió pagarés en virtud de un plan de quiebra pre-establecido con el Tribunal Federal de Quiebras del Distrito Sur de Nueva York, que prevé la cancelación de los pagarés garantizados existentes de Newland International Properties, Corp. con vencimiento en 2014 y tasa de interés de 9.50%, a cambio de los pagarés emitidos antes mencionados con vencimiento en 2017. Newland International Properties, Corp., constituyó ciertas garantías relacionadas con el Trump Ocean Club International Hotel & Tower en la Ciudad de Panamá, República de Panamá a favor de CSC Trust Company de Delaware, como fiduciario, y Global Financial Funds, Corp., como co-fiduciario.
José Carrizo, Carlos E. González, Inocencio Galindo y Francisco Arias, socios de Morgan & Morgan, y los asociados Kharla Aizpurúa Olmos, Aristides Anguizola y Roberto Vidal, participaron en esta transacción.
Morgan & Morgan advised The AES Corporation in the issuance and sale of US$310 million Senior Guaranteed Notes
Morgan & Morgan advised AES El Salvador, S.A. de C.V., Compañía de Alumbrado Eléctrico de San Salvador, S.A. de C.V., Empresa Eléctrica de Oriente, S.A. de C.V., AES-Clesa y Compañía, S. en C. de C.V. and Distribuidora Eléctrica de Usulután, S.A. de C.V. – all affiliates of THE AES CORPORATION – in the issuance and sale of US$310,000,000 in Senior Guaranteed Notes due March 28, 2023 bearing interest at the annual rate of 6.75% by MMG Trust (Panama), S.A., a Panamanian corporation, acting not in its individual capacity but solely in its capacity as trustee of the AES El Salvador Trust II, a trust formed under Panamanian Law. The Notes were issued under Rule 144A and registered before the Irish Stock Exchange. The transaction closed successfully on March 28, 2013 and was the second such issuance by AES affiliates in El Salvador.
All of the AES affiliates in this transaction were represented by the Morgan and Morgan team comprised by partners Inocencio Galindo and Ramón Varela, as well as associates Roberto Vidal and Carlos Hoyos.
MMG Trust (Panama), S.A., was represented by partner Eduardo Gonzalez.
Morgan & Morgan actuó como asesor legal de AES El Salvador, S.A. de C.V., Compañía de Alumbrado Eléctrico de San Salvador, S.A. de C.V., Empresa Eléctrica de Oriente, S.A. de C.V., AES-Clesa y Compañía, S. en C. de C.V. y Distribuidora Eléctrica de Usulután, S.A. de C.V. – todas afiliadas de THE AES CORPORATION – en la emisión y venta de títulos de deuda por US$ 310,000,000 con interés anual del 6.75%, y vencimiento el 28 de marzo de 2023. Los títulos fueron emitidos por MMG Trust (Panamá), S.A., una sociedad panameña, actuando no es su capacidad individual, sino únicamente en su capacidad como fiduciario del fideicomiso AES El Salvador Trust II, fideicomiso conformado bajo las leyes panameñas. La emisión se llevó a cabo bajo la Regla 144A y fue registrada en la Bolsa de Valores de Irlanda. La transacción cerró exitosamente el 28 de marzo de 2013 y fue la segunda emisión de esta naturaleza que lleva a cabo AES en El Salvador.
Las afiliadas de AES en esta transacción fueron representadas por el equipo de Morgan & Morgan conformado por los socios Inocencio Galindo y Ramón Varela, y los asociados Roberto Vidal y Carlos Hoyos.
MMG Trust (Panamá), S.A., el socio Eduardo González asumió la responsabilidad principal.
Morgan & Morgan advised CIFI with respect to a loan in an aggregate principal amount of up to US$60 million
Morgan & Morgan advised CIFI (Corporación Interamericana para el Financiamiento de Infraestructura, S.A.), as lender, with respect to a loan granted to FCC Construcción de Centroamérica, S.A., as borrower, in the aggregate principal amount of up to US$60 million, to be used for the financing of new infrastructure projects in the Republic of Panama.
From Morgan & Morgan, partner Inocencio Galindo, and associate Roberto Vidal, assumed the principal responsibility in this matter.
- Published in expertise, Inocencio Galindo, Projects, Roberto Vidal
Morgan & Morgan advised CIFI with respect to a loan in an aggregate principal amount of up to US$60 million
Morgan & Morgan advised CIFI (Corporación Interamericana para el Financiamiento de Infraestructura, S.A.), as lender, with respect to a loan granted to FCC Construcción de Centroamérica, S.A., as borrower, in the aggregate principal amount of up to US$60 million, to be used for the financing of new infrastructure projects in the Republic of Panama.
From Morgan & Morgan, partner Inocencio Galindo, and associate Roberto Vidal, assumed the principal responsibility in this matter.
Morgan & Morgan asesoró a CIFI (Corporación Interamericana Para El Financiamiento de Infraestructura, SA), como prestamista, en relación a un préstamo otorgado a FCC Construcción de Centroamérica, SA, como prestataria, por un monto total de capital de hasta US$60 millones, a utilizarse para la financiación de nuevos proyectos de infraestructura en la República de Panamá.
Por Morgan & Morgan, el socio Inocencio Galindo y el asociado Roberto Vidal, asumieron la responsabilidad principal en este asunto.
- Published in expertise, Inocencio Galindo, Roberto Vidal
Morgan & Morgan acted as Panama counsel to Inmet Mining Corporation in connection with a US$1 billion precious metals stream financing for the Cobre Panama Project, with Franco-Nevada Corporation
Morgan & Morgan acted as Panama counsel to Inmet Mining Corporation (owner of an 80% interest in Minera Panama, S.A., which is the owner and developer of the “Cobre Panama” mining Project) in connection with a one billion dollar (US$ 1,000,000,000.00) precious metals stream financing for the Cobre Panama Project, with Franco-Nevada Corporation. Inmet Mining Corporation and Franco-Nevada Corporation agreed to said precious metals stream financing through the execution of a Precious Metals Purchase and Sale Agreement by their subsidiaries Minera Panama, S.A. (owner and developer of the Cobre Panama Project—a US$6.2 Billion copper-gold-silver-molybdenum mining project currently being constructed in Panama) and Franco-Nevada (Barbados) Corporation.
The transaction received the consent from Korea Panama Mining Corp. (“KPMC”), owner of the remaining 20% interest in Minera Panamá, S.A., which did not participate in the transaction, and included a modification to Minera Panama, S.A.’s shareholders agreement and organizational documents in order to avoid any adverse impact on KPMC’s economic interest in the project.
From Morgan & Morgan Partner Inocencio Galindo and Associate Aristides Anguizola assumed principal responsibility on Panama aspects of this transaction.
Torys LLP acted as Canadian counsel to Inmet Mining Corporation.
Morgan & Morgan acted as Panama counsel to Inmet Mining Corporation (owner of an 80% interest in Minera Panama, S.A., which is the owner and developer of the “Cobre Panama” mining Project) in connection with a one billion dollar (US$ 1,000,000,000.00) precious metals stream financing for the Cobre Panama Project, with Franco-Nevada Corporation. Inmet Mining Corporation and Franco-Nevada Corporation agreed to said precious metals stream financing through the execution of a Precious Metals Purchase and Sale Agreement by their subsidiaries Minera Panama, S.A. (owner and developer of the Cobre Panama Project—a US$6.2 Billion copper-gold-silver-molybdenum mining project currently being constructed in Panama) and Franco-Nevada (Barbados) Corporation.
The transaction received the consent from Korea Panama Mining Corp. (“KPMC”), owner of the remaining 20% interest in Minera Panamá, S.A., which did not participate in the transaction, and included a modification to Minera Panama, S.A.’s shareholders agreement and organizational documents in order to avoid any adverse impact on KPMC’s economic interest in the project.
From Morgan & Morgan Partner Inocencio Galindo and Associate Aristides Anguizola assumed principal responsibility on Panama aspects of this transaction.
Torys LLP acted as Canadian counsel to Inmet Mining Corporation.
- Published in Aristides Anguizola, Inocencio Galindo, Projects, Publications
Morgan & Morgan acted as Panama counsel to Inmet Mining Corporation in connection with a US$1 billion precious metals stream financing for the Cobre Panama Project, with Franco-Nevada Corporation
Morgan & Morgan acted as Panama counsel to Inmet Mining Corporation (owner of an 80% interest in Minera Panama, S.A., which is the owner and developer of the “Cobre Panama” mining Project) in connection with a one billion dollar (US$ 1,000,000,000.00) precious metals stream financing for the Cobre Panama Project, with Franco-Nevada Corporation. Inmet Mining Corporation and Franco-Nevada Corporation agreed to said precious metals stream financing through the execution of a Precious Metals Purchase and Sale Agreement by their subsidiaries Minera Panama, S.A. (owner and developer of the Cobre Panama Project—a US$6.2 Billion copper-gold-silver-molybdenum mining project currently being constructed in Panama) and Franco-Nevada (Barbados) Corporation.
The transaction received the consent from Korea Panama Mining Corp. (“KPMC”), owner of the remaining 20% interest in Minera Panamá, S.A., which did not participate in the transaction, and included a modification to Minera Panama, S.A.’s shareholders agreement and organizational documents in order to avoid any adverse impact on KPMC’s economic interest in the project.
From Morgan & Morgan Partner Inocencio Galindo and Associate Aristides Anguizola assumed principal responsibility on Panama aspects of this transaction.
Torys LLP acted as Canadian counsel to Inmet Mining Corporation.
Morgan & Morgan acted as Panama counsel to Inmet Mining Corporation (owner of an 80% interest in Minera Panama, S.A., which is the owner and developer of the “Cobre Panama” mining Project) in connection with a one billion dollar (US$ 1,000,000,000.00) precious metals stream financing for the Cobre Panama Project, with Franco-Nevada Corporation. Inmet Mining Corporation and Franco-Nevada Corporation agreed to said precious metals stream financing through the execution of a Precious Metals Purchase and Sale Agreement by their subsidiaries Minera Panama, S.A. (owner and developer of the Cobre Panama Project—a US$6.2 Billion copper-gold-silver-molybdenum mining project currently being constructed in Panama) and Franco-Nevada (Barbados) Corporation.
The transaction received the consent from Korea Panama Mining Corp. (“KPMC”), owner of the remaining 20% interest in Minera Panamá, S.A., which did not participate in the transaction, and included a modification to Minera Panama, S.A.’s shareholders agreement and organizational documents in order to avoid any adverse impact on KPMC’s economic interest in the project.
From Morgan & Morgan Partner Inocencio Galindo and Associate Aristides Anguizola assumed principal responsibility on Panama aspects of this transaction.
Torys LLP acted as Canadian counsel to Inmet Mining Corporation.
- Published in Aristides Anguizola, Inocencio Galindo