English 
Español Morgan & Morgan advised Electron Investment, S.A. in the offering of Corporate Bonds for an amount of up to US$235 million
Morgan & Morgan represented Electron Investment, S.A., a Panamanian company that develops and operates hydroelectric power plants, in the public offering of Corporate Bonds with a value of up to US$235,000,000. The Corporate Bonds consist of three series, knowingly, the Series A Bonds with a value of up to US$187,000,000, the Series B Bonds with a value of up to US$30,000,000 and the Series C Bonds with a value of up to US$18,000,000. For purposes of their public offering, Electron Investment, S.A. registered the Corporate Bonds with the Superintendency of Capital Markets of Panama. The Series A Bonds were successfully offered through the Bolsa de Valores de Panamá, S.A. and acquired by a group of institutional investors led by Banco General. The proceeds of the sale of the Series A Bonds were used by Electron Investment, S.A. primarily to prepay the full amount of a syndicated loan granted by a group of international and local financial institutions that included IFC, IDB, DEG, CAF, Banco General and Banvivienda and guaranteed by a trust managed by Citibank as trustee.
The obligations of Electron Investment, S.A. under the Corporate Bonds are guaranteed by a collateral trust constituted under the laws of the Republic of Panama and whose trustee is BG Trust, Inc., an affiliate of Banco General that has been duly authorized by the Superintendency of Banks to carry out the trust business in Panama. The assets of the collateral trust consist primarily of the future cash flows that Electron Investment, S.A. is entitled to receive under power purchase agreements. The trustee has also been granted a pledge over the shares of the shareholders of Electron Investment, S.A. and mortgages over both real estate and movable assets property of Electron Investment, S.A.
Partners Francisco Arias and Ramon Varela, and associates Ricardo Arias and Ana Carolina Castillo, participated in this transaction on behalf of Morgan & Morgan.
Morgan & Morgan representó a Electron Investment, S.A., una sociedad panameña que desarrolla y opera plantas de energía hidroeléctrica, en la oferta pública de Bonos Corporativos por una suma de hasta US$235,000,000. Los Bonos Corporativos consisten de tres series, a saber, los Bonos Serie A por una suma de hasta US$187,000,000, los Bonos Serie B por una suma de hasta US$30,000,000, y los Bonos Serie C por una suma de hasta US$18,000,000. Para los fines de la oferta pública, Electron Investment S.A. registró los Bonos Corporativos ante la Superintendencia del Mercado de Valores de Panamá. Los Bonos Serie A se ofrecieron exitosamente a través de la Bolsa de Valores de Panamá, S.A. y fueron adquiridos por un grupo de inversionistas institucionales liderado por Banco General. Electron Investment, S.A. utilizó los fondos provenientes de la venta de los Bonos Serie A principalmente para el repago de la suma total de un préstamo sindicado otorgado por un grupo de instituciones financieras internacionales y locales que incluye a IFC, IDB, DEG, CAF, Banco General y Banvivienda y que estaba garantizado por un fideicomiso administrado por Citibank como fiduciario.
Las obligaciones de Electron Investment, S.A. derivadas de los Bonos Corporativos están garantizadas por un fideicomiso constituido conforme a las leyes de la República de Panamá y cuyo fiduciario es BG Trust, Inc., una filial de Banco General que se encuentra debidamente autorizada por la Superintendencia de Bancos para realizar el negocio fiduciario en Panamá. Los activos del fideicomiso consisten principalmente de flujos futuros que Electron Investment, S.A. tiene derecho a recibir conforme a contratos de compraventa de energía. También se ha constituido a favor del fiduciario una prenda sobre las acciones de los accionistas de Electron Investment, S.A. e hipotecas tanto sobre bienes muebles como inmuebles propiedad de Electron Investment, S.A.
Los socios Francisco Arias y Ramón Varela, y los asociados Ricardo Arias y Ana Carolina Castillo, participaron en esta transacción por parte de Morgan & Morgan.
- Published in Ana Castillo, expertise, Francisco Arias, Ramon Varela, Ricardo Arias, Securities and Capital Markets
Morgan & Morgan advised Unión Nacional de Empresas, S.A. (UNESA) in the registration and public offering of common stock for an amount of up to US$90,000,000
Morgan & Morgan advised Unión Nacional de Empresas, S.A. (UNESA), the holding company of an array of businesses involved in real estate, construction, hospitality and other commercial and industrial activities, in the registration and initial public offering of Class “B” Common Stock for an amount of up to US$90,000,000.
For purposes of their public offering, UNESA registered 3,000,000 Class “B” Common Stock with the Superintendency of Capital Markets of Panama. The Class “B” Common Stock grant their holders the right to receive dividends but not the right to vote, except in relation to certain specific matters. The Class “B” Common Shares were successfully listed with the Bolsa de Valores de Panamá, S.A.
Partner Francisco Arias and associates Ricardo Arias and Roberto Vidal, participated in this transaction.
Morgan & Morgan representó a Unión Nacional de Empresas, S.A. (UNESA), sociedad tenedora de una variedad de negocios que incluyen bienes raíces, construcción, hospitalidad y otras actividades comerciales e industriales, en el registro y oferta pública inicial de Acciones Comunes Clase “B” por una suma de hasta US$90,000,000.
Para efectos de esta oferta pública, UNESA registró 3,000,000 Acciones Comunes Clase “B” ante la Superintendencia del Mercado de Valores de Panamá. Las Acciones Comunes Clase “B” le otorgan a sus tenedores el derecho a recibir dividendos pero no derecho a voto, excepto en ciertos asuntos específicos. Las Acciones Comunes Clase “B” fueron listadas exitosamente en la Bolsa de Valores de Panamá, S.A.
El socio Francisco Arias, y los asociados Ricardo Arias y Roberto Vidal, participaron en esta transacción.
- Published in expertise, Francisco Arias, Ricardo Arias, Roberto Vidal, Securities and Capital Markets
Morgan & Morgan advised Corporación Bellavista de Finanzas, S.A. in the registration and offering of Revolving Commercial Paper for an amount of up to US$10,000,000
Morgan & Morgan represented Corporación Bellavista de Finanzas, S.A., a Panamanian non-banking finance Company that grants loans to the public, in the registration and public offering of Revolving Commercial Paper for an amount of up to US$10,000,000.
For purposes of their public offering in different series under a Revolving Program, Corporación Bellavista de Finanzas, S.A. registered the Commercial Paper with the Superintendency of Capital Markets of Panama.
The obligations of Corporación Bellavista de Finanzas, S.A. derived from the Commercial Paper are guaranteed by a bond issued by its parent company, knowingly, Grupo Bella Vista Internacional, Inc. This is the first public offering of securities performed by Corporación Bellavista de Finanzas, S.A. in the Republic of Panama.
Partner Francisco Arias and associates Ricardo Arias and Aristides Anguizola, participated in this transaction.
Morgan & Morgan representó a Corporación Bellavista de Finanzas, S.A., una compañía financiera no bancaria panameña que otorga préstamos al público, en el registro y oferta pública de Valores Comerciales Negociables Rotativos por una suma de hasta US$10,000,000.
Para los fines de su oferta pública en series conforme al Programa Rotativo, Corporación Bellavista de Finanzas, S.A. registró los Valores Comerciales Negociables ante la Superintendencia del Mercado de Valores de Panamá.
Las obligaciones de Corporación Bellavista de Finanzas, S.A. derivadas de los Valores Comerciales Negociables Rotativos están garantizadas por una fianza emitida por su sociedad tenedora, a saber, Grupo Bella Vista Internacional, Inc. Esta es la primera oferta pública de valores realizada por Corporación Bellavista de Finanzas, S.A. en la República de Panamá.
El socio Francisco Arias y los asociados Ricardo Arias y Aristides Anguizola, participaron en esta transacción.
- Published in expertise, Francisco Arias, Ricardo Arias, Securities and Capital Markets
Morgan & Morgan advised BofA Merrill Lynch and Citigroup in an offering of notes for an amount of up to US$350 million
Morgan & Morgan represented BofA Merrill Lynch and Citigroup in an offering of Banco Latinoamericano de Comercio Exterior, S.A. (“Bladex”) of US$350,000,000 aggregate principal amount of 3.250% notes due 2020 under the Euro Medium Term Notes Program.
Partner Francisco Arias and associates Roberto Vidal and Ricardo Arias, participated in this transaction.
Morgan & Morgan representó a BofAMerrill Lynch y Citigroup, en la oferta de bonos de Banco Latinoamericano de Comercio Exterior, S.A. (“Bladex”) por un valor total de US$350,000,000 a una tasa de interés de 3.250% con vencimiento en el año 2020, bajo el programa Euro Medium Term Notes.
El socio Francisco Arias y los asociados Roberto Vidal y Ricardo Arias, participaron en esta transacción.
- Published in expertise, Francisco Arias, Projects, Ricardo Arias, Securities and Capital Markets
Morgan & Morgan advised BofA Merrill Lynch and Citigroup in an offering of notes for an amount of up to US$350 million
Morgan & Morgan represented BofA Merrill Lynch and Citigroup in an offering of Banco Latinoamericano de Comercio Exterior, S.A. (“Bladex”) of US$350,000,000 aggregate principal amount of 3.250% notes due 2020 under the Euro Medium Term Notes Program.
Partner Francisco Arias and associates Roberto Vidal and Ricardo Arias, participated in this transaction.
Morgan & Morgan representó a BofAMerrill Lynch y Citigroup, en la oferta de bonos de Banco Latinoamericano de Comercio Exterior, S.A. (“Bladex”) por un valor total de US$350,000,000 a una tasa de interés de 3.250% con vencimiento en el año 2020, bajo el programa Euro Medium Term Notes.
El socio Francisco Arias y los asociados Roberto Vidal y Ricardo Arias, participaron en esta transacción.
- Published in expertise, Francisco Arias, Ricardo Arias, Securities and Capital Markets
Morgan & Morgan advised Deutsche Bank AG, London Branch and Cirsa Gaming Corporation, S.A. in the offering by Cirsa Funding Luxembourg S.A. of senior notes for an amount of up to €500,000,000
Morgan & Morgan represented Deutsche Bank AG, London Branch, as initial purchaser, and Cirsa Funding Luxembourg S.A., as issuer, in the offering of €500,000,000 aggregate principal amount of 5.875% senior notes due 2023. The notes will be guaranteed by Cirsa Gaming Corporation, .S.A, and, among others, Gaming & Services de Panamá, S.A.
Partners Francisco Arias and Mercedes de Grimaldo, and associate Roberto Vidal, participated in this transaction.
Morgan & Morgan representó a Deutsche Bank AG, sucursal de Londres, como comprador inicial, y Cirsa Funding Luxembourg S.A., como emisor, en la oferta de bonos senior por un valor total de €500,000,000 a una tasa de interés de 5.875% con vencimiento en el año 2023. Los bonos estarán garantizados por Cirsa Gaming Corporation, S.A., y, entre otros, por Gaming & Services de Panamá, S.A.
Los socios Francisco Arias y Mercedes de Grimaldo, y el asociado Roberto Vidal, participaron en esta transacción.
- Published in expertise, Francisco Arias, Mercedes Grimaldo, Roberto Vidal, Securities and Capital Markets
Morgan & Morgan advised First Quantum Minerals in connection with a US$850 million Senior Notes Offering
Morgan & Morgan acted as Panamanian counsel to First Quantum Minerals Ltd., in connection with the offer of up to US$850 million in aggregate principal amount of 7.50% Senior Notes pursuant to Rule 144A and Regulation S.
First Quantum Minerals Ltd. has a global portfolio of mining assets located in Australia, Finland, Mauritania, Panama, Peru, Spain, Turkey and Zambia. In Panama First Quantum assumed an 80% equity interest in Minera Panamá, S.A., the Panamanian company that holds the Cobre Panama concession, a large open-pit copper development project located 120 kilometres west of Panama City and 20 kilometres from the Caribbean Sea Coast. The concession consists of four zones totaling 13,600 hectares.
Morgan & Morgan actuó como asesor panameño de First Quantum Minerals Ltd. en la oferta hasta US$850 millones por un total de 7.50% en Notas Senior de conformidad con la Norma 144A y el Reglamento S.
First Quantum Minerals Ltd. mantiene una cartera mundial de activos mineros en lugares como Australia, Finlandia, Mauritania, Panamá, Perú, España, Turquía y Zambia. En Panamá, First Quantum asumió el 80% de la participación en el capital de Minera Panamá, S.A., la compañía panameña que tiene la concesión de Cobre Panamá, un proyecto de desarrollo a cielo abierto ubicado 120 kilómetros al oeste de la ciudad de Panamá, y 20 kilómetros de la costa del Mar Caribe. La concesión consiste en cuatro zonas que totalizan 13,600 hectáreas.
Inocencio Galindo, socio, y Roberto Vidal, asociado, participaron en esta transacción.
- Published in Banking Law, Inocencio Galindo, Mining, Roberto Vidal, Securities and Capital Markets
Morgan & Morgan advised Grupo VerdeAzul in the issuance of senior preferred cumulative shares for an amount up to US$30 million
Morgan & Morgan represented Verdemar Investment Corporation, a subsidiary of Grupo VerdeAzul (GVA), in the issuance of senior preferred cumulative shares for an amount of up to US$30,000,000, successfully placed through the Stock Exchange of Panama among over 100 investors.
Verdemar Investment Corporation is the equity shareholder of GVA in 7 real estate projects under development in the Republic of Panama: Santa Maria Golf & Country Club and Santa Maria Business District; Green View Residences, The Reserves, Puntarena Ocean Village (Buenaventura), CasaMar, Playa Dorada and La Peninsula (Pearl Island).
The senior preferred cumulative shares will yield an 8.5%annual return for its shareholders, from dividends generated by these 7 projects. Once the return is covered, surplus dividends shall be destined to partial redemption of the preferred shares.
This issuance offered investors an innovative structure where they were able to invest in a diversified basket of real estate projects in hand with a renowned developer and the protection of the best corporate governance practices.
Francisco Arias, partner, and Roberto Vidal, Aristides Anguizola, Ricardo Arias and Ana Cristina Castrellón took part in this transaction.
Morgan & Morgan representó a Verdemar Investment Corporation, subsidiaria de Grupo VerdeAzul (GVA), en la emisión de acciones preferentes acumulativas senior hasta por un monto de US$30, 000,000.00, colocadas exitosamente a través de la Bolsa de Valores de Panamá, S.A., entre más de 100 inversionistas.
Verdemar Investment Corporation es la tenedora de la participación accionaria de GVA en 7 proyectos inmobiliarios desarrollados en la República de Panamá: Santa María Golf & Country Club y Santa María Business District, GreenView Residences, The Reserve, Puntarena Ocean Village (Buenaventura), CasaMar, Playa Dorada y La Península (Pearl Island – Las Perlas).
Las acciones preferentes acumulativas senior le generarán un rendimiento anual a sus tenedores de 8.5%, producto de los dividendos generados por estos 7 proyectos. Una vez cubierto el rendimiento, los excedentes de dividendos recibidos serán destinados a redimir parcialmente las acciones preferentes.
Esta emisión le ofreció al público inversionista una innovadora estructura, mediante la cual pudieron invertir en una canasta diversificada de proyectos de bienes raíces, de la mano de un promotor de reconocida trayectoria, con las protecciones que ofrecen las mejores prácticas en gobierno corporativo.
Francisco Arias, socio, y Roberto Vidal, Aristides Anguizola, Ricardo Arias y Ana Cristina Castrellón, asociados, participaron en esta transacción.
Morgan & Morgan advised Banco La Hipotecaria, S.A. in a cross-border securitization and public offering of mortgage loan notes for an amount of up to US$75,000,000.00
Banco La Hipotecaria, S.A., in its capacity as trustee of the Twelfth Mortgage Loan Notes Trust, registered with the Superintendency of Capital Markets of the Republic of Panama mortgage loan notes in three series, knowingly, Series A, Series B and Series C Notes, for an amount of up to US$75,000,000.00, which were successfully placed through the Panama Stock Exchange.
Payments due to the holders of such notes are backed by a collateral trust constituted under the laws of the Republic of Panama and composed mostly of mortgage loans granted to borrowers in Panama. The mortgage loans were originated by Banco La Hipotecaria, S.A., a company authorized by the Superintendency of Banks to engage in the banking and trust business in Panama, and transferred to the collateral trust, whose trustee is BG Trust, Inc., an affiliate company of Banco General, S.A.
The Series A Notes offered to the investing public as a result of this transaction obtained a BBB risk rating granted by Fitch Ratings. The majority of the Series A Notes were purchased by a trust established under the laws of the State of Delaware and whose trustee is Citicorp Trust Delaware, National Association. Payment of the principal and interest of certificates issued by said trust will be backed by the Series A Notes and also secured by a guarantee given by The Overseas Private Investment Company (OPIC), an agency of the government of the United States of America. The Series B and Series C Notes were purchased by local investors.
For these purposes, the lawyers involved on behalf of Morgan & Morgan collaborated with the following law firms in this transaction: Katten Muchin Rosenmann, legal counsel of Banco La Hipotecaria, S.A. in the United States of America; Arias, Fabrega & Fabrega, acting for the local trustee, BG Trust, S.A.; Clifford Chance US LLP and Adames, Duran y Alfaro, on behalf of OPIC; and on behalf of other participants in the transaction, the US firms Richards, Layton & Finger, P.A. and Stroock & Stroock & Lavan LLP.
Morgan & Morgan advised Banco La Hipotecaria, S.A. in this important securitization. Partner Francisco Arias G., and associates Ricardo Arias, Roberto Vidal and Carlos Arturo Hoyos, participated in the transaction.
Banco La Hipotecaria, S.A., actuando en su calidad de fiduciario del Décimo Segundo Fideicomiso de Bonos de Préstamos Hipotecarios, registró ante la Superintendencia de Mercado de Valores de la República de Panamá bonos de préstamos hipotecarios en tres series, a sabiendas, la Serie A, Serie B y la Serie C, hasta por un monto de US$ 75,000,000.00, los cuales se colocaron con éxito a través de la Bolsa de Valores de Panamá, S.A.
Los pagos adeudados a los tenedores de dichos bonos están respaldados por un fideicomiso de garantía constituido bajo las leyes de la República de Panamá y compuestos principalmente por préstamos hipotecarios otorgados a deudores en Panamá. Los préstamos hipotecarios fueron originados por Banco La Hipotecaria, S.A., una empresa autorizada por la Superintendencia de Bancos para ejercer el negocio de banca y fiduciario en Panamá, y serán transferidos al fideicomiso de garantía, cuyo fiduciario es BG Trust, Inc., una empresa filial de Banco General, SA.
Los Bonos de la Serie A ofrecidos al público inversionista como resultado de esta transacción obtuvieron una calificación de riesgo BBB otorgada por Fitch Ratings. La mayoría de los Bonos de la Serie A fueron comprados por un fideicomiso establecido bajo las leyes del Estado de Delaware y cuyo fiduciario es Citicorp Trust Delaware, National Association. El pago del capital e intereses de los certificados emitidos por dicho fideicomiso estará respaldado por los Bonos de la Serie A y también estará garantizado por una garantía otorgada por The Overseas Private Investment Company (OPIC), una agencia del gobierno de los Estados Unidos de América. Los Bonos de la Serie B y la Serie C fueron comprados por inversionistas locales.
Para estos efectos, los abogados involucrados en nombre de Morgan & Morgan colaboraron con las siguientes firmas de abogados en dicha transacción: Katten Muchin Rosenmann, asesores legales de Banco La Hipotecaria, S.A. en los Estados Unidos de América; Arias, Fábrega & Fábrega, en representación del fiduciario local, BG Trust, Inc.; Clifford Chance LLP EE.UU. y Adames, Durán y Alfaro, por parte de OPIC; y en nombre de los demás participantes en la transacción, las firmas estadounidenses Richards, Layton & Finger, P.A. y Stroock & Stroock & Lavan LLP.
Morgan & Morgan asesoró a Banco La Hipotecaria, S.A. en esta importante titularización. El socio Francisco Arias G., y los asociados Ricardo Arias, Roberto Vidal y Carlos Arturo Hoyos, participaron en la transacción.
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.