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.

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