Morgan & Morgan advised Corporación de Finanzas del País, S.A. (PANACREDIT), one of the largest finance companies of Panama, in the public offering of revolving corporate bonds for an amount of up to US$50,000,000.
Corporación de Finanzas del País, S.A. (PANACREDIT) registered a program of revolving corporate bonds in series for an amount of up to US$50,000,000 with the Superintendency of Capital Markets of Panama, initial series of which have been successfully placed through the Panama Stock Exchange. Payments due to holders under the revolving corporate bonds are backed by the general credit of the issuer. However, the issuer may determine that certain series be guaranteed by a collateral trust constituted under the laws of Panama, the assets of which would be composed by mortgages, personal loans and other receivables originated by the issuer in its course of business and assigned to the collateral trust. MMG Bank Corporation acted as financial advisor, payment agent and broker dealer of the offering.
Corporación de Finanzas del País, S.A. (PANACREDIT) is one of the largest finance companies in Panama engaged in the business of granting loans to the public. It has a finance company license granted by the Direction of Finance Companies of the Ministry of Commerce and Industry of Panama. As of December 31, 2015, it had granted loans and other credits in excess of US$100 million and their assets were approximately US$90 million.
Partner Francisco Arias G., and associates Ricardo Arias and Aristides Anguizola, participated in the transaction.