Morgan & Morgan advised HSBC Bank (Panama), S.A., HSBC Bank USA, National Association and HSBC Investment Corporation (Panama), S.A., in connection with a second amended and restated credit agreement (the “Credit Agreement”), executed as of April 18, 2013, by and among (i) Petroterminal de Panama, S.A., as borrower; (ii) HSBC Bank (Panama), S.A., and other banks and financial institutions or entities from time to time parties to the Credit Agreement (including , Banco Nacional de Panama, Global Bank Corporation, Multibank, Inc., Banco General, S.A., The Bank of Nova Scotia, Bancolombia (Sucursal Panama), Caja de Ahorros, HSBC Bank (Panama), S.A.) as lenders; (iii) HSBC Bank USA, National Association, as administrative agent and collateral agent; and (iv) HSBC Investment Corporation (Panama), S.A., as trustee, in an aggregate principal amount of up to US$288,000,000.
The credit facility was comprised of two tranches, (i) Tranche A for refinancing the existing credit facility; and (ii) Tranche B for other general corporate matters. This credit facility represented the second amendment and restatement to the original credit agreement dated November 28, 2008. New actors entered the lender group and some of the existing collateral documents were likewise amended, as new assets were added to the collateral package.
The Morgan & Morgan team involved in this transaction was comprised by partners Francisco Arias and Ramon Varela, and associates Roberto Vidal, Kharla Aizpurua and Carlos Hoyos.