Morgan & Morgan advised HSBC Bank (Panama), S.A., HSBC Bank USA, National Association and HSBC Investment Corporation (Panama), S.A., with respect to a loan in an aggregate principal amount of up to US$288 million

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.

Morgan & Morgan asesoró al Banco HSBC (Panamá), SA, HSBC Bank USA, National Association y al HSBC Investment Corporation (Panamá), SA, en relación con un segundo contrato de crédito modificado y actualizado (el “Contrato de Crédito”), ejecutado a partir de abril 18 de 2013, por y entre (i) Petroterminal de Panamá, SA, como prestataria, (ii) HSBC Bank (Panamá), SA, y otros bancos e instituciones financieras o entidades en algunas ocasiones partes del Contrato de Crédito (incluyendo, al Banco Nacional de Panamá, Global Bank Corporation, Multibank, Inc., Banco General, SA, The Bank of Nova Scotia, Bancolombia (Sucursal Panamá), Caja de Ahorros, HSBC Bank (Panamá), SA) como prestamistas, (iii) HSBC Bank USA, National Association, como agente administrativo y agente de la garantía, y (iv) HSBC Investment Corporation (Panamá), SA, como fiduciario, por un monto capital total de hasta US$ 288 millones.

La línea de crédito se compone de dos tramos, (i) Tramo A para la refinanciación de la línea de crédito existente, y (ii) Tramo B para otros asuntos corporativos generales. Esta línea de crédito representa la segunda modificación y actualización del contrato de crédito inicial de fecha 28 de noviembre de 2008. Nuevos participantes entraron al grupo de acreedores y algunos de los documentos de garantía existentes fueron asimismo modificados, en la manera como nuevos activos se añadieron al paquete de garantías.

El equipo de Morgan & Morgan involucrado en esta transacción estuvo compuesto por los socios Francisco Arias y Ramón Varela, y los asociados Roberto Vidal, Kharla Aizpurúa y Carlos Hoyos.

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