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Morgan & Morgan
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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

Tuesday, 29 July 2014 / Published in Banking Law, Carlos Arturo Hoyos, expertise, Ricardo Arias, Roberto Vidal, Securities and Capital Markets

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.

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