Morgan & Morgan

Morgan & Morgan

507.265.7777
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Morgan & Morgan
MMG Tower, 23rd Floor Ave. Paseo del Mar, Costa del Este Panama City Rep. of Panama

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Morgan & Morgan advised Construcciones Hospitalarias, S.A., an affiliate of FCC, in the financing for the construction of the Ciudad Hospitalaria project

Tuesday, 18 December 2012 / Published in Banking Law, expertise, Francisco Arias, Kharla Aizpurua

Morgan & Morgan advised Construcciones Hospitalarias, S.A., an affiliate of FCC, in the financing for the construction of the Ciudad Hospitalaria project

Morgan & Morgan acted as counsel to Construcciones Hospitalarias, S.A., an affiliate of de Construcciones y Contratas, S.A. (FCC), as assignor, in a US$250 million Master Framework Assignment and Revolving Limited Recourse Receivables Agreement (the “Master Framework Agreement”) for HSBC Bank (Panama), S.A. (“HSBC”), which acted as assignee and administrative agent.  Other assignees besides HSBC included The Bank of Nova Scotia, Banco Nacional de Panama, Caja de Ahorros, Banco Bilbao Vizcaya Argentaria Panama, S.A., Produbank (Panama), S.A. and Banco Aliado, S.A.

Under the Master Framework Agreement and ancillary documents, Construcciones Hospitalarias, S.A., assigned all of its payment rights arising from the US$517 million design and construction contract executed between Construcciones Hospitalarias, S.A. and Caja de Seguro Social (CSS), which is the Panamanian Social Security Administration, for the construction of the Ciudad Hospitalaria project, which is the largest-ever infrastructure project undertaken by CSS and also the first – and, so far, the only – turnkey contract into which it has entered.

For this transaction, the Morgan & Morgan team consisted of partner Francisco Arias and associate Kharla Aizpurúa Olmos.

Morgan & Morgan asesoró a Construcciones Hospitalarias, S.A., afiliada de Fomento de Construcciones y Contratas, S.A. (FCC), la cual actuó en calidad de cedente en un Contrato Marco de Cesión de Crédito y Acuerdo de Crédito Renovable (el “Contrato Marco”) de US$ 250 millones para HSBC Bank (Panamá), S.A., la cual actuó como agente administrativo y cesionario. Además de HSBC Bank (Panamá), otros cesionarios incluyeron a The Bank of Nova Scotia, Banco Nacional de Panamá, Caja de Ahorros, Banco Bilbao Vizcaya Argentaria Panamá, S.A., Produbank (Panamá), S.A., y Banco Aliado, S.A.

De conformidad con el Contrato Marco y los documentos relacionados, Construcciones Hospitalarias, S.A., cedió todos sus derechos a recibir pagos, derivados del contrato por US$ 517 millones para el diseño y construcción suscrito entre Construcciones Hospitalarias, S.A. y la Caja de Seguro Social (CSS), la cual es la Administradora del Seguro Social de Panamá, para la construcción del proyecto Ciudad Hospitalaria, uno de los proyectos más importantes de infraestructura jamás realizado por la CSS, que también es el primer – y, hasta la fecha, único – contrato “llave en mano”  que ha suscrito la CSS.

Para esta transacción, el equipo de Morgan & Morgan estuvo compuesto por el socio Francisco Arias, y la asociada Kharla Aizpurúa Olmos.

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