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Morgan & Morgan advised Electron Investment, S.A. in the offering of Corporate Bonds for an amount of up to US$235 million

Thursday, 16 July 2015 / Published in Ana Castillo, expertise, Francisco Arias, Ramon Varela, Ricardo Arias, Securities and Capital Markets

Morgan & Morgan advised Electron Investment, S.A. in the offering of Corporate Bonds for an amount of up to US$235 million

Morgan & Morgan represented Electron Investment, S.A., a Panamanian company that develops and operates hydroelectric power plants, in the public offering of Corporate Bonds with a value of up to US$235,000,000. The Corporate Bonds consist of three series, knowingly, the Series A Bonds with a value of up to US$187,000,000, the Series B Bonds with a value of up to US$30,000,000 and the Series C Bonds with a value of up to US$18,000,000.  For purposes of their public offering, Electron Investment, S.A. registered the Corporate Bonds with the Superintendency of Capital Markets of Panama. The Series A Bonds were successfully offered through the Bolsa de Valores de Panamá, S.A. and acquired by a group of institutional investors led by Banco General.  The proceeds of the sale of the Series A Bonds were used by Electron Investment, S.A. primarily to prepay the full amount of a syndicated loan granted by a group of international and local financial institutions that included IFC, IDB, DEG, CAF, Banco General and Banvivienda and guaranteed by a trust managed by Citibank as trustee.

The obligations of Electron Investment, S.A. under the Corporate Bonds are guaranteed by a collateral trust constituted under the laws of the Republic of Panama and whose trustee is BG Trust, Inc., an affiliate of Banco General that has been duly authorized by the Superintendency of Banks to carry out the trust business in Panama. The assets of the collateral trust consist primarily of the future cash flows that Electron Investment, S.A. is entitled to receive under power purchase agreements. The trustee has also been granted a pledge over the shares of the shareholders of Electron Investment, S.A. and mortgages over both real estate and movable assets property of Electron Investment, S.A.

Partners Francisco Arias and Ramon Varela, and associates Ricardo Arias and Ana Carolina Castillo, participated in this transaction on behalf of Morgan & Morgan.

Morgan & Morgan representó a Electron Investment, S.A., una sociedad panameña que desarrolla y opera plantas de energía hidroeléctrica, en la oferta pública de Bonos Corporativos por una suma de hasta US$235,000,000. Los Bonos Corporativos consisten de tres series, a saber, los Bonos Serie A por una suma de hasta US$187,000,000, los Bonos Serie B por una suma de hasta US$30,000,000, y los Bonos Serie C por una suma de hasta US$18,000,000.  Para los fines de la oferta pública, Electron Investment S.A. registró los Bonos Corporativos ante la Superintendencia del Mercado de Valores de Panamá. Los Bonos Serie A se ofrecieron exitosamente a través de la Bolsa de Valores de Panamá, S.A. y fueron adquiridos por un grupo de inversionistas institucionales liderado por Banco General. Electron Investment, S.A. utilizó los fondos provenientes de la venta de los Bonos Serie A principalmente para el repago de la suma total de un préstamo sindicado otorgado por un grupo de instituciones financieras internacionales y locales que incluye a IFC, IDB, DEG, CAF, Banco General y Banvivienda y que estaba garantizado por un fideicomiso administrado por Citibank como fiduciario.

Las obligaciones de Electron Investment, S.A. derivadas de los Bonos Corporativos están garantizadas por un fideicomiso constituido conforme a las leyes de la República de Panamá y cuyo fiduciario es BG Trust, Inc., una filial de Banco General que se encuentra debidamente autorizada por la Superintendencia de Bancos para realizar el negocio fiduciario en Panamá. Los activos del fideicomiso consisten principalmente de flujos  futuros que Electron Investment, S.A. tiene derecho a recibir conforme a contratos de compraventa de energía. También se ha constituido a favor del fiduciario una prenda sobre las acciones de los accionistas de Electron Investment, S.A. e hipotecas tanto sobre bienes muebles como inmuebles propiedad de Electron Investment, S.A.

Los socios Francisco Arias y Ramón Varela, y los asociados Ricardo Arias y Ana Carolina Castillo, participaron en esta transacción por parte de Morgan & Morgan.

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