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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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507.265.7777 | [email protected]
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Morgan & Morgan advises HSBC Bank plc, HSBC Bank (Panama) S.A., Caja de Ahorros and Banco Nacional respect a syndicated secured financing of US$259,836,370 for METROBUS project

Monday, 20 June 2011 / Published in Francisco Arias, Inocencio Galindo, Kharla Aizpurua, Ramon Varela, Ricardo Arias, Roberto Vidal

Morgan & Morgan advises HSBC Bank plc, HSBC Bank (Panama) S.A., Caja de Ahorros and Banco Nacional respect a syndicated secured financing of US$259,836,370 for METROBUS project

Morgan & Morgan acted as a counsel for HSBC Bank plc, HSBC Bank (Panamá), S.A., Caja de Ahorros and Banco Nacional de Panamá, with respect to the syndicated secured financing for a bus rapid transport system for Panama City called “Metrobus”. This financing was structured under two credit facilities: (i) a term loan facility in an aggregate amount equal to US$193,736,370, evidenced through a facility agreement governed by the laws of England, entered into by and among Transporte Masivo de Panamá, S.A., as borrower, HSBC Bank, plc, as lender, agent and arranger and HSBC Investment Corporation (Panamá), S.A., as collateral trustee; and (ii) a term loan facility in an aggregate amount equal to US$66,100,000, evidenced through a facility agreement governed by the laws of the Republic of Panama, entered into by and among Transporte Masivo de Panamá, S.A., as borrower, HSBC Bank (Panamá), S.A., as lender, arranger and administrative agent, Caja de Ahorros, as lender, Banco Nacional de Panamá, as lender and HSBC Investment Corporation (Panamá), S.A., as collateral trustee.

The financing was secured through a collateral package with HSBC Investment Corporation (Panamá), S.A., as collateral trustee, for the benefit of the lenders. The firm also acted as counsel for the collateral trustee, but with a different team of lawyers. Such collateral includes, among others, a pledge agreement in relation to all the shares of the borrower, a chattel mortgage agreement over the buses of the transportation system and the proceeds collected by the operator of the transportation system with respect to the fares paid by the users of said transportation system, which proceeds are used to cover all financings and operational costs.

Partners Francisco Arias and Ramon Varela and Associates Ricardo Arias and Roberto Vidal assumed principal responsibility on the matter of arrangers and lenders. For the collateral trustee partner Inocencio Galindo and Associate Kharla Aizpurua acted as advisers.

Morgan & Morgan actuó como asesor del HSBC Bank plc, el HSBC Bank (Panama) S.A., la Caja de Ahorros y el Banco Nacional de Panamá, en lo concerniente al financiamiento sindicado garantizado para un sistema de autobuses para transporte rápido en la ciudad de Panamá llamado “Metrobús”. Este financiamiento se estructuró bajo dos líneas de crédito: (i) un préstamo por término fijo por un monto equivalente a US$193,736,370 evidenciado a través de un contrato de crédito regido por las leyes de Inglaterra, acordado entre, y por, Transporte Masivo de Panamá, S.A. como prestatario; el HSBC Bank, plc como prestamista, agente y coordinador ; y el HSBC Investment Corporation (Panamá), S.A. como fiduciario colateral; y (ii) un préstamo a término fijo por un monto total de US$66,100,000 través de un acuerdo regido por las leyes de la República de Panamá, acordado entre, y por, Transporte Masivo de Panamá, S.A. como prestatario, el HSBC Bank (Panamá), S.A. como prestamista, coordinador y agente administrativo; Caja de Ahorros como prestamista; Banco Nacional como prestamista; y HSBC Investment Corporation (Panamá), S. A., como fiduciario colateral.

El financiamiento se obtuvo a través de un paquete colateral con HSBC Investment Corporation (Panamá) S.A. como fiduciario colateral para beneficio de los prestamistas. La firma también actuó como asesora del fiduciario colateral pero con otro equipo de abogados. Dichos colaterales incluyen, entre otros, un contrato prendario en relación con todas las acciones del prestatario; la hipoteca mobiliaria sobre los autobuses del sistema de transporte y los ingresos que perciba por el operador del sistema con respecto a las tarifas pagadas por los usuarios de dicho sistema de transporte, cuyos ingresos se utilizan para cubrir todos los costos de financiamiento y de operación.

Los socios Francisco Arias y Ramón Varela, y los asociados Ricardo Arias y Roberto Vidal, asumieron la responsabilidad principal en lo pertinente a la coordinación y los prestamistas. En lo referente a lo fiduciario colateral actuaron como asesores el socio Inocencio Galindo y la asociada Kharla Aizpurúa.

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