Panama, July 31, 2018. For the second consecutive year, Ms. Kharla Aizpurua Olmos, Senior Associate of Morgan & Morgan, has been appointed as member of the Board of Directors of Fundacion WIP Panama. She has also been designated as member of the Board of Directors of Fundacion Dona Felicidad.
WIP Panama is an organization established with the purpose of furthering cooperation and communication among female lawyers around the country, as well as to address the main concerns on professional opportunities and development for them.
Dona Felicidad is focused on helping communities in extreme poverty through health, education and entertainment activities.
These new appointments ads to the pro bono practice of Ms. Aizpurua Olmos who regularly participates as volunteer in the Legal Open Houses organized by the firm in very low-income communities. Furthermore, she played a key role in the team responsible for drafting the bill to organize national volunteering in the Republic of Panama, and serves as counsellor to different Panamanian NGOs.
As a lawyer, Ms. Aizpurua Olmos concentrates her practice mainly advising clients in domestic and cross-border financing transactions. She has been involved on matters pertaining to syndicated lending, project finance, securitization and public offerings.
Morgan & Morgan advised Banistmo Investment Corporation with respect to the financing of the first LNG terminal in Panama
Morgan & Morgan advised Banistmo Investment Corporation, S.A. as holder of local collateral of several energy projects and the most recent being the Gas Natural Atlantico, S. de R.L. and Costa Norte LNG Terminal S. de R.L. LNG project locate in the province of Colon, Panama, which is an approximately US$600 million financing.
This is a cross-border transaction involved attorneys from United States of America and Panama. The matter is from 2016 however the firm continue to advise in issues that arise from the financing.
Senior associate Kharla Aizpurua Olmos, participated in this transaction.
Morgan & Morgan advised Banco General, S.A. and Banistmo, S.A. in the structuring of an issuance of corporate bonds for an amount of up to US$320,000,000 carried out by Alternegy, S.A.
Morgan & Morgan advised Banco General, S.A. and Banistmo, S.A. in the structuring of an issuance of corporate bonds for an amount of up to US$320,000,000 carried out by Alternegy, S.A. The bonds were issued by Alternegy, and Banco General and Banistmo acted as joint arrangers and underwriters of the bonds. The bonds were registered with the Superintendency of Capital Markets of Panama and listed on the Panama Stock Exchange.
The bonds have a maturity of 10 years, interest will be paid quarterly at a floating rate (minimum 5.5%) and payments of principal will be made every six months with a balloon payment at the maturity date. Alternegy is a subsidiary of Celsia, a Colombian group of companies engaged in power generation, and it operates two hydroelectric power plants in Panama. Repayment of the bonds are secured by collateral trusts constituted under Panama and Costa Rica law. The funds received from the issuance of the bonds will constitute a new source of financing for Alternegy and will be used to repay a bridge loan granted to one of its affiliates, and which had been obtained for the purposes of financing the acquisition and operation of two hydroelectric power plants owned by Alternegy in Panama, namely Lorena and Prudencia; a hydroelectric power plant owned by Bontex in Panama, namely Gualaca; and a wind power plant owned by Planta Eólica Guanacaste, S.A. (PEG) in Costa Rica, namely Planta Eólica de Guanacaste.
Morgan & Morgan also advised Banistmo Investment Corporation, S.A., in its capacity as i) trustee of the Panamanian collateral trust. The assets of said trust include, among others, receivables generated by the power plants operated by Alternegy and Bontex in Panama, a mortgage over the real property owned by Alternegy and Bontex in Panama, a pledge over the shares of Alternegy and Bontex held by Celsia, rights to receive payment under certain guarantee bonds; and ii) beneficiary of the Costa Rican collateral trust, the trustee of which is Banco Improsa and the assets of which include, among others, the flows generated by the Costa Rican power plant operated by PEG, real property of PEG and a movable guarantee over the shares of PEG held by Celsia.
In the transaction, Morgan & Morgan’s attorneys worked with the executives of Banco General and Banistmo’s department of investment banking in Panama and with the members of Banca de Inversión Bancolombia, S.A., Bancolombia’s investment banking company in Colombia.
Partners Ramon Varela and Ricardo Arias, senior associates Kharla Aizpurua Olmos and Roberto Vidal, and associates Ana Carolina Castillo and Cristina De Roux, participated in this transaction.
Morgan & Morgan advised HSBC Bank (Panama), S.A. in Master Assignment Agreement for an amount of up to US$35 million
Morgan & Morgan advised HSBC Bank (Panama), S.A. as assignee and administrative agent as well as local collection agent, in a Master Assignment Agreement for an amount of up to US$ 35,000,000.00 of certain credit rights of Constructora Meco, S.A., as assignor.
Constructora Meco, S.A. assigned under master and ancillary assignment documents, all its collection rights arising from certain design and construction agreements for a value of US$ 35,000,000.00 signed between Constructora Meco, S.A. and Panama´s Ministry of Public Works.
Said operations relate to road network redesign projects namely, overpass on Omar Torrijos Avenue and Andrews Pass, roads and bridges on east Panama Province and underpass in the Pan-American road, and rehabilitation of the runway on the Scarlett Martinez airport in Rio Hato, Cocle Province.
Partner Francisco Arias and senior associate Kharla Aizpurua Olmos, participated in this transaction.
Morgan & Morgan advises Banco Inbursa in the purchase and assignment of Credits Master Agreement for a value of US$415 millions
Morgan & Morgan advised Banco Inbursa, S.A., Institucion de Banca Multiple, as buyer in the master agreement for the purchase and assignment of non-recourse credits through an evolving discount purchase facility for a value of US$ 415,000,000.00 of certain specific credit rights of Consorcio Linea 2 de Metro de Panama, comprised of FCC Construccion, S.A. as seller and assignor, and Constructora Norberto Odebrecht, S.A. as assignor. In addition, Metrotrust, S.A. acted as trustee, assignee and local agent for collection of assigned credits.
Consorcio Linea 2 de Metro de Panama assigned certain credits within the framework of an Assignment Agreement and master and ancillary documents for its collection of rights arising from the agreement to provide “services of engineering design, construction of civil works, installation of auxiliary lines and stations, provision and installation of an integral railroad system including rolling material, putting into work Line 2 de Metro de Panama” subscribed by Consorcio Linea 2 de Metro de Panama and Metro de Panama, S.A.
Partner Francisco Arias, senior associate Kharla Aizpurua Olmos and associate Pablo Epifanio, participated in this transaction.
Morgan & Morgan advised the Republic of Panama, Merrill Lynch, Pierce, Fenner & Smith Inc. and Morgan Stanley & Co. LLC in a tender offer of U.S. Global Bonds
Morgan & Morgan acted as Panamanian legal counsel to Merrill Lynch, Pierce, Fenner & Smith Incorporated and Morgan Stanley & Co. LLC, with respect to a tender offer by the Republic of Panama to bondholders of 3.875% Global Bonds due March 17, 2018, up to an additional US$253,988,000 aggregate principal amount of said 3.875% Global Bonds due March 17, 2018, and the issue by the Republic of Panama of up to U.S. $1,168,292,000.00 aggregate principal amount of 4.500% Global Bonds due March 15, 2047.
This cross-border transaction involved attorneys from Panama and the United States of America.
Partner Francisco Arias, senior associate Kharla Aizpurua Olmos and associate Ricardo Arias A., participated in the transaction.
Morgan & Morgan advised Ufinet with respect to the acquisition of the telecommunications business of IFX Networks and its subsidiaries
Morgan & Morgan acted as Panamanian counsel to Ufinet, a fiber optic operator, with respect to the acquisition of the telecommunications business of IFX Networks and its subsidiaries.
In this M&A transaction aimed at strengthening Ufinet´s network presence in South America, Morgan & Morgan´s role included providing advice in connection to corporate and telecommunications regulatory matters of Panama law with respect to the Panamanian subsidiaries of IFX Networks.
This cross-border transaction involved Panama, Colombia, Argentina, Chile and Uruguay.
Kharla Aizpurua Olmos, senior associate of Morgan & Morgan, participated in this transaction.
For second year in a row, Morgan & Morgan was recognized at The Chambers Women in Law Awards: Latin America 2016; this time in the category of Outstanding Firm for Furthering Women´s Professional Development and Talent Management.
“Morgan & Morgan keeps its commitment to promoting gender equality and providing professional development opportunities for both men and women. This task is fulfilled at two levels: external, through our legal assistance community program and in-house, through recruiting and retention programs that guarantee respect for human rights and non-discrimination of men and women”, noted Camila De Vengoechea, Organizational and Community Development Manager for the firm.
Associate Kharla Aizpurua Olmos attended the event on behalf of Morgan & Morgan. A large number of lawyers from the Latin American region were present to show the progress in their countries on gender and equal opportunity programs for women in the legal profession.
As part of our CSR work, on Saturday September 19, a team of lawyers and volunteers from Morgan & Morgan participated in a Legal Orientation Day held at El Tecal, Arraijan, in collaboration with Fundación para el Desarrollo Integral de la Mujer y la Familia (Fundader). A great number of people received free legal assistance and participated in a workshop covering topics related to domestic violence and healthy relationships.
The aim of these Legal Open Houses is to promote access to justice and gender equality in the country’s most vulnerable populations.
Attorneys Kharla Aizpurua Olmos, Gilbert Mallol, Yosela Escudero, as well as volunteers Andrés Mejia, Luis Melendez, Alba Rodriguez y Paola Perez, made up the group that provided services for this initiative.
By participating in this initiative, Morgan & Morgan reaffirms its commitment to the Pro Bono Declaration of the Americas being the first Panamanian firm signatory of this initiative.
Como parte de nuestra labor de RSE, el pasado sábado 19 de septiembre, un equipo de abogados y voluntarios de Morgan & Morgan participaron en una Jornada de Orientación Legal llevada a cabo en la comunidad de El Tecal, Arraiján, en colaboración con la Fundación para el Desarrollo Integral de la Mujer y la Familia (Fundader). Muchas familias del área asistieron a recibir asistencia legal gratuita y charlas de capacitación sobre temas relacionados a la violencia doméstica y promoción de relaciones sanas.
El objetivo de estas jornadas es promover el acceso a la justicia y la equidad de género en las poblaciones más vulnerables del país.
El equipo que prestó sus servicios para esta iniciativa estuvo conformado por los abogados Kharla Aizpurúa Olmos, Gilbert Mallol, Yosela Escudero; y los voluntarios Andrés V. Mejía, Luis Meléndez, Alba Rodríguez y Paola Pérez.
Con su participación en estas jornadas, Morgan & Morgan reafirma su compromiso con la Declaración Pro Bono de las Américas al ser la primera firma panameña signataria de esta iniciativa.
Morgan & Morgan advised the lenders with respect to loans for an amount up to US$300 million for the financing of a four wind farms in Panama
Morgan & Morgan acted as Panamanian counsel to International Finance Corporation (IFC), Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V. (FMO), Societe de Promotion et de Participation pour la Cooperation Economique (Proparco), Oesterreichische Entwicklungsbank AG (OeEB), Central American Bank for Economic Integration (CABEI), Banco General, S.A. and Banco Nacional de Panamá; as lenders, in connection with a US$300 million debt-financing for the ongoing construction, operation and maintenance of the second phase of the Penonomé wind power project comprising a 215 MW wind power plant consisting of four wind farms in the Republic of Panama.
The project is expected to be the largest wind farm in Central America and a new component in Panama´s renewable energy matrix.
Partner Ramon Varela and associates Kharla Aizpurua Olmos, Gilbert Mallol and Carlos Hoyos, participated in this transaction.
Morgan & Morgan actuó como asesor legal panameño de la International Finance Corporation (IFC), Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V. (FMO), Societe de Promotion et de Participation pour la Cooperation Economique (Proparco), Oesterreichische Entwicklungsbank AG (OeEB), Banco Centroamericano de Integración Económica (BCIE), Banco General, S.A. y Banco Nacional de Panamá, como acreedores, en relación con el financiamiento de hasta US$300 millones para continuar la construcción, operación y mantenimiento de la segunda fase del proyecto de parque eólico de Penonomé que comprende una planta generadora de energía eólica de 215MW consistente en cuatro parques eólicos en la República de Panamá.
Este proyecto se espera sea el parque eólico más grande de Centroamérica y un nuevo componente en la matriz de energía renovable en Panamá.
El socio Ramón Varela y los asociados Kharla Aizpurúa Olmos, Gilbert Mallol y Carlos Hoyos participaron en esta transacción.