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 Grupo Eleta in the sale of a minority stake in the Pear Island Project to the Grivalia Group
Morgan & Morgan acted as Panamanian counsel to Grupo Eleta in the sale of a minority stake in the Pear Island Project to the Grivalia Group, a global real estate investment company.
Pedro Gonzalez Island (Pearl Island) is located at Archipelago Las Perlas, Pacific Ocean. The project consists of the integrated development of approximately 1,600 hectares of the island, including an airport, several hotels, a town center, several marinas, among others amenities.
This cross-border transaction involved Panama, England and Wales.
Roberto Vidal, senior associate of Morgan & Morgan, participated in this transaction.
Morgan & Morgan advised Grupo Codere with respect to the process of acquiring a casino license in Panama
Morgan & Morgan acted as Panamanian counsel to Grupo Codere, with respect to the process of acquiring a license for the administration and operation of a casino in the Aloft Hotel, located in Panama City. Grupo Codere is a Spanish multinational corporation in the private gambling sector with a presence in Panama.
Morgan & Morgan advised Hyatt International Inc. with respect to the acquisition of a minority interest in Oasis Luxury Rentals
Morgan & Morgan advised Hyatt International Inc. about serving as special international counsel for them in connection with the acquisition of a minority interest in Oasis Luxury Rentals, a privately owned company based in New York. Oasis Luxury Rentals Inc., through its online platform, manages portfolios of high-end short-term rentals and a network of private members clubs around the world. It provides an online platform that connects guests to accommodations and other services.
Partner Eduardo Ferrer and senior associate Roberto Vidal, participated in this transaction.
Morgan & Morgan acted as Panamanian counsel to an international investment group with respect to the acquisition of all the remaining shares of a local company engaged in the production, sale and distribution of different products, including vegetable oil, soaps, detergents, butter, among others.
Partner Francisco Arias and associate Roberto Vidal, participated in this transaction.
Morgan & Morgan advised General Electric in the worldwide sale of its water treatment and management business
Morgan & Morgan acted as Panamanian counsel to the US multinational company General Electric (GE), in connection with the worldwide sale of GE Water & Process Technologies, acquired by French company Suez and Canadian group Caisse de Dépot et Placement de Quebec.
For this transaction, the firm was required to advise GE on legal matters related to the part that included a Panamanian company and the business of this corporation in Panama.
Roberto Vidal, Senior Associate of Morgan & Morgan, participated in this transaction.
Morgan & Morgan advises Banco La Hipotecaria, S.A. in a cross-border securitization of mortgage backed securities for an amount of up to US$45,000,000
Banco La Hipotecaria, S.A., acting as trustee of the Thirteenth Mortgage-Backed Notes Trust, registered Mortgage Loans Notes in three tranches for an amount of up to US$45,000,000 with the Superintendency of Capital Markets of Panama, which notes were successfully placed through the Panama Stock Exchange. Payments due to holders under the Mortgage Loan Notes are guaranteed by a collateral trust constituted under the laws of Panama. The assets of the collateral trust are composed by mortgage loans granted to residents of El Salvador by La Hipotecaria, S.A. de C.V., which is Banco La Hipotecaria’s affiliate in El Salvador and dedicated to the origination of mortgage loans in said country. BG Trust, Inc., an affiliate of Banco General, is the trustee of the collateral trust.
This transaction was a cross-border securitization because the mortgage loans originated in El Salvador were sold to a collateral trust constituted under the laws of Panama in order to guarantee the Mortgage Loan Notes, the Series A of which were acquired by a grantor trust in the United States of America. Said grantor trust intends to sell trust certificates in a Rule 144A/Reg S offering. Payments due to investors under the trust certificates benefit from a guarantee granted by The Overseas Private Investment Company (OPIC), an agency of the U.S. government. The Series B and Series C Mortgage Loan Notes were acquired by local investors in Panama.
Partner Francisco Arias, and associates Ricardo Arias, Roberto Vidal and Pablo Epifanio, participated in the transaction.
On August 20, a legal orientation day was held in the community of Curundu with the cooperation of Casa Esperanza. More than 40 people attended the free legal assistance and education talk on healthy relation and prevention of domestic violence.
The team from Morgan & Morgan was formed by lawyers Jose Carrizo, Yosela Escudero, Roberto Vidal, and volunteer Paola Perez.
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