Banking, finance and capital markets

Alcogal advises many of the world’s largest and most sophisticated financial institutions on a full-range of banking, securities and related regulatory matters in the Republic of Panama. Alcogal is an acknowledged industry leader in in the banking and finance sectors, and has been involved in Panama’s largest and most complex financial transactions.

We represent many of the local and global leading financial institutions in both international and domestic bank financing, as well as in other forms of acquisition and project financings, including but not limited to public tender offers, asset purchase financing, and mezzanine financings. Our lawyers advise our clients in regards to their ongoing regulatory and disclosure obligations with all the relevant local and foreign authorities, and ensure they are up to date concerning all legislative developments. In addition, we regularly represent financial institutions and/or intermediaries in the process of obtaining government-issued licenses to operate in Panama, in accordance with all banking and securities laws.

Representative transactions

• We acted as Panamanian counsel to BNP Paribas as Lender to Canacol Energy Limited (Borrower) in a USD$200 million Term Loan Credit Agreement which closed in April 2015.
• We acted as the Panamanian counsel to UBS AG in connection with the preparation, execution and delivery of, and the consummation of the transaction contemplated by, the Amendment to the USD$46 million loan granted in favor of OMEGA ENERGY INTERNATIONAL, S.A.
• We acted as the Panamanian counsel to Phoenix Tower International Panama S. de R.L., and Torres Panameñas S. de R.L., as borrowers, in connection with the preparation, execution and delivery of, and the consummation of the transaction contemplated in the Term Loan Agreement of up to USD$32.150 million granted by Banco General, S.A., Metrobank, S.A. and Towerbank International Inc.
• We assisted Banco General, S. A. in the structuring, documentation and execution of the Syndicated Loan to Costa Del Este Town Center Group, S.A. for USD$165 million, that will be used for the development and construction of the 78,487 square meter Town Center mall, which will be located in Costa Del Este.
• We acted as local counsel to Citibank N.A., as Administrative Agent and Lenders, in a USD$104 million credit agreement with Global Bank Corporation, as Borrower, Citigroup Global Markets Inc., as Joint Lead Arranger and Bookrunner, and Banco Latinoamericano de Comercio Exterior S.A. and Commerzbank Aktiengesellschaft, Filial Luxemburg, as Joint Lead Arrangers.
• We advised Credit Suisse AG, Cayman Islands Branch, as Administrative Agent and Lenders, in a USD$220 million Second Amended and Restated Credit and Guaranty Agreement with Canacol Energy Ltd. and Canacol Energy Colombia S.A, as Borrowers.
• We served as local counsel for Grupo Unidos por el Canal, S.A. (as borrower) in the preparation, execution, delivery and consummation of the transactions contemplated by: the USD$173.3 million celebrated among the Borrower, the Original Lenders party thereto, and Banco Santander S.A., as facility agent, the USD$160 million facility agreement dated as of August 4, 2014 entered into by and among the Borrower; the Original Lenders party thereto, and Intesa Sanpaolo S.P.A, as facility agent and the USD$66.7 million facility agreement dated as of August 4, 2014 entered into by and among the Borrower; the Original Lenders party thereto, and KBC Bank NV, as facility agent.
• We advised The Bank of Nova Scotia, as Administrative Agent, and Banistmo S.A., as additional lender in the USD$95 million syndication of a loan to Retail Centenario, S.A. for the construction of the Alta Plaza shopping mall in Panama City.
• We advised BAC International on a USD$100 million corporate bond issuance and a USD$100 million commercial paper issuance.
• We advised Banco General as arranger of a USD$90 million public offerings of bonds of Isthmus Hydropower, Las Perlas Norte, and Las Perlas Sur.
• We advised Banco General in a USD$70 million credit facility between Banco General, S.A. and London and Regional (Panama).
• We acted as Panamanian counsel to the Initial Purchasers (including Citigroup Global Markets Inc., BNP Paribas Securities Corp., among others) in connection with the purchase and sale of USD$420 million 10.00% Notes due in 2019 issued by Global Ship Lease, Inc., a corporation organized under the laws of the Marshall Islands.
• We advised AES Changuinola as issuer of a USD$420 million public offering of bonds.
• We advised Banco Prival S.A. as arranger and administrative agent in connection with the structuring and registry of a USD$212 million public offering of bonds by a trust established by ENA Este S.A.
• We represented The Bank of Nova Scotia on a USD$200 million credit assignment to Consorcio Linea 1 Metro de Panama, which is the Joint Venture undertaking the construction of Panama City’s first underground metro line.
• We advised CFR INTERNATIONAL SpA, with respect to a Panamanian subsidiary in the process of securing and funding to acquire controlling stake in Adcock Ingram, one of South Africa’s leading pharmaceutical companies.