The Banking, Finance and Capital Markets team at Alemán, Cordero, Galindo & Lee recently advised Banco General S.A., as arranger and administrative agent, in connection with the structuring and registration of a US$235,000,000.00 corporate bonds issuance by Electron Investment, S.A. (EISA), a Panamanian company, as well as its public offering. EISA will use the funds raised to return the capital invested by its shareholders and to pay the interests and principal debt of the syndicated and subordinated loans that were used to finance the construction of the hydroelectric plants Pando and Monte Lirio (hereinafter, “the project”). The project comprises a hydroelectric power development on the Chiriquí Viejo River in Western Panama and involves the construction of two run-of-river hydroelectric power plants to be operated in cascade, totaling 85 MW in installed capacity (Pando 33 MW and Monte Lirio 52 MW) and 57.4 MW in firm capacity. The project is expected to produce on average approximately 430 GWh per annum.

At Alcogal we have always strived to meet all of our clients’ needs, regardless of whether these needs are linked to the legal services that we have traditionally offered. With the idea of ​​providing our clients with an increasingly comprehensive experience, in September 2015 the firm officially launched a new range of administrative services, which include:

The banking, finance, and capital markets team of Alcogal advised AES Panama, S.R.L., the largest electricity generation company in Panama in terms of installed capacity and average energy dispatched, as well as the largest privately controlled hydro generation company in Central America (based on information provided by the National Dispatch Center), as issuer, in connection with the public offering of US$300 million due in 2022 and in connection with a tender offer for the purchase (as repayment) of the corporate bonds issued by AES Panama S.R.L. due in 2016. The 144A/Reg S issuance was registered with the Superintendence of Capital Markets and listed in the Panama Stock Exchange. Alcogal’s team for this transaction was led by partner Arturo Gerbaud, associate Rafael Marquinez and international associate Rita de la Guardia.

Alcogal’s partners Arturo Gerbaud, Eloy Alfaro and Raul Borrell, were recently distinguished and nominated as 2015 Leading Lawyers for Energy & Infrastructure by the prestigious publication International Financial Law Review (IFLR).