Alemán, Cordero, Galindo & Lee (Alcogal) advised Lion Hill Capital, S.A. (the “Issuer”) on the registration with the Superintendency of the Securities Market of Panama (the “SMV”) of a Revolving Corporate Bond Program with a nominal value of up to One Hundred Eighty-Five Million Dollars (US$185,000,000.00), authorized pursuant to Resolution No. SMV-343-26 dated July 24, 2026, and listed on Bolsa Latinoamericana de Valores, S.A. (“Latinex”).
The Program contemplates the issuance of senior and subordinated series of up to US$100 million and US$85 million, respectively. Through this transaction, the Issuer accessed the Panamanian capital markets as a source of long-term financing, strengthening its financial structure.
The Senior Series Bonds are secured by a guarantee trust administered by BG Trust, Inc., as trustee, comprising a first mortgage and antichresis over real property, the irrevocable assignment of rental payments derived from such properties, the assignment of insurance policies covering the improvements, and concentration and debt service reserve accounts.
Alcogal’s advice encompassed the corporate, regulatory and security aspects of the transaction, including the structuring and registration of the Program with the SMV and Latinex, the preparation of the issuance documentation, and the perfection of the security package supporting the Senior Series.
Banco General, S.A. participated in the structuring and placement as structuring agent, underwriter, and paying, registrar and transfer agent; BG Valores, S.A. acted as broker-dealer; and Insignia Financial Group acted as financial advisor.
Alcogal’s legal team was led by partner Rafael Marquínez, with the participation of associates Rafael Amar and Lilah Levin.