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 USD235,000,000.00 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.
The Alcogal team was led by partner Arturo Gerbaud and associates Rafael Marquinez and Rita de la Guardia, who were responsible for drafting the core documents of the transaction, including but not limited to the corporate bonds, guarantees (trust agreements, real property mortgage, personal property mortgage, assignments, etc.) and all the ancillary documents, and for registering the corporate bonds issuance before the Superintendency of the Securities Market of the Republic of Panama.
