Morgan & Morgan advised Minera Cerro Quema in connection with a credit facility for an amount of up to US$125 million
Morgan & Morgan advised Minera Cerro Quema, S.A. as guarantor of a credit facility granted to its holding company Orla Mining Ltd. (TSX: OLA) by Trinity Capital Partners Corporation and certain other lenders with respect to its previously announced US$125,000,000.00 project finance facility for the development of the “Camino Rojo” Oxide Gold Project located in Zacatecas, Mexico. The Credit Facility was arranged by Trinity Capital and includes a syndicate of lenders led by Agnico Eagle Mines Limited, Pierre Lassonde and Trinity Capital, creating key alignment between debt and equity holders who will support the Company’s development going forward.
Partner Roberto Vidal represented Morgan & Morgan in this transaction.
Morgan & Morgan advised IDB Invest, a worldwide financial institution with presence in Latin America and the Caribbean region, in connection with a loan facility granted to Global Bank Corporation for an amount of up to US$60,000,000.00 (with an option for further supplements).
Up to 70% of the proceeds of the loan will be used by the Panamanian bank to provide loans to local small and medium-sized enterprises, with the remaining 30% to be used to provide loans to women and women-led businesses.
This cross-border deal, which closed on March 15, 2019, involved attorneys from the Republic of Panama and the United States of America.
Partner Ramon Varela represented Morgan & Morgan in this transaction.
Morgan & Morgan advised The Goldman Sachs Group Inc. in the negotiation of a Security Purchase Agreement with McDermott International, Inc.
Panama, December 7, 2018. Morgan & Morgan represented certain investment funds managed by the Merchant Banking Division of The Goldman Sachs Group Inc. (“Goldman Sachs”) in the negotiation of a Security Purchase Agreement pursuant to which Goldman Sachs acquired for US$300 Million, 12% Redeemable Preferred Stock of McDermott International, Inc., a Panamanian corporation (the “Company”), and a warrant to purchase a number of shares of the common stock of the Company.
Panama, September 25, 2018. Morgan & Morgan and sixteen attorneys of the firm were recognized in the Chambers Latin America 2019, guide of the best lawyers and law firms across 20 countries of Central America, the Caribbean, South America and Mexico.
The firm has been ranked in the first Bands within the areas of Banking & Finance, Capital Markets, Corporate/M&A, Dispute Resolution, Energy & Natural Resources, Intellectual Property, Offshore, Projects, Real Estate, Shipping and Shipping Litigation.
Likewise, the publication noted as leaders in their areas attorneys Inocencio Galindo, Francisco Arias, Ramon Varela, Roberto Vidal, Simon Tejeira, Jose Carrizo, Luis Vallarino, Ana Carolina Castillo, Allen Candanedo, Maria Eugenia Brenes, Roberto Lewis, Luis Manzanares, Enrique De Alba, Jazmina Rovi, Juan David Morgan Jr. and Francisco Linares.
One of the clients interviewed stated that “Judging by the results that the firm achieves, I can say that their advice is effective and arrives in a timely manner. I would highlight their availability and technical competence”.
About Morgan & Morgan
With over 80 lawyers and 20 practice areas, Morgan & Morgan is a full service Panamanian law firm, regularly assisting local and foreign corporations from different industries, as well as recognized financial institutions, government agencies and individual clients. Of particular note is our continuous advice for clients involved in all stages of the development of important projects related to energy, water supply, construction, oil, mining, public infrastructure, retail, ports, transportation, among others. Learn more at www.morimor.com.
Morgan & Morgan acted as special Panamanian counsel to Alta Cordillera, S.A., in connection with a credit facility agreement granted by PDS Gaming-International, LLC, M&G Illiquid Credit Opportunities Fund Limited and M&G Illiquid Credit Opportunities Fund II Limited, as lenders, to Alta Cordillera and Codere Newco, S.A.U., as borrowers. PDS Gaming LLC acted as arranger, servicer and agent for the lenders and PDS Gaming-International, LLC acted as collateral agent.
Morgan & Morgan advised Banisi, S.A. and MMG Bank Corp. in the structuring of a program of revolving corporate bonds for an amount of up to US$50 million
. Morgan & Morgan advised Banisi, S.A., a bank with general license to perform banking business in Panama, and MMG Bank Corporation in the structuring of a program of revolving corporate bonds for US$50,000,000. The bonds were registered with the Superintendency of Capital Markets of Panama. The issuer of the bonds is Banisi, S.A. and MMG Bank Corporation acted as arranger, bookrunner and paying agent of the bonds. The bonds may be issued in different series with maturities ranging from one to ten years and interest rates may be fixed or floating.
Banisi, S.A. is a bank that was granted a general banking license by the Superintendence of Banks of Panama and, as such, it may perform banking business in Panama, including accepting deposits from the public and granting credit, including personal, commercial, mortgage and other loans. The funds received from the issuance of the bonds will constitute a new source of financing for Banisi and will be used to expand their portfolio of loans, working capital requirements and other purposes. The bonds of a series may be guaranteed by a collateral trust that Banisi, as settlor, has constituted with MMG Bank Corporation, as collateral trustee. The assets that Banisi will transfer to the collateral trusts will be bank loans granted to its debtors, the outstanding principal balance of which shall be at least 120% of the outstanding principal balance of the bonds guaranteed by the collateral trust.
Partners Ricardo Arias and Roberto Vidal, and associates Pablo Epifanio and Cristina De Roux, participated in this transaction.
Morgan & Morgan advised HSBC Bank (Panama), S.A. in Master Assignment Agreement for an amount of up to US$35 million
Morgan & Morgan advised HSBC Bank (Panama), S.A. as assignee and administrative agent as well as local collection agent, in a Master Assignment Agreement for an amount of up to US$ 35,000,000.00 of certain credit rights of Constructora Meco, S.A., as assignor.
Constructora Meco, S.A. assigned under master and ancillary assignment documents, all its collection rights arising from certain design and construction agreements for a value of US$ 35,000,000.00 signed between Constructora Meco, S.A. and Panama´s Ministry of Public Works.
Said operations relate to road network redesign projects namely, overpass on Omar Torrijos Avenue and Andrews Pass, roads and bridges on east Panama Province and underpass in the Pan-American road, and rehabilitation of the runway on the Scarlett Martinez airport in Rio Hato, Cocle Province.
Partner Francisco Arias and senior associate Kharla Aizpurua Olmos, participated in this transaction.
Morgan & Morgan advises Banco Inbursa in the purchase and assignment of Credits Master Agreement for a value of US$415 millions
Morgan & Morgan advised Banco Inbursa, S.A., Institucion de Banca Multiple, as buyer in the master agreement for the purchase and assignment of non-recourse credits through an evolving discount purchase facility for a value of US$ 415,000,000.00 of certain specific credit rights of Consorcio Linea 2 de Metro de Panama, comprised of FCC Construccion, S.A. as seller and assignor, and Constructora Norberto Odebrecht, S.A. as assignor. In addition, Metrotrust, S.A. acted as trustee, assignee and local agent for collection of assigned credits.
Consorcio Linea 2 de Metro de Panama assigned certain credits within the framework of an Assignment Agreement and master and ancillary documents for its collection of rights arising from the agreement to provide “services of engineering design, construction of civil works, installation of auxiliary lines and stations, provision and installation of an integral railroad system including rolling material, putting into work Line 2 de Metro de Panama” subscribed by Consorcio Linea 2 de Metro de Panama and Metro de Panama, S.A.
Partner Francisco Arias, senior associate Kharla Aizpurua Olmos and associate Pablo Epifanio, participated in this transaction.
The Superintendence of Banks (SBP) of the Republic of Panama has issued a resolution by which it grants Puente Bank, S.A. an International Banking License to formally operate in the Republic of Panama.
“Since the month of August, 2014, Morgan & Morgan, by request from the bank’s managements, formally started the legal and administrative processes required by SBP to obtain the license necessary to carry out the banking business in our country,” stated Dr. Eduardo Ferrer, partner of Morgan & Morgan who handled this operation.
Grupo Puente is one of the leading investment banking institutions and most experienced in the Southern Cone.With a portfolio of assets under management exceeding US$2,500 million and more than 35,000 clients worldwide, the new financial entity will provide all services offered by a general license bank, thus joining the list of renowned financial entities operating in Panama.
Morgan & Morgan advised Thesan with respect to a US$11.5 million finance for the development and operation of solar energy project El Espinal
Morgan & Morgan acted as Panamanian counsel to Thesan with respect to a US$11.5 Million Dollars Project Finance facility granted by CIFI (Corporación Interamericana para el Financiamiento de Infraestructura, S.A.) for the development and operation of a solar photovoltaic power plant “El Espinal”, with an installed capacity of 8.5MW in the Republic of Panama.
Partner Ramon Varela, and associate Ana Carolina Castillo, participated in this transaction.