BLP acted as legal advisor to Promerica Financial Corporation as Issuer in the Debt Issuance of $200 Million.
BLP reviewed the transaction in accordance with local legislation and analyzed the Final Offering Memorandum, the Indenture, Price Disclosure Documents, the Security and Pledge Agreement, the Custody Agreement and the Notes. In addition, BLP acted as legal advisor to Promerica Financial Corporation and Tenedora Promerica Guatemala as Guarantors, in the formalization of the local guarantee subject to the debt issuance documents. This operation is important because Promerica is one of the few financial institutions in the region that has managed to successfully place bonds in international capital markets, bonds which have an international rating of B + / Stable risk of Standard & Poor’s (S & P) and of BB- / FitchRatings Stable; which show the stability and solidity of the business, the projection of Promerica as an international financial institution, and which placed Promerica in an competitive position in the region. Moreover, this operation allowed Promerica Financial Corporation to pay the previous loan with Banco Latinoamericano de Comercio Exterior, S.A. (Bladex) that had been obtained for the acquisition of the Citibank operation.
Lawyer leading the transaction: María Inés Arenales – Partner
Other lawyers involved: Alcy Martínez – Associate