IDB Invest supports the issuance of Sustainable Bonds
BLP advised IDB Invest on a Debt Capital Markets Program to support the issuance in the Panamanian market of $150 million in Sustainable Bonds by Banco Promerica de Costa Rica, S.A. IDB Invest acted as the issuer of a Partial Credit Guarantee for 30% of the Sustainable Bonds total issuance.
IDB Invest Loan for Green Finance
BLP advised IBD Invest in the granting of an unsecured senior loan in favor of Banco Davivienda of up to $100 million. The purpose of the loan is to develop Banco Davivienda’s financing portfolio in El Salvador for environmentally friendly projects (“green finance”).
Acquisition of Banco G&T Continental by Inversiones Financieras Grupo Azul in El Salvador
BLP advised its client Inversiones Financieras Grupo Azul, S.A (“IFGA”) on the acquisition of the shares of Banco G&T Continental El Salvador, S.A. and its subsidiary G&T Continental, S.A. de C.V., Casa de Corredores de Bolsa. Advice included everything related to the due diligence process on the target, the structuring of the transaction, the preparation of the share purchase agreement
Granting of Credit by IDB Invest to expand Elcatex’s production capacity
BLP assisted IDB Invest in the granting of a line of credit of $96 million to Elcatex and San Juan Textiles, located in Honduras, to support economic development and export diversification in addition to promoting the financing of capital investments, working capital, and restructuring of liabilities to expand Elcatex’s production capacity.
Purchase of an LNG transport vessel and conversion to a floating storage and regasification unit.
BLP was the local advisor for IBD Invest in the negotiation and execution of the purchase and conversion of a liquefied natural gas (LNG) carrier to a floating storage and regasification unit (UFAR), for an approximate amount of $130 million. The UFAR will be permanently located in the port of Acajutla, Sonsonate, El Salvador, to provide LNG regasification services to the 378-megawatt combined–cycle thermal plant of Energía del Pacífico Limitada de C.V. (“EDP”), which IDB Invest financed in 2019.
DFC Direct Loan for Small and Medium Business run by women
BLP advised Corporación Financiera de Desarrollo (DFC) in a direct loan to raise long-term funds in U.S. dollars through a diversified payment rights securitization. The funds from the DFC loan will be used by Banco BAC San José, S.A. to extend credits to women borrowers who run small and medium-sized enterprises in Costa Rica.
Advised Gramercy Funds in the largest financial transaction in the agroindustrial sector in Costa Rica
BLP advised Gramercy Funds Management, an investment manager dedicated to emerging markets, in the granting of a $30 million secured senior loan to Ingenio San Rafael, to finance the construction of a new sugar mill that will be located in San Carlos, Costa Rica. This financing represents Gramercy’s first loan in Central America and is also the largest financial transaction in Costa Rica’s agroindustrial sector.
CAF loan to the government of Costa Rica for fiscal sustainability
BLP advised Corporación Andina de Fomento (CAF) during the approval and execution of a $500 million loan to assist in the efforts of the Costa Rican Government to consolidate a public policy that ensures fiscal sustainability in the long term, improving the management of the tax system and greater efficiency in public spending.
Acquisition of Grupo Orbis operations in Central America
BLP advised the seller, Grupo Orbis (Pintuco), on this regionally impactful transaction employing attorneys from each of our offices in Costa Rica, Nicaragua, Honduras, El Salvador, and Guatemala, as well as coordinating with lawyers in Panama. Besides conducting due diligence in the jurisdictions of Central America, BLP also analyzed the competition in each of the countries and if required will support any antitrust filings. Our consultancy covered the legal areas of business law, tax, labor, regulatory, intellectual property, compliance, competition, real estate, environment, and litigation.
Complex financing advice to Avianca throughout Central America
BLP advised Avianca Holdings S.A. on a complex debtor-in-possession (DIP) financing following its successful petition for relief under Chapter 11 of U.S. Law. The BLP team advised Avianca on key aspects of the cross-border agreement in Costa Rica, Guatemala, Honduras, Nicaragua, and El Salvador. The transaction included a Tranche A secured senior loan, a Tranche B secured subordinated loan, and a buyback from Advent International of 30% in Avianca’s Bermuda subsidiary, LifeMiles Ltd, which operates one of the largest loyalty programs in Latin America.
Advised CMI on the largest green bond issuance in the region
BLP advised a banking consortium consisting of Banco Latinoamericano de Comercio Exterior, S.A., Banco Industrial, S.A., Westrust Bank (International) Limited, Banco Davivienda Salvadoreño, S.A., Banco Davivienda (Costa Rica), S.A., Banco Davivienda, S.A. (Panama), and Banco Davivienda, S.A. (Colombia) in a syndicated loan of up to $440 million for Investment Energy Resources Limited (a subsidiary of the CMI group) and its companies related to energy production issues in the Central American region. Similarly, the firm advised Corporación Multi Inversiones (CMI) through its subsidiaries in Honduras on the feasibility of guarantees for both transactions. This transaction involved multiple jurisdictions and is the region’s largest green bond issuance to date.
Issuance of Eurobonds in Costa Rica
BLP advised Deutsche Bank and HSBC on the new issuance of $1 billion in 30-year Eurobonds after advising Bank of America, Merrill Lynch, and Deutsche Bank in the subscription and purchase of $1 billion in 7% sovereign bonds issued under Regulation S 144-A, payable by the Government of Costa Rica in 2044.
Successfully placed global financing by Banco Agrícola in El Salvador
With the advice of BLP, Banco Agrícola in El Salvador successfully placed $300 million with investors around the world.
Acquisition of Banco Citibank in Guatemala
BLP advised Promerica Financial Corp. in the acquisition of Banco Citibank de Guatemala S.A. and three affiliated entities through which Citibank operates its banking and consumer business in Guatemala.
First IFC Non-Sovereign Guaranteed Financing of Critical Infrastructure Projects in Central America
BLP advised the International Finance Corporation (IFC) on an agreement with the Municipality of San Jose for $12 million to finance infrastructure renovation projects in Costa Rica’s capital. The transaction combines financial support and technical advice over time in sustainable infrastructure, telecommunications, mobility, sustainable development, public-private partnerships, and digital solutions. This is the first transaction in which the IFC signed non-sovereign–backed financing for crucial infrastructure projects in Central America.
Reventazón Hydroelectric Project: Central American Energy Business of the Year
BLP represents the lenders of the Reventazón hydroelectric project, Central America’s main hydroelectric power plant (350MW), in all matters related to refinancing for its construction and operation. The financing involved the first bonds issued by the Costa Rican Electricity Institute for a project in Central America, including a type A and B loan structure along with the issuance of type “B” bonds. For this transaction, BLP was awarded the “Central America Energy Deal of the Year“ accolade by IFLR.
Advice on the financial agreement of the year for the wind sector in Latin America
BLP advised the Export and Import Bank of the United States, Banco Internacional de Costa Rica (BICSA), and the FMO (the investment agency of the Dutch Government) in the structuring, negotiation, and formalization of a $100 million loan agreement in favor of Globeleq Mesoamerica Energy (GME) for the construction in Costa Rica of the 50MW Orosi Wind Power Project which has an approximate cost of $130 million. This transaction was named “Financial Agreement of the Year for the Wind Power Sector in Latin America“ by Project Finance Magazine.
First issuance of international and local bonds for infrastructure financing in Costa Rica
The BLP team advised Autopistas del Sol, a subsidiary of Globalvía, on the issuance of senior secured notes in international markets for $300 million, and $50.75 million within local markets. This is the first time that an infrastructure company has issued international and local bonds simultaneously in Costa Rica.
Acquisition of a solar project in Costa Rica by a Virgin Group subsidiary
BLP advised BMR Energy, a subsidiary of Virgin Group, in the closing of the acquisition of the Valle Escondido Solar Project, the only solar power project of such magnitude in Costa Rica. Under the new structure, BMR Energy will assume the construction and operation of the Valle Escondido Solar Plant where it will produce up to 5MW of energy that will be sold to the Costa Rican Electricity Institute (ICE) under a Power Purchase Agreement.
Credit line to the Republic of Costa Rica
BLP advised Agence Française de Développement (AFD) in its line of credit for up to $149 million to the Republic of Costa Rica as part of the “Protect Plan,” which will help mitigate the effects caused by the impact of the coronavirus in Costa Rica and contribute to the country’s progressive transition to net-zero greenhouse gas (GHG) emissions for 2050.
Emblematic resolution in which environmental damages were awarded for groundwater contamination
ESPH, a regional water distributor, suffered damages to its water supply arising from a faulty gas station. BLP obtained a landmark ruling by the criminal court, in which for the first time, environmental damages for groundwater pollution were recognized and granted.
The largest civil case processed in Central American courts.
BLP represented Dow Chemical in several product liability cases, including an $800 million lawsuit, the largest civil case ever processed in Central American courts.
Uber: the highest-profile legal matter in the region
BLP represents UBER in its operations and progressive incursion into the Central American market, successfully handling its affairs before Public Services Agencies, National Transportation Councils, Constitutional Chambers, Administrative Jurisdictions, and other government and judicial entities in all regional countries. The operation of UBER in Central America remains to date, the most high-profile legal case in the region.
Historic resolution in favor of the banks of the National Banking System of Costa Rica
In defense of a lawsuit filed by the Association of Free Consumers of Costa Rica, BLP obtained a historic resolution in favor of the banks of the National Banking System of Costa Rica, verifying the guidelines applied to ensure information had been correctly implemented.
Development of the mining sector in Nicaragua
BLP advised Calibre Mining in the organization of several joint venture agreements with Centerra Gold and I Am Gold on the exploration process of multiple concessions owned by Calibre Mining and the regulatory approvals for such concessions. Additionally, the firm organized the negotiations and drafted the contracts of its client Hemco with Nicaraguan mining cooperatives. The model structured by BLP is being replicated by the mining regulator in Nicaragua.
Launch of Amazon Web Services in Central America
BLP advised Amazon Web Services (AWS) on the launch of its first operation in Central America, based in Costa Rica. The firm’s services included configuration of the corporate structure, application to the Free Zone Regime, advice on labor matters, and the obtaining of all licenses needed for its operation in the Latin American market.
Acquisition of Tica Bus by Mobility ADO
The Mexican group Mobility ADO, a global expert in public transportation that carries more than 500 million passengers a year in America and Europe, acquired, with the advice of BLP, the remaining 60% of the Costa Rican transport company Tica Bus, completing an acquisition of the company and its related entities in Costa Rica, Panama, Nicaragua, Honduras, El Salvador, Guatemala, and México. BLP continues to advise Mobility ADO in its day-to-day activities throughout the Central American region.
Multi-million-dollar capital increase and labor operations of HCL in Guatemala
BLP advised HCL on the multi-million-dollar capital increase of its subsidiary in Guatemala, as well as compliance with the labor, tax, and corporate regulations of a company with 1,500 employees.
Grupo Pellas and Hotel Dreams Las Mareas
BLP advised Pellas Development on the realization of Hotel Dreams Las Mareas, a 440-room hotel with an investment of $130 million. The firm continues to advise Pellas Development on the planning and acquisition of land for the development of the Santa Elena Conservation Project, a 37,000-acre resort located in the northern part of the province of Guanacaste in Costa Rica.
Four Seasons Resort in Papagayo Peninsula
With the advice of BLP, Gencom Group acquired the 1400-acre luxury master development in Costa Rica, secured by the award-winning 182-room Four Seasons Papagayo in the Papagayo Peninsula, that includes luxury amenities such as an 18-hole golf course designed by Arnold Palmer, a clubhouse, the Papagayo marina with 180 berths and the 38,000-square foot Beach Club of Playa Prieta, all recognized for offering the best service from more than 700 employees.
Los Sueños, main Marina in Costa Rica
BLP is the main advisor to Los Sueños Marina and Resort, the main resort and planned community in Costa Rica. This 1,100-acre project features a 200-room Marriott Hotel, an 18-hole golf course, and a marina with more than 200 berths
Capital increase for Free Zones in Guatemala.
BLP advised HCL on the millionaire capital increase of its subsidiary in Guatemala, as well as all the aspects of its operation of 1.500 employees ensuring proper compliance with the labor, tax and corporate regulations of the company.