ARIAS acted as Central American counsel to the local subsidiaries of PROCAPS S.A. in connection with the execution of key amendments and restatements to the company's financing arrangements, as part of a broader regional debt restructuring strategy.
The transaction involved the amendment and restatement of Procaps’ Note Purchase and Guarantee Agreement for approximately US$116 million, as well as several amended and restated credit agreements with major lenders, including Bancolombia, Banco Davivienda, Banco BTG Pactual S.A. – Cayman Branch, and Banco BTG Pactual Colombia S.A., with GLAS AMERICAS LLC acting as collateral agent.
This complex cross-border transaction, governed by New York law, required coordination across multiple jurisdictions, including the United States, Colombia, El Salvador, Guatemala, Panama, and Costa Rica, with ARIAS assisting in the Central American countries. Our role included advising on credit amendment agreements, ensuring the subsidiaries’ compliance as guarantors, and overseeing the granting of collateral.
The lawyers involved in this transaction were:
- Roberta Gallardo, Partner, El Salvador
- Rolando Alvarenga, Senior Counsel, El Salvador
- Luis Pedro del Valle, Partner, Guatemala
- Melania Dittel, Partner, Costa Rica
- Diego Gallegos, Partner, Costa Rica
- Sebastián Solano, Senior Associate, Costa Rica
- María Cristina Fábrega, Partner, Panama
At ARIAS, we are proud to support PROCAPS in this important strategic initiative, reaffirming our commitment to excellence in managing sophisticated, multi-jurisdictional financial transactions. We congratulate all parties involved on the successful execution of this project.