White & Case Advises Central American Bank for Economic Integration (CABEI) on Panamanian Highway Financing
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Global law firm White & Case LLP has advised Central American Bank for Economic Integration (CABEI), as mandated lead arranger and purchaser, in an up to US$450 million receivables purchase facility provided to Consorcio FCC – Corredor de las Playas I, a Panamanian consortium comprising FCC Construcción, S.A., Panama Branch, and Operadora CICSA, S.A. de C.V., Panama Branch, to finance the assessment, design, construction and maintenance of the expansion of the Pan-American Highway, Tramo 1 from La Chorrera to Santa Cruz in Panama.
Pursuant to the receivables purchase facility, CABEI will acquire from time to time certain "partial payment certificates" (cuentas de pago parcial) issued by the Republic of Panama, acting by and through the Ministry of Public Works of Panama, for work completed by the consortium in connection with the project. The total value of the project contract is US$603 million, and the project is expected to employ up to 1,500 workers and to have a substantial positive impact on the tourism, transportation and logistics industries in Panama.
White & Case advises multilateral and commercial financial institutions in many of the largest public infrastructure projects in Panama financed through non-recourse collection rights purchase facilities.
The White & Case team advising CABEI on the transaction was led by partners Carlos Viana and Fernando de la Hoz, counsel Anna Andreeva and associate Ana María Arias.
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