Arias participates in PROCAPS Credit Restructuring

ARIAS LAW acted as legal counsel in Central America for the local subsidiaries of PROCAPS S.A. in connection with the execution of key amendments and the restatement of the company’s financing agreements, as part of a broader regional debt restructuring strategy.

The transaction involved the modification and update of the PROCAPS Note Purchase and Guarantee Agreement for approximately US$116 million, as well as several loan modifications with major lenders, including Bancolombia, Banco Davivienda, Banco BTG Pactual S.A. – Cayman Islands Branch and Banco BTG Pactual Colombia S.A., with GLAS AMERICAS LLC acting as guarantee agent.

This complex cross-border transaction, governed by New York law, required coordination between various jurisdictions, including the United States, Colombia, El Salvador, Guatemala, Panama, and Costa Rica, with ARIAS assisting in the Central American countries. ARIAS’ role included advising on the credit modification agreements, ensuring compliance by the subsidiaries as guarantors, and supervising the execution of guarantees.

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

ARIAS is proud to have supported PROCAPS in this important strategic initiative, reaffirming its commitment to excellence in the management of complex, multi-jurisdictional financial transactions.

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