February 19, 2019
On December 21, 2018, the Inter-American Investment Corporation (“IDB Invest”) as lender, and as agent on behalf of Inter-American Development Bank, closed on a $40 million secured A/B loan facility to Metrobank, S.A., a sociedad anônima organized and existing under the laws of the Republic of Panama.
The proceeds of the loan will be used for Metrobank, S.A.’s origination of sub-loans to sub-borrowers in Panama (particularly in the Chiriqui Province). The repayment of the loan is secured by the grant of a first priority security interest in favor of IDB Invest in certain eligible sub-loans made by Metrobank, S.A. to sub-borrowers.
The U.S. based firm of Hunton Andrews Kurth LLP advised IDB Invest as international counsel. Local Panamanian legal advice to IDB Invest was provided by Dentons Muñoz. The U.S. based firm of Arnold & Porter Kaye Scholer LLP advised Metrobank, S.A. as international counsel. Panamanian legal advice to Metrobank, S.A. was provided by Fabrega Molino.
Hunton Andrews Kurth Lawyers:
Vera Rechsteiner, Partner
Sid Sethy, Associate
IDB Invest’s In-house Counsels:
Ofelia Diaz Bermudez
Vanessa Marzo Martin
Ana Lucrecia Tovar de Zarak, Partner
Julieta Rodriguez Molina, Associate