Morimor counsels ArtCap and Banistmo on $90m financing to Banesco
Morgan & Morgan Legal has counselled ArtCap Lac Private Credit Services, as administrative agent and co-structuring agent (together with Apollo Global Funding) and Banistmo Investment Corporation, as trustee, in connection with a US $90,000,000 ten-year senior secured credit facility granted to Banesco (Panama).
This transaction was undertaken for the purpose of financing the growth of Banesco’s consumer loan portfolios and other general corporate purposes.
The financing is secured by a portfolio of mortgages which were assigned to a trust constituted by Banesco, as trustor, Banistmo Investment Corporation, as trustee, and ArtCap, as administrative agent.
ArtCap Lac Private Credit Services is an affiliate of ArtCap Strategies, a Cayman Islands-based investment group that specialises in structuring customised solutions for clients in Latin America and the Caribbean.
Morimor’s team comprised partner Kharla Aizpurúa Olmos (pictured left) and international associate Miguel Arias Mamais (pictured centre, left), who advised ArtCap on the transaction. Senior associate Alejandro Vásquez (pictured centre, right) and associate Arantxa Fernández advised Banistmo (pictured right).
