Icaza, González-Ruiz & Alemán advises Empresa Nacional de Autopista (ENA), S. A.

Recent Transaction

Icaza, González-Ruiz & Aleman advised Empresa Nacional de Autopista (ENA), S. A., ENA Este, S. A. and Ena Sur, S. A., in a public offering of US$400 million 4.00% Senior Secured Notes due 2048, issued through the ENA Master Trust for the early redemption of the existing bonds issued by the ENA Sur Trust and the ENA Este Trust.


The ENA Master Trust issue was registered before the Superintendency of the Securities Market of Panama and listed on the Panama Stock Exchange and the Luxembourg Stock Exchange.


To achieve the issuance, it was necessary to modify the terms and conditions of the existing ENA Sur bonds, the amendment of the terms and conditions of the existing ENA Este bonds, the constitution of an issuing trust (ENA Master Trust), and the early redemption of the existing bonds ENA Sur and ENA Este among other matters.


The team in charge of this transaction was composed of Gabriel González-Ruiz, Luis Chalhoub, and Alfredo Fonseca.


Client Testimonial

We want to take this opportunity to especially thank IGRA’s team, who with their hard work and dedication contributed to the success of the bond issuance transaction. To all the participants of IGRA’s group who accompanied us on the four-month work journey, we also congratulate them for the success achieved by ENA.

We extend special thanks to Gabriel Gonzalez Ruiz, Luis Chalhoub and Alfredo Fonseca, who accompanied us closely (day and night, weekends and holidays) during the last four months, providing us at all times with the collaboration and advice of high-level professionals. We know that there are many hard-working persons behind the scenes on your teams who also contributed to making the transaction a success; we also extend our sincere gratitude to them.

     -Leopoldo Peralta, Administrative and Financial Manager – Empresa Nacional de Autopista

Icaza, González-Ruiz & Alemán advises HPH Joint Venture Consortium

Recent Transaction


Ana Graciela MedinaIcaza, González-Ruiz & Alemán recently provided legal advice in the negotiation of the Panama Metro Line 3 project contract on behalf of the HPH Joint Venture consortium formed by Hyundai Engineering & Construction Co., Posco Engineering & Construction Co., Ltd., and Hyundai Engineering Co., Ltd.


Our partner Ana Graciela Medina was in charge of this matter.


Icaza, González-Ruiz & Alemán advises Metro de Panamá, S.A.

Recent Transaction


Icaza, González-Ruiz & Alemán provided legal advice to the Metro of Panama S. A, in two transactions that included the amendment of the corresponding regulations and the refinancing and deferral of the payment date of no-objection certificates for the total sum of US$526 million, issued in relation to the implementation of the “Project of Design Engineering Services, Construction of Civil Works,  Line Auxiliary Facilities and Stations Installations, Supply and Installation of the Integrated Railway System which includes the Rolling stock and Commissioning of Line Two (2) of the Panama Metro.


The team in charge of this transaction was composed of Gabriel González-Ruiz, Alfredo Fonseca and Adolfo González-Ruiz.

wind turbines in Oiz eolic park. Basque Country

Icaza, González-Ruiz & Alemán advises AES Panama and AES Changuinola

Recent Transaction


Icaza, González-Ruiz & Alemán acted as local legal counsel to AES Panama S.R.L and AES Changuinola S.R.L. in the acquisition of UEP Penonome I, S.R.L. a Panamanian company that built and operated the first wind electrical generation facility (Wind Farm) and related assets located in Penonome, Cocle, Republic of Panama consisting of 22 Goldwind wind turbines providing a total of 55MW of renewable energy to the National Interconnected Grid.


As local legal counsel to the purchasers, the firm conducted legal due diligence on the corporate, regulatory and environmental structure and history of the company and the project; drafted complex local law documents; and provided legal advice and support during and after the closing. The transaction faced significant challenges since, in addition to the complexities of a transaction of this nature, it was completed during strict lockdown measures imposed due to COVID-19 and involved multiple jurisdictions in North America, Asia and Panama.


The team in charge of this transaction was composed by Gabriel González-Ruiz, Alfredo Fonseca and Magdalena Arias.

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