ARIFA has advised initial purchasers in the offering by AES Panama Generation of US$1.38 billion Senior Secured Notes

The bond offering entailed at least four other parallel transactions: a liability management transaction for AES Changuinola, S.R.L., a loan agreement to the issuer, the entering into intercompany loan agreements among the issuer and its operating subsidiaries and a tender and consent solicitation of AES Changuinola, S.R.L.