Arias, Fábrega & Fábrega acted as local counsel to Bear, Stearns & Co. Inc., as arranger and initial purchaser, in connection with the US$220 million 9.50% senior secured notes offering of Newland International Properties Corp. to finance the construction of the Trump Ocean Club International Hotel & Tower in Panama. 

This was the first time that notes fully registered with the National Securities Commission in Panama and listed on the Panama Stock Exchange were offered simultaneously in Panama and in the international markets to finance a real estate project in Panama.