Structured and executed in an extraordinarily condensed timeline, Arias, Fabrega & Fabrega has acted as Panamanian legal counsel to BofA Securities, Inc., Citigroup Global Markets Inc., and J.P. Morgan Securities Inc. in their role as initial purchasers of Copa Holdings, S.A.'s debut 144A/Regulation S offering of US$350 million 4.50% Convertible Senior Notes due 2025. 

This represents the first issuance of bonds in international debt capital markets and the first offering under 144A/Regulation S by the leading Latin American provider of passenger and cargo services.