Arias, Fábrega & Fábrega advised Mizuho Securities USA LLC, Banistmo, S.A., and certain Noteholders in connection with the issuance, by a special purpose vehicle, of Senior Secured Notes 144-A/Reg. S due 2032, the proceeds of which will be used to finance the design and construction of the fourth bridge over the Panama Canal through the purchase of receivables issued by Panama’s Ministry of Public Works. The fourth bridge over the Panama Canal is the second largest public infrastructure project of the current administration, after the third metro line.

The receivables are issued in the form of “Informes de Progreso de Trabajo”, pursuant to a regulation issued by Panama’s Ministry of Economy and Finance. ARIFA, as special Panamanian counsel to the structuring banks, played a pivotal role in facilitating the financing of the project. This landmark transaction, valued at US$1,425,258.00, was instrumental in advancing the construction of the Fourth Bridge, a critical infrastructure project aimed at better connecting Panama City with the countryside west of the Panama Canal, cutting commuting times and alleviating traffic congestion, thus benefiting 1.7 million people in Panama City and its surrounding areas.

This transaction won the Latin Finance's 2024 Infrastructure Financing of the Year: Central America Award.