Arias, Fábrega & Fábrega advised a syndicate of international financial institutions, including Citibank, N.A., London Branch, as facility agent and offshore collateral agent, in connection with the refinancing of a long-term limited recourse FPSO project involving a comprehensive restructuring of the security package.

The transaction contemplated the coordinated release of existing security interests and the simultaneous implementation of a new security structure, requiring careful alignment across multiple transaction documents, workstreams and stakeholders. ARIFA worked closely with the facility agent, the collateral agents, lenders and international counsel to support the orderly transition from the existing security framework to the new structure, ensuring that the lenders’ position was preserved throughout the process.

In addition, ARIFA supported the lenders in aligning the Panamanian-law aspects of the transaction with the broader commercial and financing structure. ARIFA’s involvement was integral to ensuring that the security restructuring was implemented seamlessly as part of the overall transaction.