Arias, Fábrega & Fábrega acted as counsel to Merrill Lynch & Co in connection with a US$170 million secured notes issue of Empresa de Generación Eléctrica Fortuna, S.A.

This transaction was a landmark because it was the first issue of a Panamanian company simultaneously offered in the international markets as a 144-A issue and in Panama as a fully registered offer listed on the Panama Stock Exchange.