US$170 million credit agreements with Digicel Panama

Arias, Fábrega & Fábrega acted as counsel to Citibank as agent for the lenders in connection with a US$120 million secured credit facility to Digicel Panama, and as counsel to the IFC in connection with a US$50 million secured credit facility to Digicel Panama. Seven international and domestic banking institutions participated as members of the syndicate of lenders.

Digicel Panama is the newest mobile cellular telephone network operator in Panama. In May of 2008, the company was awarded the third nationwide GSM cellular telephony license in Panama through an open tender process for which it agreed to pay approximately US$86 million.