Arias, Fábrega & Fábrega acted as counsel to Barclays Capital in connection with the amendment and extension of senior revolving facilities agreement for Codere, S. A. This enables the company to draw up to an aggregate principal amount €120 million, potentially extendable to €180 million, in three tranches comprising, (1) a senior revolving credit facility that may be utilized through revolving loans and letters of credit up to an aggregate principal amount of €60 million which is made available by Barclays Capital, Credit Suisse and Banco Bilbao Vizcaya Argentaria, (2) a letter of credit facility of up to an aggregate principal amount of €40 million, which is made available by Barclays Capital and Credit Suisse and (3) a surety bond facility of up to an aggregate principal amount of €40 million which is made available by Houston Casualty Company Europe.

The CODERE Group has renewed and expanded the Senior Facilities Agreement, thereby assuring its financial capacity to meet the opportunities that arise in the immediate future and further demonstrating the collaboration of the financial institutions, both domestic and international, who continue to trust in the CODERE Group and support our business project.

The Senior Facilities Agreement, which amends and extends the €100 million three year facilities contracted in October 2007, is a multicurrency and multi-borrower facility and has a term of three years. The interest rate applicable to amounts drawn under the senior revolving credit facility is LIBROR or EURIBOR plus 4.50% per year.  ARIFA also acted as Panamanian counsel to the lenders in the October 2007 facility agreement.

Ricardo M. Arango, partner and head of the firm's Capital Markets and Banking practice group, Julianne Canavaggio, associate, Andrés N. Rubinoff, international associate, and Diego Bunster, international associate, participated in this transaction.