US$66 million Scotiabank's factoring transaction with Odebrecht related to the construction of a water treatment plant

Arias, Fábrega & Fábrega represented The Bank of Nova Scotia (Scotiabank) in a factoring transaction pursuant to which the client agreed to purchase up to US$66 million in accounts receivable from Brazilian construction company Construtora Norberto Odebrecht, S.A.

Panama's Ministry of Health will be the payor under the accounts receivable. The proceeds of the facility will be used in connection with the construction of a water treatment plant to be completed by a consortium formed by Constructora Norberto Odebrecht, S.A. and Degrémont, S.A., and a system to channel residual waters to be completed by Odebrecht. This is part of Panama's concerted efforts to reduce wastewater pollution.