Arias, Fábrega & Fábrega acted as counsel to J.P. Morgan and Citi Global Markets, in connection with the Panamanian law aspects of the US$409 million registered initial public offering on the NYSE of American Depositary Shares of Avianca Holdings S.A., as well as J.P. Morgan and Citigroup, as joint bookrunners, in the offer and sale by Avianca of US$300 million 8.375% senior notes due 2020.

Recently, ARIFA also acted as counsel to J.P. Morgan and Citigroup, in connection with the Panamanian law aspects of the US$250 million reopening of Avianca's international bonds due 2020.

Avianca Holdings SA is a Panamanian holding company. The airline is raising funds for expansion and a large-scale fleet renovation following a rebranding which saw the airline group integrate Taca and its subsidiaries under the single Avianca brand.