Arias, Fábrega & Fábrega has advised Banco General S.A. in connection with the public offering of up to US$470 million of registered corporate bonds of AES Changuinola S.A., the largest corporate bond offering in Panama's history placed solely from a corporation in Panama.

The issuance was registered with the Superintendence of Capital Markets and listed in Panama's Stock Exchange. The offering was broken into three series; the first two series were placed at interest rates of 6.25% and 6.75%.

The bond proceeds were used to pay the balance of the existing debt of the issuer with a syndicate of banks contracted for the construction of the AES Changuinola hydro plant in Bocas del Toro.

Although the transaction was fully placed within Panama, the bonds were governed by New York. The collateral trust was governed by Panama Law.