Introduction to our firm - Pan American...
45
February 2017 Introduction to our firm
Transcript of Introduction to our firm - Pan American...
February 2017
Introduction to our firm
2 An introduction to our firm
Experience
Pan American Finance was founded in 2003 to advise our clients on achieving their objectives for growth and
value creation – through acquisition, investment and capital raising transactions
Over 100 years of combined investment banking experience
Over US$4.8 billion in M&A advisory, US$8.3 billion in debt financing, US$2.2 billion in mezzanine &
equity, and US$1.7 billion in placement agent transactions completed by members of the team
Our affiliate, PAF Securities LLC, has been a member of FINRA/SIPC since November 2006
Focus
■ Focus on “mid-market” transactions, often private, complex or cross-border, in selected markets across the
Latin American and Caribbean regions
Geographic focus on the “Caribbean Basin”: Andean, Caribbean and Central American countries
Selectively, in Mexico and the U.S.
Identify, structure and execute transactions for businesses and their owners, family offices, private equity,
and other asset managers, as well as private and institutional investors
■ Placement agent services for highly differentiated fund managers across the Americas
Track record
Team
Team of investment banking professionals with diversified backgrounds and extensive transaction
experience in investment banking, private equity, and corporate finance & operations
■ Complemented by a prestigious group of highly experienced Senior Advisors
Directorial and executive leadership positions in the private and public sectors across the Latin American
and Caribbean regions, including with development banks and other financial institutions
Deep operating and industry experience, including in consumer products, infrastructure & energy, financial
services, and technology, media & telecom
Since inception, our firm has completed 54 M&A advisory, debt financing, mezzanine / equity capital raising,
placement agent, and restructuring transactions with over US$3.1 billion total transaction value
Extensive track record of raising debt, mezzanine and equity capital from development finance institutions
Our firm was established in 2003 to provide high quality, independent advisory
services to businesses and their owners in the Latin American and Caribbean regions
3 An introduction to our firm
Our firm has completed 16 M&A transactions with a total transaction value of over
US$1.3 billion for our clients across Latin America, the Caribbean and the U.S.
February 2009
First Citizens Bank, Ltd.
Assumption of
US$ 280,000,000
in Customer Deposits of
Trinidad & Tobago
November 2007
One Caribbean Media Limited
Acquisition of
CCC / GEM Radio
From Cumulus Media
Caribbean
November 2008
Compañía Minera Atacocha S.A.A.
US$ 145,000,000
Sale of 282,851,186
Class A Voting Shares
Peru
July 2007
Papelera Internacional, S.A.
Acquisition by
Grand Bay International,
A.V.V.
Guatemala
May 2009
First Citizens Bank, Ltd.
Acquisition of the
Shares of
Caribbean
Caribbean Money Market
Brokers Ltd.
August 2012
First Citizens Bank, Ltd.
US$ 45,000,000
Acquisition of Butterfield
Bank (Barbados) Limited
Caribbean
November 2014
US$ 168,000,000
Acquisition of
10% Interest in
Trinidad & Tobago
The National Insurance Board
of T&T, National Enterprises
Ltd. & The T&T Unit Trust Corp.
April 2014
Acquisition of 215 MW
Wind Project in Panama
Panama
InterEnergy Holdings
September 2013
Acquisition of
USA/Germany
Kawa Capital Management
September 2013
Sale of
Trinidad & Tobago
Denham Capital
October 2010
Papelera Istmeña, S.A.
Acquisition by Painsa
Holdings and Financing
by Banesco, S.A.
(Panama)
Panama
October 2009
Trinidad Tissues Limited
Acquisition by
Grand Bay International
A.V.V.
Trinidad & Tobago
January 2006
One Caribbean Media Limited
US$ 205,000,000
Merger of Caribbean
Communications Network
& The Nation Corp.
Caribbean
October 2009
Acquisition by
Grand Bay International
A.V.V.
Unicell Paper Mills Caribbean Limited
Trinidad & Tobago
August 2016
Sale to
Global
Sonnedix Power Holdings, Ltd.
Infrastructure Investments Fund
October 2005
Papeles Nacionales S.A.
Tender offer for publicly-
traded shares and de-
listing
Colombia
4 An introduction to our firm
Our firm has completed 23 debt capital raising transactions, raising over US$1.2
billion in senior, subordinated and project debt financing for our clients
August 2010
First Citizens Bank, Ltd.
US$ 184,000,000
Debt Restructuring
and New Financing
Trinidad & Tobago
Home Construction Limited
November 2010
Polaris Energy Nicaragua, S.A.
US$ 30,000,000
Refinancing of Existing
Senior Financing
Nicaragua
October 2010
First Citizens Bank, Ltd.
US$ 110,000,000
Debt Restructuring
Trinidad & Tobago
Angostura Holdings Ltd.
April 2012
Grand Bay Paper Products Ltd.
US$ 40,000,000
Debt Restructuring
Trinidad & Tobago
February 2009
Papelera Internacional, S.A.
US$ 10,000,000
Senior Long-Term
Financing
Guatemala
May 2009
Ferreteria EPA, S.A.
US$ 12,000,000
Senior Long-Term
Financing Provided by
Costa Rica
December 2014
US$ 284,000,000 Senior
Long-Term Debt Project
Financing
Panama
InterEnergy Holdings
November 2010
Polaris Energy Nicaragua, S.A.
US$ 20,000,000
Subordinated Long-term
Debt Project Financing
Nicaragua
May 2006
Papeles Nacionale, S.A.
US$ 24,000,000 Debt
Restructuring Including
US$ 10,000,000 New
Long-Term Financing
Colombia
June 2007
Grupo Financiero CrediQ Corp.
US$ 15,000,000
Senior Long-Term
Financing
Central America
October 2009
US$ 55,000,000
Debt Restructuring and
New Financing
Unicell Paper Mills Caribbean
Limited
Trinidad & Tobago
November 2010
Polaris Energy Nicaragua, S.A.
US$ 140,000,000
Senior Long-term Debt
Project Financing
Nicaragua
May 2015
US$ 50,000,000
Senior Long-Term
Financing
Colombia
Bayport Colombia, S.A.S.
Inter-American Bank’s
Opportunities for the Majority
December 2014
Papelera Internacional, S.A.
US$ 30,000,000
Senior Debt
Guatemala
April 2014
US$ 100,000,000
Bridge Financing
Panama
InterEnergy Holdings
July 2015
US$ 21,000,000
Senior Long-Term Debt
Project Financing
Guatemala
Repimex, S.A.
December 2014
Panama
InterEnergy Holdings
US$ 16,000,000
Subordinated Long-term
Debt Project Financing
June 2005
US$ 27,500,000
Senior Long-Term
Financing
Central America
Grupo Financiero Uno
June 2004
US$ 24,000,000 Debt &
Equity Restructuring
New Medium- and Long-
Term Loans Including
US$ 6,000,000
Uruguay
Frigorifico Canelones
October 2010
Papelera Istmeña, S.A.
Acquisition by Painsa
Holdings and Financing
by Banesco, S.A.
(Panama)
Panama
June 2007
Grupo Financiero CrediQ Corp.
US$ 20,000,000
Senior Long-Term
Financing
Central America
5 An introduction to our firm
Our firm has extensive relationships with the Development Finance Institutions
that have a track record of investing in Latin America and the Caribbean
Development Finance Institutions have been involved in many of our firm’s capital
raising transactions and have provided over US$750 million to our clients
April 2012
Grand Bay Paper Products Ltd.
US$ 40,000,000
Debt Restructuring
Trinidad & Tobago
November 2010
Polaris Energy Nicaragua, S.A.
US$ 140,000,000
Senior long-term project
financing
Nicaragua
May 2009
Ferreteria EPA, S.A.
US$ 12,000,000
Senior Long-Term Financing
Provided by
Costa Rica
February 2009
Papelera Internacional, S.A.
US$ 10,000,000
Senior Long-Term Financing
Provided by
Guatemala
June 2007
Grupo Financiero CrediQ Corp.
US$ 35,000,000
Senior Long-Term Financing
Provided by
Central America
May 2006
Papeles Nacionales S.A.
US$ 24,000,000
Debt Restructuring Including
US$ 10,000,000 New Long-Term
Financing
Colombia
June 2005
Grupo Financiero Uno
US$ 27,500,000
Senior Long-Term Financing
Provided by
Central America
October 2009
US$ 55,000,000
Debt Restructuring and
New Financing
Trinidad & Tobago
Unicell Paper Mills
Caribbean Limited
November 2010
Polaris Energy Nicaragua, S.A.
US$ 30,000,000
Refinancing of existing
senior financing
Nicaragua
November 2010
Polaris Energy Nicaragua, S.A.
US$ 20,000,000
Subordinated long-term
project financing
Nicaragua
December 2014
US$ 300,000,000
Senior & Subordinated debt
project financing
Panama
May 2015
US$ 50,000,000
Senior Long-Term Financing
Colombia
Inter-American Bank’s
Opportunities for the Majority
Inter-American Bank’s
Opportunities for the Majority
Bayport Colombia, S.A.S. InterEnergy Holdings
6 An introduction to our firm
Our firm has completed 7 capital raising transactions, raising US$0.5 billion in
mezzanine and equity capital for our clients
Track record
Capital:
‒ Mezzanine
‒ Equity
Geographies:
‒ Caribbean
‒ Latin America
‒ USA
‒ Global
Industries:
‒ Consumer & retail
‒ Financial services
‒ Renewable energy
‒ Industrials August 2005
Adir International, LLC
US$ 20,000,000
Sale of a Minority Interest to
Citigroup Venture Capital
International
USA
October 2005
Tender offer for publicly-
traded shares and de-listing
Colombia
Papeles Nacionales S.A.
December 2014
Global
US$ 375,000,000
Equity Private Placement
Infrastructure Investments Fund
Sonnedix Power Holdings, Ltd.
September 2014
USA
US$ 7,000,000
Mezzanine Debt
Banyan Investment Partners
Ghurka
October 2013
USA
US$ 20,000,000
Equity Private Placement
Ghurka
October 2009
Trinidad & Tobago
Acquisition by
Grand Bay International
A.V.V.
Unicell Paper Mills Caribbean Limited
May 2009
New Equity Capital of
US$ 50,000,000
Committed
Trinidad & Tobago
First Citizens Bank, Ltd.
Republic of Trinidad & Tobago
7 An introduction to our firm
Our firm and members of the team have completed 10 fundraising transactions,
raising US$1.7 billion
2005
NY-based Fund of
Funds Manager
US$ 160,000,000
‘Fund I’
USA
June 2015
US$ 75,000,000
Limited Partnership
Interests Raised
USA
Jetstream Aviation Capital (Fund II))
August 2014
US$ 30,000,000
Limited Partnership
Interests Raised
Latin America
Peninsula Investments Group, L.P.
(Fund III)
2012
Parmenter Realty Partners
Committed Funds:
US$ 255,000,000
Co-investment:
US$ 50,000,000
‘Parmenter IV’
USA
1999
US$ 110,000,000
‘ITP’
USA
Interprise Technology Partners
ITP1999
US$ 30,000,000
‘Southeast Investments I’
USA
Miller Capital Management
Miller Capital
Management
2006
Parmenter Realty Partners
US$ 250,000,000
‘Parmenter III’
USA
Transaction was executed by our principals prior to joining the Pan American Finance’s team
Transaction was executed by Pan American Finance
Track record
Fund Types:
‒ Family Offices
‒ Fund of Funds
‒ Hedge Funds
‒ Internet Venture Capital
‒ Long/Short Equity
‒ Private Equity
‒ Value-Add
Geographies:
‒ Latin America
‒ USA
Industry Focus:
‒ Fixed Income
‒ Media
‒ Real Estate
‒ Technology
2003
Parmenter Realty Partners
US$ 90,000,000
‘Parmenter II’
USA
1997
US$ 500,000,000
‘Fund I’
Latin America
Ibero American Media
Partners
8 An introduction to our firm
Our firm has completed 11 restructuring transactions with a total transaction value of
over US$0.8 billion
August 2010
First Citizens Bank, Ltd.
US$ 184,000,000
Debt Restructuring
and New Financing
Trinidad & Tobago
Home Construction Limited
November 2010
Polaris Energy Nicaragua, S.A.
US$ 30,000,000
Refinancing of Existing
Senior Financing
Nicaragua
October 2010
First Citizens Bank, Ltd.
US$ 110,000,000
Debt Restructuring
Trinidad & Tobago
Angostura Holdings Ltd.
April 2012
Grand Bay Paper Products Ltd.
US$ 40,000,000
Debt Restructuring
Trinidad & Tobago
May 2006
Papeles Nacionales, S.A.
US$ 24,000,000 Debt
Restructuring Including
US$ 10,000,000 New
Long-Term Financing
Colombia
June 2004
US$ 24,000,000 Debt &
Equity Restructuring
New Medium- and Long-
Term Loans Including
US $6,000,000
Uruguay
Frigorifico Canelones
February 2009
First Citizens Bank, Ltd.
Assumption of
US$ 280,000,000
in Customer Deposits of
Trinidad & Tobago
May 2009
First Citizens Bank, Ltd.
Acquisition of the
Shares of
Caribbean
Caribbean Money Market
Brokers Ltd.
October 2009
US$ 55,000,000
Debt Restructuring and
New Financing
Unicell Paper Mills Caribbean
Limited
Trinidad & Tobago
September 2013
Acquisition of
USA/Germany
Kawa Capital Management
Track record
Transactions:
‒ M&A of insolvent
businesses
‒ Debt Restructuring and
Refinancing
Geographies:
‒ Caribbean
‒ Central America
‒ Andean & South America
‒ Europe & the USA
Industry:
‒ Consumer & Retail
‒ Financial Services
‒ Industrials
‒ Infrastructure & Renewable
Energy
9 An introduction to our firm
Our firm has completed 21 transactions for over US$1.1 billion in M&A advisory,
capital raising and restructuring in the Caribbean region
October 2009
Unicell Paper Mills Caribbean
Limited
Acquisition by
Grand Bay International
A.V.V.
Trinidad & Tobago
July 2015
Colonial Life Insurance
Company [Trinidad] Limited
Financial Advisory
and Valuation
Trinidad & Tobago
21 transactions and
advisory engagements
completed in Trinidad and
the Caribbean
M&A advisory, capital
raising and restructuring
Over US$1.1 billion in
transaction value
Multiple industries:
‒ Consumer & retail
‒ Financial services
‒ Infrastructure and real
estate
‒ Telecom, media &
technology
A leading financial advisor
in the region
November 2014
US$ 168,000,000
Acquisition of
10% Interest in
Trinidad & Tobago
The National Insurance Board
of T&T, National Enterprises
Ltd. & The T&T Unit Trust Corp.
September 2015
The National Insurance Board
of Trinidad & Tobago
Assessment of
Strategic Alternatives
Trinidad & Tobago
Home Mortgage
Bank
Trinidad & Tobago
Mortgage Finance Co.
September 2013
Sale of
Trinidad & Tobago
Denham Capital
December 2012
Colonial Life Insurance
Company [Trinidad] Limited
Financial Advisory
and Valuation
Trinidad & Tobago
May 2009
First Citizens Bank, Ltd.
New Equity Capital of
US$ 50,000,000
Committed
Trinidad & Tobago
Republic of Trinidad & Tobago
February 2009
First Citizens Bank, Ltd.
Assumption of
US$ 280,000,000
in customer deposits of
Trinidad & Tobago
May 2009
First Citizens Bank, Ltd.
Acquisition of the
shares of
Caribbean
Caribbean Money Market
Brokers Ltd.
August 2012
First Citizens Bank, Ltd.
US$ 45,000,000
Acquisition of Butterfield
Bank (Barbados) Limited
Barbados
October 2010
First Citizens Bank, Ltd.
US$ 110,000,000
Debt Restructuring
Caribbean
Angostura Holdings Ltd.
September 2010
Caribbean Money Market
Brokers Ltd.
US$ 12,800,000
Long-Term Financing
Provided to
Trinidad & Tobago
Home Construction Limited
August 2010
First Citizens Bank, Ltd.
US$ 171,000,000
Debt Restructuring
Trinidad & Tobago
Home Construction Limited
October 2009
Trinidad Tissues Limited
Acquisition by
Grand Bay International
A.V.V.
Trinidad & Tobago
April 2012
Grand Bay Paper Products Ltd.
US$ 40,000,000
Debt Restructuring
Trinidad & Tobago
October 2009
Unicell Paper Mills Caribbean Ltd.
US$ 55,000,000
Debt Restructuring and
New Financing
Trinidad & Tobago
November 2007
One Caribbean Media Limited
Acquisition of
CCC / GEM Radio
From Cumulus Media
Caribbean
January 2006
One Caribbean Media Limited
US$ 205,000,000
Merger of Caribbean
Communications Network
& The Nation Corp.
Caribbean
April 2016
Colonial Life Insurance
Company [Trinidad] Limited
Financial Advisory
and Valuation
Trinidad & Tobago
Track record
10 An introduction to our firm
19 transactions and
advisory engagements
completed in Central
America:
‒ M&A
‒ Senior debt
‒ Subordinated debt
Over US$795 million in
transaction value
Central American countries:
‒ Guatemala
‒ El Salvador
‒ Nicaragua
‒ Costa Rica
‒ Panama
We have completed 19 transactions for over US$0.7 billion in M&A advisory, capital
raising, and restructuring in Central America
November 2010
Polaris Energy Nicaragua, S.A.
US$ 30,000,000
Refinancing of Existing
Senior Financing
Nicaragua
February 2009
Papelera Internacional, S.A.
US$ 10,000,000
Senior Long-Term
Financing
Guatemala
May 2009
Ferreteria EPA, S.A.
US$ 12,000,000
Senior Long-Term
Financing Provided by
Costa Rica
December 2014
US$ 284,000,000 Senior
Long-Term Debt Project
Financing
Panama
InterEnergy Holdings
November 2010
Polaris Energy Nicaragua, S.A.
US$ 20,000,000
Subordinated Long-term
Debt Project Financing
Nicaragua
November 2010
Polaris Energy Nicaragua, S.A.
US$ 140,000,000
Senior Long-term Debt
Project Financing
Nicaragua
December 2014
Papelera Internacional, S.A.
US$ 30,000,000
Senior Debt
Guatemala
April 2014
US$ 100,000,000
Bridge Financing
Panama
InterEnergy Holdings
July 2015
US$ 21,000,000
Senior Long-Term Debt
Project Financing
Guatemala
Repimex, S.A.
December 2014
Panama
InterEnergy Holdings
US$ 16,000,000
Subordinated Long-term
Debt Project Financing
June 2005
US$ 27,500,000
Senior Long-Term
Financing
Central America
Grupo Financiero Uno
October 2010
Papelera Istmeña, S.A.
Acquisition by Painsa
Holdings and Financing
by Banesco, S.A.
(Panama)
Panama
June 2007
Grupo Financiero CrediQ Corp.
US$ 35,000,000
Senior Long-Term
Financing
Central America
April 2014
Acquisition of 215 MW
Wind Project in Panama
Panama
InterEnergy Holdings
Track record
July 2008
Sigma S.A.
Strategic alternatives
and capital raising
strategies
Central America
July 2007
Papelera Internacional, S.A.
Acquisition by
Grand Bay International,
A.V.V.
Guatemala
11 An introduction to our firm
We have completed 7 transactions for over US$275 million in M&A advisory, capital
raising, and restructuring in the Andean region and South America
7 transactions and advisory
engagements completed in
South America, with a focus
on the Andean region
Over US$275 million in transaction value
Transactions:
‒ M&A
‒ Restructuring
‒ Senior Debt
‒ Mezzanine / Equity
Andean region and South
America:
‒ Colombia
‒ Peru
‒ Uruguay
May 2006
US$ 24,000,000
Debt Restructuring Including
US$ 10,000,000 New Long-
Term Financing
Colombia
August 2014
Peninsula Investments Group, L.P.
(Fund III)
US$ 30,000,000
Limited Partnership Interests
Raised
Latin America
June 2004
Frigorifico Canelones
US$ 24,000,000 Debt & Equity
Restructuring
New Medium- and Long-Term
Loans Including
US$ 6,000,000
Uruguay
May 2015
Colombia
US$ 50,000,000
Senior Long-Term Financing
Inter-American Bank’s
Opportunities for the Majority
Bayport Colombia S.A.S.
October 2005
Tender offer for publicly-
traded shares and de-listing
Colombia
February 2009
Andean Region
Latin American
expansion strategy
NovoPayment
November 2008
Peru
US$ 145,000,000
Sale of 282,851,186
Class A Voting Shares
Compañía Minera Atacocha S.A.A.
Track record
12 An introduction to our firm
We have completed 7 transactions for over US$0.8 billion in M&A advisory, capital
raising, and restructuring in the U.S. and globally
7 transaction completed in
the U.S. and globally
Transactions:
‒ M&A
‒ Restructuring
‒ Mezzanine / Equity
‒ Equity
Industries:
‒ Consumer & Retail
‒ Renewable Energy
‒ Transportation
June 2015
USA
US$ 75,000,000
Limited Partnership Interests
Raised
Jetstream Aviation Capital (Fund II))
December 2014
Global
US$ 375,000,000
Equity Private Placement
Infrastructure Investments Fund
Sonnedix Power Holdings, Ltd.
September 2013
Acquisition of
USA / Germany
Kawa Capital Management
September 2014
Ghurka
US$ 7,500,000
Mezzanine Debt
USA
Banyan Investment Partners
October 2013
Ghurka
US$ 20,000,000
Equity Private Placement
USA
August 2005
US$ 20,000,000
Sale of a Minority Interest to
Citigroup Venture Capital
International
USA
Adir International, LLC
Track record August 2016
Global
Sale to
Infrastructure Investments Fund
Sonnedix Power Holdings, Ltd.
13 An introduction to our firm
Pan American Finance has completed 18 transactions for over US$1.9 billion in the
infrastructure and energy sector, including US$1.3 billion in renewable energy
Track record
18 transactions completed
in the infrastructure and
energy sectors
Transactions:‒ M&A
‒ Restructuring
‒ Project Finance
‒ Senior Debt
‒ Subordinated Debt
‒ Mezzanine / Equity
Infrastructure:
‒ Energy & Power
‒ Mining
‒ Ports &Transportation
‒ Real Estate
Renewable energy:
‒ Solar
‒ Wind
‒ Geothermal
Geographies:
‒ Central America
‒ Caribbean
‒ Andean & South America
‒ USA & Global
November 2008
Compañía Minera Atacocha S.A.A.
US$ 145,000,000
Sale of 282,851,186
Class A Voting Shares
Peru
November 2014
US$ 168,000,000
Acquisition of
10% Interest in
Trinidad & Tobago
The National Insurance Board
of T&T, National Enterprises
Ltd. & The T&T Unit Trust Corp.
April 2014
Acquisition of 215 MW
Wind Project in Panama
Panama
InterEnergy Holdings
September 2013
Acquisition of
USA/Germany
Kawa Capital Management
September 2013
Sale of
Trinidad & Tobago
Denham Capital
August 2010
First Citizens Bank, Ltd.
US$ 184,000,000
Debt Restructuring
and New Financing
Trinidad & Tobago
Home Construction Limited
November 2010
Polaris Energy Nicaragua, S.A.
US$ 30,000,000
Refinancing of Existing
Senior Financing
Nicaragua
December 2014
US$ 284,000,000 Senior
Long-Term Debt Project
Financing
Panama
InterEnergy Holdings
November 2010
Polaris Energy Nicaragua, S.A.
US$ 20,000,000
Subordinated Long-term
Debt Project Financing
Nicaragua
November 2010
Polaris Energy Nicaragua, S.A.
US$ 140,000,000
Senior Long-term Debt
Project Financing
Nicaragua
April 2014
US$ 100,000,000
Bridge Financing
Panama
InterEnergy Holdings
July 2015
US$ 21,000,000
Senior Long-Term Debt
Project Financing
Guatemala
Repimex, S.A.
December 2014
Panama
InterEnergy Holdings
US$ 16,000,000
Subordinated Long-term
Debt Project Financing
December 2014
US$ 375,000,000
Equity Private Placement
Global
Infrastructure Investments Fund
Sonnedix Power Holdings, Ltd.
August 2014
US$ 30,000,000
Limited Partnership
Interests Raised
Latin America
Peninsula Investments Group, L.P.
(Fund III)
Sale to
Global
Sonnedix Power Holdings, Ltd.
Infrastructure Investments Fund
August 2016 June 2015
US$ 75,000,000
Limited Partnership
Interests Raised
USA
Jetstream Aviation Capital (Fund II))
14 An introduction to our firm
Pan American Finance has completed over US$1.3 billion in transaction value in the
renewable energy sector, including geothermal, solar and wind
Track record
10 transactions completed in
the renewable energy sector
Transactions:
‒ M&A
‒ Restructuring
‒ Senior Debt
‒ Subordinated Debt
‒ Mezzanine / Equity
Energy sector technologies:
‒ Solar
‒ Wind
‒ Geothermal
Geographies:
‒ Central America
‒ USA
‒ Europe
‒ Asia
‒ South Africa
December 2014
US$ 375,000,000
Equity Private Placement
Global
Infrastructure Investments Fund
Sonnedix Power Holdings, Ltd.
December 2014
US$ 284,000,000 Senior
Long-Term Debt Project
Financing
Panama
InterEnergy Holdings
December 2014
US$ 16,000,000
Subordinated Long-term
Debt Project Financing
Panama
InterEnergy Holdings
April 2014
US$ 100,000,000 Bridge
Financing
Panama
InterEnergy Holdings
April 2014
Acquisition of 215 MW
Wind Project in Panama
Panama
InterEnergy Holdings
September 2013
Acquisition of
USA/Germany
Kawa Capital Management
November 2010
US$ 140,000,000
Senior Long-term Debt
Project Financing
Nicaragua
Polaris Energy Nicaragua, S.A.
November 2010
US$ 20,000,000
Subordinated Long-term
Debt Project Financing
Nicaragua
Polaris Energy Nicaragua, S.A.
November 2010
US$ 30,000,000
Refinancing of Existing
Senior Financing
Nicaragua
Polaris Energy Nicaragua, S.A.
August 2016
Sale to
Global
Infrastructure Investments Fund
Sonnedix Power Holdings, Ltd.
15 An introduction to our firm
Sponsor
In January 2014, InterEnergy was presented with the opportunity to acquire a 215 MW wind farm project in Panama for a total
cost of approximately US$425 million; permits, concessions, and approvals were in place
Upon completion, the 215 MW Penonome Wind Project would be the largest wind farm in Panama and Central America
Three separate supplier contracts had been negotiated, with uncoordinated schedules presenting high interface risk for
project
The project had signed 15- and 20-year PPAs for 165MW in capacity, requiring tight 10-month construction schedule to avoid
potential delay penalties in early 2015; 50MW would operate on a merchant basis
InterEnergy needed fast execution of the acquisition and financing transactions
Situation
InterEnergy Holdings
Pan American Finance advised InterEnergy on the acquisition, bridge financing, and
long-term debt financing of the 215 MW Penonome Wind Project in Panama in 2014
InterEnergy Holdings (“InterEnergy”) was formed in 2011 from predecessor company Basic Energy Ltd. by private equity fund
InterEnergy Partners LP and entrepreneur Rolando Gonzalez Bunster
InterEnergy currently owns and operates 880 MW of power generation and distribution assets in the Caribbean and Central
America
Predecessor company, Basic Energy Ltd., had nearly 25 years of investment and operational experience in the power sector,
having acquired and developed over 1,500 MW in the Dominican Republic, Argentina, Panama, and Jamaica
In February 2013, the World Bank's International Finance Corporation acquired a minority equity interest in InterEnergy
through a US$100 million direct equity investment
16 An introduction to our firm
Acquisition
Outcome
Bridge Loan
Term Loan
Financial modeling and due diligence
Board of directors presentations
Coordination of InterEnergy’s internal deal team and external advisors
Negotiations with seller on acquisition and shareholder agreements
Renegotiation of 3 supplier contracts to shorten construction schedule, reduce interface risk,
mitigate risk of PPA penalties, and conform payment schedules to funding plan
Financial modeling
Lender presentations and due diligence management
Mandate, term sheet, and legal documentation negotiations
US$100 million, 8-month, bridge loan from Banco Espirito Santo de Investimento, allowing
sufficient period to secure long-term take-out financing
Financial modeling
Lender presentations, site visits, and due diligence management
Coordination of internal deal team and external advisors
Negotiation of mandate, term sheet, and definitive legal documentation
US$300 million in 17-year debt financing from a syndicate of 7 banks led by IFC;
US$284 million in senior debt and US$16 million in subordinated debt
Acquisition and bridge financing transactions completed in 3 months (Jan - April 2014)
Term debt financing, involving 7 banks, completed in 8 months (May – Dec 2014)
InterEnergy completed project on tight time schedule while mitigating significant risks
and providing attractive returns to shareholders
Role of Pan American Finance
December 2014
US$ 300,000,000
Senior and Subordinated
Secured debt project
financing
Panama
April 2014
US$ 100,000,000
bridge financing
Panama
April 2014
Acquisition of
215 MW wind
park in Panama
Panama
InterEnergy Holdings
Pan American Finance advised InterEnergy on the acquisition, bridge financing, and
long-term debt financing of the 215 MW Penonome Wind Project in Panama in 2014
InterEnergy Holdings
InterEnergy Holdings
InterEnergy Holdings
17 An introduction to our firm
Pan American Finance advised Sonnedix Solar on the creation of a 50/50 JV with J.P.
Morgan Asset Management’s Infrastructure Investment Fund in 2014 and on the sale
of substantially all of the company to its JV partner less than 2 years later in 2016
Sonnedix Solar
Sonnedix Solar is a solar photovoltaic (“solar PV”) developer and independent power producer, incorporated in Bermuda and, as of August 2016, operated 55 power plants with 353 MW of installed capacity
Sonnedix Solar is developing and owns controlling interests in 66 parks, comprising 795 MW of operating, under construction, in documentation, and under development capacity in nine countries: Chile, France, Italy, Japan, Puerto Rico (USA), South Africa, Spain, Thailand and the UK
Sonnedix Solar has built a world class team of experienced solar executives deployed around the world to create a global solar platform targeting > 1 GW of installed capacity
Process
Outcome
Sponsor
Signing of a joint venture agreement between Sonnedix Solar and JPM IIF; closing and funding in December 2014
JPM IIF acquired 50% of Sonnedix Solar’s portfolio, and in addition provided immediate significant new capital commitments with interest to fund substantial, additional amounts
The transaction validated Sonnedix Solar’s business plan, solar platform, management team, operating assets, development projects, and future opportunity – after comprehensive due diligence by JPM IIF and its advisors (Skadden, DNV, PWC, Marsh and E&Y)
Provided attractive valuation for Sonnedix Solar – for both operating and development assets – and transparent ongoing valuation via quarterly NAV calculation
Attractive future IRRs for Sonnedix Solar LPs with attractive expected yields and multiple exit alternatives
In 2016, Pan American Finance advised Sonnedix Solar on the sale of substantially all of the company to JPM IIF –Sonnedix Solar had increased its capacity from 117MW to 353MW and acquired over €300 million of operating assets since forming the JV
December 2014
US$ 375,000,000
Equity Private Placement
Global
Sonnedix Power Holdings, Ltd.
Infrastructure Investments Fund
August 2016
Sale to
Global
Sonnedix Power Holdings, Ltd.
Infrastructure Investments Fund
In 2014, after having raised €200 million in equity from private investors, Sonnedix Solar L.P. was seeking substantial additional equity capital to fund the development and acquisition of new solar PV assets around the globe
Pan American Finance worked closely with management to develop a comprehensive capital raising strategy
A financial model that consolidated development, under-construction, and operating assets was built by Pan American Finance, and marketing materials were developed to approach potential investors
Pan American Finance approached selected blue-chip insitutional investors and family offices and assisted Sonnedix Solar in the negotiation and documentation of a transaction that secured capital from JP Morgan Asset Management’s Infrastructure Investment Fund (“JPM IIF”)
18 An introduction to our firm
Sponsor
Ram Power / Polaris Energy Nicaragua
Pan American Finance assisted Ram Power in the Phase I US$85 million refinancing &
Phase II US$160 million project financing of its 72 MW geothermal plant in Nicaragua
Process
Founded in 2008, Ram Power Corp. (“Ram Power”) is a publicly-traded renewable energy company based in Toronto,
Canada
Ram Power engages in the acquisition, exploration, development and operation of geothermal properties in Nicaragua, and
concessions, leases, and properties in the United States, Canada, and Central America
Ram Power owns and operates the San Jacinto-Tizate geothermal power project in Nicaragua through its subsidiary, Polaris
Energy Nicaragua, S.A.
Project
Overview
The San Jacinto-Tizate (“SJT”) geothermal project is located in northwest Nicaragua, near the city of Leon, approximately 90
km northwest of the capital city of Managua
SJT has one of the highest quality geothermal reservoirs being developed in the world; the concession has the potential to
produce over 200 MW of power
The second phase of the SJT geothermal project commenced operations in December 2012 and together with the first phase
represents a total investment of over US$400 million
The plant is currently operating two Fuji units with 72 MW in capacity
Pan American Finance was engaged in February 2010
Signing of definitive Phase I refinancing and Phase II financing documentation took place in November 2010 and the initial
disbursement was made in August 2011, after delays in resource certification and project cost overruns
Pan American Finance assisted RAM Power in raising US$140 million in new long-term senior financing with 13-year final
maturity for the Phase II expansion of the project; the consortium of co-lenders was led by the IFC and included IDB, BIO,
CABEI, DEG, FMO, OeEB, and Proparco
Pan American Finance also advised RAM Power on raising US$20 million in new subordinated financing with 14- year final
maturity for the Phase II expansion of the project; the subordinated financing was provided by IFC
Pan American Finance assisted in refinancing US$30 million of US$70 million in existing senior and $15 million in
subordinated financing for Phase I of the project; consortium of co-lenders led by CABEI and included BIO, CIFI and FMO
19 An introduction to our firm
Outcome
Successfully renegotiated key terms of Phase I debt to be consistent
with Phase II financing (to extend tenor and reduce spread) and added
US$8 million in new subordinated debt
− Replaced / refinanced US$ 30 million from two existing Phase I lenders to
achieve these objectives
Phase II senior debt was significantly over-subscribed
Resulted in 65% debt : 35% equity project financing structure
Lenders:
− IFC was mandated as “lead” lender; IDB also mandated as a co-arranger
− Parallel loans from CABEI, DEG, FMO, OeEB and Proparco, and “B” loans
from BIO and CIFI
− Subordinated debt provided by IFC and FMO
Latin American
Geothermal
deal of the year
November 2010
Polaris Energy Nicaragua, S.A.
US$ 140,000,000
Senior long-term
project financing
Nicaragua
November 2010
Polaris Energy Nicaragua, S.A.
US$ 30,000,000
Refinancing of existing
senior financing
Nicaragua
November 2010
Polaris Energy Nicaragua, S.A.
US$ 20,000,000
Subordinated long-
term project financing
Nicaragua
Role of Pan American Finance
Ram Power / Polaris Energy Nicaragua
We also assisted Ram Power in the Phase I US$85 million refinancing and Phase II
US$160 million project financing of its 72 MW geothermal plant in Nicaragua
20 An introduction to our firm
Our firm has completed 12 transactions for over US$0.4 billion in M&A advisory, capital
raising and restructuring in the financial services sector
October 2012
Financial Advisory
and Valuation
Trinidad & Tobago
Colonial Life Insurance
Company [Trinidad] Limited
Track record May 2015
Colombia
US$ 50,000,000
Senior Long-Term
Financing Provided by
Bayport Colombia S.A.S. 12 transactions and
advisory engagements
completed in financial
services
Transactions:
‒ M&A
‒ Restructuring
‒ Senior Debt
‒ Subordinated Debt
‒ Mezzanine / Equity
Geographies:
‒ Caribbean
‒ Central America
‒ Andean region
Inter-American Bank’s
Opportunities for the Majority
June 2005
Grupo Financiero Uno
US$ 27,500,000
Senior Long-Term
Financing Provided by
Central America
June 2007
Grupo Financiero CrediQ Corp.
US$ 35,000,000
Senior Long-Term
Financing Provided by
Central America
February 2009
NovoPayment
Latin American
Expansion Strategy
Andean Region
February 2009
First Citizens Bank, Ltd.
Assumption of
US$ 280,000,000
in customer deposits of
Trinidad & Tobago
May 2009
First Citizens Bank, Ltd.
Trinidad & Tobago
New Equity Capital of
US$ 50,000,000
Committed
Republic of Trinidad and Tobago
August 2012
First Citizens Bank, Ltd.
US$ 45,000,000
Acquisition of Butterfield
Bank (Barbados) Limited
Barbados
May 2009
First Citizens Bank, Ltd.
Acquisition of the
Shares of
Caribbean
Caribbean Money Market
Brokers Ltd.
September 2015
Assessment of Strategic
Alternatives
Trinidad & Tobago
The National Insurance Board
of Trinidad & Tobago
Home Mortgage Bank Trinidad & Tobago
Mortgage Finance Co.
21 An introduction to our firm
Client
Bayport Colombia S.A.S.
Pan American Finance advised Bayport Colombia on raising US$50 million in senior
debt from the IDB to grow its payroll deduction loan portfolio in Colombia
Outcome
Founded in 2007, Bayport Colombia, S.A.S. (“Bayport Colombia”) is a non-bank financial intermediary that originates loans to civil servants and pensioners via payroll deductions
− Loans are mainly used for educational, housing and home improvement, and development of small business
purposes, boosting local economic and social well-being – US$83 million net loan portfolio in 2014
The company focuses on minorities (57% of its clients are women) and on rural areas (50% of its clients) where families live at the base of the socio-economic pyramid with low levels of financial inclusion
Bayport Colombia is a subsidiary of Bayport Management Limited Ltd. (“BML”)
Founded in 2001, BML is headquartered in Mauritius and has similar operations in 7 African countries and Mexico
Pan American Finance was mandated to raise US$50 million in senior debt from non-local financial institutions offering competitive rates
During the engagement, Pan American Finance:
− Worked together with management preparing a financial model and presentations for development banks and impact investors
− Approached development banks and impact investors
− Managed the due diligence process
− Negotiated and reviewed agreements, financial covenants and other debt terms & conditions, among others
Situation
Bayport Colombia had been funding its loan portfolio through shareholder loans and equity injections from BML and local financing
Dependence on solely these two sources of capital was not sustainable in the long run for Bayport Colombia; hence, it decided to look for alternative sources of capital abroad focusing on development banks
− Raising capital from local banks would become more difficult as Bayport Colombia grew given the limited debt of the local financing sources
− Shareholder loans resulted in foreign exchange loss exposure
− BML strategy is to provide short term capital for new operations until they reach critical mass and can secure financing on their own
− The IDB loan was denominated in US dollars, but a hedged disbursement and repayment structure in local currency (Colombian Pesos)
eliminated foreign exchange exposure
May 2015
US$ 50,000,000
Senior Long-Term
Financing Provided by
Colombia
In April 2014, the Inter-American Development Bank's Opportunities for the Majority (OMJ) agreed to fund US$15 million of the totalfinancing, with the remaining US$35 million to be provided from international impact investors and commercial lenders
Process
Bayport Colombia S.A.S.
Inter-American Bank’s
Opportunities for the Majority
22 An introduction to our firm
Pan American Finance advised First
Citizens on the acquisition of
Caribbean Money Market Brokers
(CMMB), an investment services and
brokerage business, and the former
subsidiary of CL Financial
Pan American Finance advised First
Citizens on a new TT$300 million
(US$50 million) capital commitment by
the Republic of Trinidad & Tobago, in
conjunction with the CIB and CMMB
transactions
Pan American Finance advised First
Citizens and its subsidiary, CMMB, on
the comprehensive restructuring of
US$110 million of existing debt facilities
for Angostura Holdings Ltd, financed by
First Citizens, CMMB, and Clico
Investment Bank
Pan American Finance advised First
Citizens on the comprehensive
restructuring of US$171 million in
existing long-term debt facilities
provided to Home Construction Limited
for the construction of its One
Woodbrook Place mixed-use real
estate (residential, retail and office)
development in Port-of-Spain
First Citizens
First Citizens Bank Limited
(“First Citizens”) is a leading
commercial bank in Trinidad &
Tobago
Founded in 1993 through the
merger of three banks, First
Citizens is publicly traded on
the TTSE exchange (TTSE:
FIRST) and majority owned by
the Republic of Trinidad &
Tobago
First Citizens offers a full range
of retail and corporate banking
products as well as asset
management, trustee and
brokerage services
Bank of the Year 2009 from the
Banker Magazine, Latin
Finance and World Finance and
Best Bank in Trinidad & Tobago
2010 (World Finance)
Named among the top five
safest banks in Latin America
and the Caribbean by Global
Finance in 2010
Completed transactions
May 2009
First Citizens Bank, Ltd.
New Equity Capital of
US$ 50,000,000
Committed
Trinidad & Tobago
Republic of Trinidad and Tobago
Pan American Finance advised First
Citizens on the US$45 million
acquisition of Butterfield Bank
(Barbados) Limited, a former subsidiary
of publicly-traded Bank of N. T.
Butterfield & Son Limited
Pan American Finance advised First
Citizens on the assumption of
approximately US$280 million (TT$1.7
billion) in customer deposits from
CLICO Investment Bank (CIB) following
its intervention and closure by the
Central Bank of Trinidad & Tobago
Pan American Finance has established a strong and loyal base of repeating clients
due to its commitment to quality and meeting the changing needs of its customers
Our firm has advised First Citizens Bank on a series of successful acquisitions, capital
raisings and restructurings over the past 5 years
February 2009
First Citizens Bank, Ltd.
Assumption of
US$ 280,000,000
in customer deposits of
Trinidad & Tobago
May 2009
First Citizens Bank, Ltd.
Acquisition of the
shares of
Caribbean
Caribbean Money Market Brokers Ltd.
August 2012
First Citizens Bank, Ltd.
US$ 45,000,000
Acquisition of Butterfield
Bank (Barbados) Limited
Barbados
August 2010
First Citizens Bank, Ltd.
US$ 171,000,000
Debt Restructuring
Trinidad & Tobago
October 2010
First Citizens Bank, Ltd.
US$ 110,000,000
Debt Restructuring
Caribbean
Angostura Holdings Ltd.
23 An introduction to our firm
November 2007
One Caribbean Media Limited
Acquisition of
CCC / GEM Radio
From Cumulus Media
Caribbean
Pan American Finance has completed 22 transactions over US$0.4 billion in
transaction value in the consumer, manufacturing & services
22 transactions and
advisory engagements
completed in the consumer,
manufacturing and services
sector
Transactions:
‒ M&A
‒ Restructuring
‒ Senior Debt
‒ Subordinated Debt
‒ Mezzanine / Equity
Geographies:
‒ Caribbean
‒ Latin America:
Costa Rica
Guatemala
Nicaragua
Panama
Nicaragua
Uruguay
‒ USA
October 2010
First Citizens Bank, Ltd.
US$ 110,000,000
Debt Restructuring
Trinidad & Tobago
Angostura Holdings Ltd.
February 2009
Papelera Internacional, S.A.
US$ 10,000,000
Senior Long-Term
Financing
Guatemala
May 2009
Ferreteria EPA, S.A.
US$ 12,000,000
Senior Long-Term
Financing Provided by
Costa Rica
May 2006
Papeles Nacionales, S.A.
US$ 24,000,000 Debt
Restructuring Including
US$ 10,000,000 New
Long-Term Financing
Colombia
October 2009
US$ 55,000,000
Debt Restructuring and
New Financing
Unicell Paper Mills Caribbean
Limited
Trinidad & Tobago
December 2014
Papelera Internacional, S.A.
US$ 30,000,000
Senior Debt
Guatemala
September 2014
US$ 7,500,000
Mezzanine Debt
USA
Banyan Investment Partners
Ghurka
October 2013
US$ 20,000,000
Equity Private Placement
USA
Ghurka
October 2009
Trinidad Tissues Limited
Acquisition by
Grand Bay International
A.V.V.
Trinidad & Tobago
January 2006
One Caribbean Media Limited
US$ 205,000,000
Merger of Caribbean
Communications Network
& The Nation Corp.
Caribbean
October 2005
Papeles Nacionales S.A.
Tender offer for publicly-
traded shares and de-
listing
Colombia
August 2005
Adir International, LLC
USA
US$ 20,000,000
Sale of a Minority Interest
to Citigroup Venture
Capital International
Track record
June 2004
US$ 24,000,000 Debt &
Equity Restructuring
New Medium- and Long-
Term Loans Including
US$ 6,000,000
Uruguay
Frigorifico Canelones
July 2007
Papelera Internacional, S.A.
Acquisition by
Grand Bay International,
A.V.V.
Guatemala
July 2008
Sigma S.A.
Strategic alternatives
and capital raising
strategies
Central America
October 2010
Papelera Istmeña, S.A.
Acquisition by Painsa
Holdings and Financing
by Banesco, S.A.
(Panama)
Panama
April 2012
Grand Bay Paper Products Ltd.
US$ 40,000,000
Debt Restructuring
Trinidad & Tobago
December 2012
Colonial Life Insurance Company
[Trinidad] Limited
Financial Advisory
and Valuation
Trinidad & Tobago
July 2015
Colonial Life Insurance Company
[Trinidad] Limited
Financial Advisory
and Valuation
Trinidad & Tobago
October 2009
Unicell Paper Mills Caribbean
Limited
Acquisition by
Grand Bay International
A.V.V.
Trinidad & Tobago
April 2016
Colonial Life Insurance
Company [Trinidad] Limited
Financial Advisory
and Valuation
Trinidad & Tobago
24 An introduction to our firm
Pan American Finance has established a strong and loyal base of repeating clients
due to its commitment to quality and meeting the changing needs of its customers
October 2009
US$ 55,000,000
Debt Restructuring and
New Financing
Trinidad & Tobago
Unicell Paper Mills
Caribbean Limited
October 2010
Papelera Istmeña, S.A.
Acquisition financing by
Banesco, S.A. (Panama)
Panama
October 2010
Papelera Istmeña, S.A.
Acquisition by Painsa
Holdings (a subsidiary of
Grand Bay)
Panama
December 2014
US$ 30,000,000
Senior Debt
Guatemala
Papelera Internacional, S.A.
October 2009
Trinidad Tissues Limited
Acquisition by
Grand Bay International
A.V.V.
Trinidad & Tobago
July 2007
Papelera Internacional, S.A.
Acquisition by
Grand Bay International,
A.V.V.
Guatemala
Our firm has advised Grand Bay International on a series of successful acquisitions and
capital raisings over the past 9 years
Grand Bay International Completed transactions
With approximately
US$500 million in
annual revenue, Grand
Bay Paper & Care
Products Corp, through
Grand Bay International,
S.A. and its other
subsidiaries (collectively
“GB”), manufactures and
markets consumer
tissue and personal care
products across the
Caribbean, Central
American & Northern
Andean regions
GB has manufacturing
operations in
Guatemala, Panama,
Trinidad and Tobago,
Venezuela, & Colombia
Since 2005, PAF has
advised GB on ten
acquisition and capital
raising transactions,
helping GB to expand
across new geographies
outside its first and
largest market,
Venezuela
October 2009
Unicell Paper Mills
Caribbean Limited
Acquisition by
Grand Bay International
A.V.V.
Trinidad & Tobago
April 2012
Grand Bay Paper Products Ltd.
US$ 40,000,000
Debt restructuring
Trinidad & Tobago
February 2009
Papelera Internacional, S.A.
US$ 10,000,000
Senior Long-Term
Financing
Guatemala
May 2006
US$ 24,000,000 Debt
Restructuring Including
US$ 10,000,000 New
Long-Term Financing
Colombia
Papeles Nacionales S.A.
Pan American Finance
advised GB’s Guatemalan
subsidiary on a new US$30
million, 10-year, senior term
loan from MetroBank
(Panama) & Banco G&T
Continental (Guatemala)
Pan American Finance
advised GB’s Trinidadian
subsidiary on the
restructuring of US$40
million in existing long-term
debt with IFC, First Citizens
Bank, and Royal Bank of
Canada
Pan American Finance
advised GB on the
acquisition of a majority
equity interest in Papelera
Istmeña, the leading
manufacturer and marketer
of tissue paper products in
Panama
Pan American Finance
advised GB on raising
senior debt from regional
Central American banks for
the acquisition of a majority
equity interest in Papelera
Istmeña
Pan American Finance
advised GB on the
acquisition of Trinidad
Tissues; the acquisition was
completed simultaneously
with the purchase of Unicell
Paper Mills
Pan American Finance
advised GB’s Trinidadian
subsidiary on the
restructuring of US$45
million in existing long-term
bank debt and the
structuring of US$10 million
in new working capital
facilities
Pan American Finance
advised GB on the
acquisition of Unicell Paper
Mills in Trinidad and
Tobago; the acquisition was
completed simultaneously
with the acquisition of
Trinidad Tissues
Pan American Finance
advised GB’s Guatemalan
subsidiary on a new US$10
million, 8-year, senior
term loan from DEG, the
German Development Bank
Pan American Finance
advised GB on the
acquisition of a majority
equity interest in Papelera
Internacional, the largest
manufacturer of tissue
paper products in
Guatemala
Pan American Finance
advised GB’s Colombian
subsidiary Papeles
Nacionales on a
comprehensive
restructuring of its local-
currency denominated debt;
also arranged a new US$10
million, 8-year, senior-debt
financing from DEG
25 An introduction to our firm
Our team is composed of senior-level, highly experienced investment banking
professionals with broad industry expertise and strong, regional knowledge
Co-founder of Pan American Finance and PAF Securities
Over 30 years of experience in investment banking, corporate finance and private equity
Focused on M&A, capital raising and restructuring in Latin America and the Caribbean since 1992
Transaction experience in the Consumer & Retail, Financial Services, Infrastructure & Renewable
Energy, Technology, Media & Telecom, and Transportation sectors
From 1998 to 2001, served as Managing Director and CFO of Ibero American Media Partners
(“IAMP”), a $500 million private equity platform jointly owned by the Cisneros Group of Companies
and Hicks, Muse, Tate & Furst in Miami Beach, Florida. IAMP made investments in the pay
television, broadcast TV, radio and internet sectors, in 1998 acquiring the Cisneros Television Group
(“CTG”), where Ben was Vice Chairman
Managing Director at Violy, Byorum & Partners in New York, an investment banking firm focused on
M&A advisory in Latin America and the Caribbean
Held prior positions at Citicorp Securities and Continental Bank, living and working in New York, Los
Angeles, Chicago, and London
Ben serves as a director to various private companies and as senior advisor to the ALS Recovery
Fund
Graduate of the University of Oxford
Benjamin S. A. Moody, President & CEO, Partner Prior Experience
IBERO AMERICAN
MEDIA PARTNERS
26 An introduction to our firm
Ed Miller has extensive private equity investment, fundraising and TMT experience, and a vast
network of HNW / family office and institutional investors in the US and Latin America
From 1984 to 1996, Mr. Miller was co-manager of the largest Caribbean Basin and Latin American
coverage team for Goldman Sachs, based in Miami
From 1996 to1999, he managed a high yield fund for a large Latin American bank, managed a
hedge fund, and founded and led the initial investment round in Answerthink (now known as The
Hackett Group, NASDAQ: HCKT), an information technology consulting company
Mr. Miller was the co-founder of Interprise Technology Partners, a $110 million technology venture
fund which made seven lead investments between 1999 and 2002
In 2002, Mr. Miller founded Ramsell Capital Management, Inc. as a vehicle to source investments in
private equity transactions and occasionally to perform advisory services
Mr. Miller was also a Managing Director at Parmenter Realty Partners from 2002 to 2012, where he
was in charge of all aspects of documenting and raising their second, third, and fourth institutional
funds
Fund II – US$90 million – closed 2002
Fund III – US$250 million – closed 2006
Fund IV – US$255 million – closed 2012
In 2006, Mr. Miller established Ramsell Dining, LLC, to make a platform purchase of 18 Burger King
franchises and has since made add on acquisitions to bring the total to 29
Prior to joining Goldman Sachs in 1984, Mr. Miller worked for Price Waterhouse in New York City in
international tax for 4 years
Graduate of the University of Florida Warrington College of Business and the Levin college of Law.
Previously certified as a CPA and a prior member of the New York Bar
Edmund R. Miller, Senior Managing Director, Partner Prior Experience
Our team is composed of senior-level, highly experienced investment banking
professionals with broad industry expertise and strong, regional knowledge
27 An introduction to our firm
Over 15 years of experience advising and operating companies in Latin America and the U.S.
Industry experience in Consumer Products & Services, Food & Beverage, and Financial Services
Serves on the board of several companies in Central America
MBA from the Wharton School of Business at the University of Pennsylvania and Bachelor of
Science degree in Civil Engineering from the Massachusetts Institute of Technology
Over 15 years of experience in investment banking, debt structuring and strategic analysis
From 2005 to 2010, worked with PepsiCo as M&A and Business Development Director for Latin
America, where he played a leadership role in the execution of PepsiCo’s expansion agenda in the
region in Food & Beverages
From 2006 to 2007, taught financial modeling as a guest professor at EGADE Business School -
Instituto Tecnologico de Monterrey
From 2002 to 2005, served as Corporate Finance Vice President at Santander
MBA from Cornell University and Bachelor’s degree in Economics from Universidad Católica in
Venezuela
Mauricio Borgonovo, Managing Director Prior Experience
Our team is composed of senior-level, highly experienced investment banking
professionals with broad industry expertise and strong, regional knowledge
Jabier Arbeloa, Managing Director Prior Experience
28 An introduction to our firm
Over 6 years of experience in M&A advisory, private equity, hedge funds, debt restructuring and
project finance
Rejoined Pan American Finance after a two year hiatus
Previously worked as a Senior Investment Analyst at Kawa Capital Management, a ~US$400 million
multi-strategy hedge fund focusing on direct investments in real estate and the renewable energy
industry
Prior to Kawa, worked as an Associate at Wrightwood Financial, a Chicago based Real Estate
Private Equity firm focused on high yield investments across multiple real estate asset classes
Began working career at Bulger Capital Partners, a Boston based boutique merchant bank, where
he advised high growth tech companies on sell-side M&A and capital raising initiatives as well as
analyzed potential investments for the firms growth equity fund
Bachelor of Arts in Political Science from Yale University and an MBA with concentrations in Finance
and Entrepreneurship from The University of Chicago Booth School of Business
Pedro Obregon, Vice President Prior Experience
Our team is composed of senior-level, highly experienced investment banking
professionals with broad industry expertise and strong, regional knowledge
Over 6 years of experience in M&A advisory, private equity, distressed credit, and fundraising
Previously worked as a Senior Associate at Ares Management LP (NYSE: ARES), a ~US$100 billion
alternative asset management firm focusing on LBO transactions and Direct Credit investments
across a variety of industries
Prior to Ares Management LP, worked as an Analyst and Associate at Athelera LLC providing M&A,
capital raising, and strategic advisory services to clients predominately in Latin America and Western
Europe
Bachelor of Science in Business Management with a concentration in Finance and Economics from
Babson College
Nicholas Hanabergh, Associate Prior Experience
29 An introduction to our firm
Our team is composed of senior-level, highly experienced investment banking
professionals with broad industry expertise and strong, regional knowledge
Alejandro J. Medina, Analyst Prior Experience
Over 5 years of investment banking experience working with several industries in the middle-market
Between 2011 and 2014 worked on the M&A transaction advisory team for Cross Keys Capital, a
boutique investment bank located in Fort Lauderdale, FL
From 2014 to 2015 worked in the luxury real estate department of Sea Grove Capital, a boutique
investment bank and real estate services firm located in Coral Gables, FL
Between 2009 and 2011 tutored students in undergraduate finance courses and worked as a
business magazine columnist for Florida International University
Bachelor's in Business Administration, Magna Cum Laude, from Florida International University
Carlos Lovera, Analyst Prior Experience
Over 4 years of investment banking experience working with a broad range of private and publicly-
traded companies in the U.S., Europe and Latin America
Previously worked as an Analyst at Bank of America Merrill Lynch, working in the Global Healthcare
coverage team and the Latin America M&A group
Industry experience in: Healthcare; Energy & Power; Industrials; Technology, Media and Telecom;
Real Estate; and Financial Institutions
Graduated Phi Beta Kappa, Summa Cum Laude with BSBA in Economics and Legal Studies from
the University of Miami
30 An introduction to our firm
Our Senior Advisors are high-level executives with extensive experience and proven
expertise in managing businesses in both the public and private sectors
Owner and Managing Director for AMB Corporate Finance Limited, a consulting firm formed in 2009,
specializing in company valuations, capital restructurings, business planning, mergers and acquisitions,
privatizations, investment appraisals and due diligence reviews
Between 2012 and 2015, Chairman of the National Insurance Board of Trinidad and Tobago (“NIB”),
institution responsible for the operation and administration of the country's National Insurance System with
an Investment Portfolio in excess of US$6 billion.
Director in the Corporate Finance Group of PricewaterhouseCoopers Limited (Trinidad & Tobago) between
1999 and 2009, providing a range of investment banking and advisory support services to companies in the
commercial banking and insurance sectors
Previously worked with KPMG for 11 years in multiple roles in London, New York and Trinidad and
Tobago, primarily in Investment Banking and Financial Services
Bachelor of Arts with Honors, Industrial Economics and Accountancy, University of Nottingham, England
Adrian Bharath, Senior Advisor Prior Experience
Over 35 years of experience in Financial Services, and Media and Telecom, in the Caribbean, Europe,
Asia, and the Americas
Recently served as Chief Commercial Officer of LIME, the Caribbean leading telecommunications company
with presence in the cable and wireless segments
Leading roles in First Caribbean International Bank, including Managing Director for Corporate Investment
Banking, and Managing Director of First Caribbean International Bank Jamaica. Former Group Chief Risk
Officer of National Commercial Bank Jamaica
Former President of Sweden’s SEB New York. Previously Director and Global Head of Credit at SEB
Merchant Banking, headquartered in Sweden. Previously held several positions with Chemical Bank in the
U.S., and Citibank and Coopers & Lybrand in Jamaica
Bachelor of Arts, Summa Cum Laude, degree and an MBA, Magna Cum Laude, from Pace University in
New York; also completed post-graduate courses at New York University, Villanova University, INSEAD
(France), and the Association for Financial Professionals
Milton Brady, Senior Advisor Prior Experience
31 An introduction to our firm
Our Senior Advisors are high-level executives with extensive experience and proven
expertise in managing businesses in both the public and private sectors
Andrew dePass, Senior Advisor Prior Experience
Andrew is Chief Executive Officer of Conergy, a global solar energy developer and EPC contractor
Extensive private equity investment experience in Renewable Energy, Media, Telecom, Retail, and Paper &
Packaging, having deployed over $1.3 billion of invested capital in North America, Latin America and Asia
Formerly, Partner and Senior Advisor at Kawa Capital Management
Held a number of senior positions at Greentech Capital Advisors including Partner, Senior Advisor and
Advisory Council Member between 2009 and early 2012
In 1996, started at Citigroup and was named managing director in 1998 at Citi Venture Capital International
Founder and head of Citigroup’s Sustainable Development Investments group, a private equity team within
Citi Alternative Investments that invested in growth companies in renewable energy, waste and water
management, carbon and sustainable products and materials sectors
Previously with Morgan Stanley (1989 – 1996) where he held positions in the M&A, restructuring, equity
capital markets and equity derivatives departments
Graduate of Richard Ivey School of Business Administration at the University of Western Ontario; Chartered
Financial Analyst (1998)
Sina Guenther, Consultant
Over 8 years of experience in investment banking with a special focus on energy related
transactions in the past three years
Previously worked as an Associate at Hegel Karbenn & Cie. Corporate Finance GmbH, one of the
leading M&A boutiques for energy transactions in Germany
Between 2008 and 2010 worked in the investment banking team of HSBC advising on a variety of
different M&A and ECM transactions
Master in Finance from EADA Business School in Barcelona (Spain) and Bachelor in International
Economic Studies from University of Maastricht (Netherlands)
Prior Experience
32 An introduction to our firm
For over 30 years has occupied positions of leadership in the public and private sector
Serves on the boards of 16 For-Profit and Not-For-Profit organizations in Peru, including ING Wealth
Management, Austral Group S.A., E. Wong S.A., Gerdau Peru, AFP Integra, Calidda S.A., Promujer
Internacional, Fundacion Peruana del Cancer, and IPAE
President of AFP Integra, the largest pension fund in Peru
Has also served as Country Manager in Peru and Colombia for ING Group, as Vice Minister of Commerce
(Peru), and as Advisor to the Inter-American Development Bank
Social Science, Engineering, and Management degrees from Pontificia Universidad Catolica del Peru and
has completed post-graduate work at Universidad de Piura, IESE, and University of Michigan
Mayu Hume, Senior Advisor Prior Experience
Our Senior Advisors are high-level executives with extensive experience and proven
expertise in managing businesses in both the public and private sectors
Andrew Haining, Senior Advisor Prior Experience
Andrew Haining is founder and partner of Balmuir Partners, a private equity fund manager and advisory firm
based in London
Former CEO of Botts & Company, managing approximately $500 million of private equity and real estate
assets, and completed corporate finance transactions with a value in excess of $2.5 billion, from 1987 to
2005
Worked as Investment Officer for County Development Capital (now Bridgepoint Capital Ltd.) from 1984 to
1986
Previously with Bank of America in London from 1981 to 1984
Andrew is Chairman of Heartstone Inns and Governor of Shrewsbury School
Past directorships include Norcros, Malmaison, Scotsman Hotels and INTH
Graduate of Cambridge University
33 An introduction to our firm
Over 25 years of experience as banker with development finance institutions
Joined German Development Bank (DEG) in 1980, serving initially as Head of various Asian divisions
Served as Director and Head of the Latin American Department for 15 years, where he was responsible for
originating and structuring debt and equity transactions
Served on the board of directors of various DEG project companies
Retired in 2006 to work independently as a financial advisor
Graduate of Freiburg University in Germany
Hendrik Lühl, Senior Advisor Prior Experience
Our Senior Advisors are high-level executives with extensive experience and proven
expertise in managing businesses in both the public and private sectors
A. Markman Peters, Senior Advisor Prior Experience
Mark Peters is Executive Vice President at Abu Dhabi Commercial Bank based in Abu Dhabi
Formerly, Global Head of Wealth Management at Jefferies & Co.
From 2006 to 2009, he was Executive Vice President and Head of Private Wealth Management at SunTrust
Prior positions as Head of U.S. Private Wealth Management at Deutsche Bank and Head of U.S. High Net
Worth Group at Citi
Previously held senior positions at Credit Suisse First Boston and Goldman Sachs
Began his career at Salomon Brothers in fixed income sales
MBA from the University of Miami and Bachelor of Arts in Economics from the University of Illinois at
Urbana-Champaign
34 An introduction to our firm
Our Senior Advisors are high-level executives with extensive experience and proven
expertise in managing businesses in both the public and private sectors
Over 35 years of corporate finance and investment banking experience in the Latin American region
Advised clients on merger and acquisition, project finance, and capital raising transactions across various
industries and sectors, including Infrastructure, Oil & Gas, Power, and Real Estate, in senior positions with,
among others, INTL FCStone, Standard Bank, and Midland Bank
In 2006, established the INTL FCStone Capital Markets unit focusing on Latin America as a complement to
the firm’s core commodity hedging services
In 1998 led Standard Bank London’s entry into Latin America, establishing offices in Miami, Sao Paulo, and
Buenos Aires
Through 1993 served in various business development and relationship management positions at Midland
Bank in multiple offices (New York, Miami, and Caracas)
From 1996 to 2006, served as a director on the board of the Florida International Bankers Association
(FIBA)
Graduate of the University of the Pacific and Thunderbird Graduate School of International Management
Peter R. Wallin, Senior Advisor Prior Experience
35 An introduction to our firm
Alex Medina
Analyst
Direct: +1 (305) 722 – 7260
Mobile: +1 (305) 431 – 6638
Contact information
Pan American Finance, LLC and PAF Securities, LLC
601 Brickell Key Drive, Suite 604, Miami, Florida 33131
Tel: +1 (305) 577 – 9799 • Fax: +1 (305) 577 – 9766
Website: www.panamfinance.com
PAF Securities is an affiliate of Pan American Finance and a member of FINRA and SIPC
Ben Moody
President & CEO, Partner
Direct: +1 (305) 722 – 7245
Mobile: +1 (786) 556 – 2273
Jabier Arbeloa
Managing Director
Direct: +1 (305) 722 – 7248
Mobile: +1 (954) 740 – 3719
Mauricio Borgonovo
Managing Director
Direct: +1 (305) 722 – 7246
Mobile: +1 (305) 401 – 7009
Pedro Obregon
Vice President
Direct: +1 (305) 722 – 7255
Mobile: +1 (786) 200 – 0464
Edmund R. Miller
Senior Managing Director, Partner
Direct: +1 (305) 722 – 7244
Mobile: +1 (305) 987 – 0995
Arlene Wong
Office Manager
Direct: +1 (305) 722 – 7249
Mobile: +1 (786) 301 – 4186
George P.E. Ten Pow
Chief Financial Officer
Direct: +1 (305) 722 – 7253
Mobile: +1 (305) 924 – 7748
Jessica Lugo
Customer Relationship Asst.
Direct: +1 (305) 722 – 7250
Mobile: +1 (305) 308 – 5606
Carlos Lovera
Analyst
Direct: +1 (305) 722 – 7256
Mobile: +1 (954) 397 – 0151
Nicholas Hanabergh
Associate
Direct: +1 (305) 722 – 7243
Mobile: +1 (305) 342 – 2926
Peter Wallin
Senior Advisor
Direct: +1 (305) 722 – 7247
Mobile: +1 (305) 773 – 7773
Sina Guenther
Consultant
Direct: +49 (151) 11301321
Mobile: +49 (228) 98142219
36 An introduction to our firm
M&A advisory transactionsDEAL SIZE
DATE CLIENT TRANSACTION (US$m) REGION INDUSTRY
2016 Sonnedix Solar Sale of Sonnedix Solar n.a. Global Infrastructure and Energy
2014 UTC, NIB, NEL Acquisition of 10% interest in Phoenix Park Gas Processors Ltd. 168$ Caribbean Infrastructure and Energy
2014 InterEnergy Acquisition of 215 MW wind park n.a. Central America Infrastructure and Energy
2013 Kawa Capital Management Acquisition of Conergy n.a. Global Infrastructure and Energy
2013 Denham Capital Sale of Carisal n.a. Caribbean Infrastructure and Energy
2012 First Citizens Bank Acquisition of Butterfield Bank (Barbados) Limited 45$ Caribbean Financial Services
2010 Painsa Holdings S.A. Acquisition by Papelera Istmeña, S.A n.a. Central America Consumer, Manufacturing and Services
2009 Grand Bay International Acquisition of Unicell and capital commitment by Grand Bay International n.a. Caribbean Consumer, Manufacturing and Services
2009 Grand Bay International Acquisition of Trinidad Tissues Limited n.a. Caribbean Consumer, Manufacturing and Services
2009 First Citizens Bank Acquisition of Caribbean Money Market Brokers (CMMB) n.a. Caribbean Financial Services
2009 First Citizens Bank Assumption of deposits from CLICO Investment Bank 280$ Caribbean Financial Services
2008 Compania Minera Atacocha Sale of controlling stake by shareholders 145$ Andean Region Infrastructure and Energy
2007 Grand Bay International Acquisition of Papelera Internacional S.A. n.a. Central America Consumer, Manufacturing and Services
2007 One Caribbean Media Acquisition of radio stations from Cumulus Media n.a. Caribbean Technology, media & telecom
2006 One Caribbean Media Merger of Caribbean Communications Network and Nation Corporation 205$ Caribbean Technology, media & telecom
2005 Papeles Nacionales S.A. Tender offer for publicly-traded shares and de-listing n.a. Andean Region Consumer, Manufacturing and Services
PAF SECURITIES' TRANSACTION VALUE: 1,280$
2013 Ramsell Dining Acquisition of 10 Burger Kings 2$ United States Consumer, Manufacturing and Services
2013 Ramsell Dining Acquisition of 10 Burger Kings 4$ United States Consumer, Manufacturing and Services
2009 PepsiCo Acquisition of Amacoco n.a. Brazil Consumer, Manufacturing and Services
2009 PepsiCo Acquisition of Karinto S.A.C. and Bocaditos Nacionales S.A. n.a. Andean Region Consumer, Manufacturing and Services
2007 Ramsell Dining Acquisition of 19 Burger Kings 13$ United States Consumer, Manufacturing and Services
2007 Ramsell Dining Acquisition of 19 Burger Kings 5$ United States Consumer, Manufacturing and Services
2007 PepsiCo Acquisition of Lucky (Comercio de Doces Lucky) n.a. Brazil Consumer, Manufacturing and Services
2007 PepsiCo Acquisition of Snacks America Latina (Buyout of remaining 50% stake) n.a. Andean Region Consumer, Manufacturing and Services
2004 Telefonica Acquisition of Bell South's Telcel 1,500$ Andean Region Media, Telecom & Technology
2003 Palm Pictures Sale of Manga Entertainment n.a. United States Media, Telecom & Technology
2002 Caribbean Communications Network Strategic alternatives and capital raising strategies n.a. Caribbean Media, Telecom & Technology
2002 Claxson Interactive Group Merger of DMX Music and AEI Music in Latin America n.a. Latin America Media, Telecom & Technology
2001 Claxson Interactive Group Merger of Ibero American Media Partners and El Sitio 900$ Latin America Media, Telecom & Technology
2001 Ibero American Media Partners Sale of 20% investment in Caribbean Communications Network n.a. Caribbean Media, Telecom & Technology
2001 Yupi Sale to Microsoft 30$ United States M&A
1999 Community Care Services Acquisition by Landauer Hospitals n.a. United States Consumer, Manufacturing and Services
1999 Ibero American Media Partners Acquisition of Chilevision n.a. South America Media, Telecom & Technology
1999 Ibero American Media Partners Acquisition of and/or JV with Muchmusic, HTV, AEI Music, Clase n.a. Latin America Media, Telecom & Technology
1999 Intergraph Corporation Sale of Veribest division to Mentor Graphics n.a. United States Media, Telecom & Technology
1999 The Guthrie Clinic Renegotiation of management agreement with PhyCor n.a. United States Consumer, Manufacturing and Services
1999 Weitzer Homebuilders Sale to Century Partners Group n.a. United States Energy, Infrastructure, and Natural Resources
1998 Ibero American Media Partners Acquisition of Cisneros Television Group 150$ Latin America Media, Telecom & Technology
1998 Ibero American Media Partners Acquisition of Radio Chile n.a. South America Media, Telecom & Technology
1998 Ibero American Media Partners Acquisition of 20% stake in Caribbean Communications Network n.a. Caribbean Media, Telecom & Technology
1997 Cisneros Television Group Acquisition of Imagen Satelital 115$ South America Media, Telecom & Technology
1997 Delimex Sale to Fenway Partners 94$ United States Consumer, Manufacturing and Services
1996 Grupo Corimon Sale of Otidor subsidiary 8$ Andean Region Consumer, Manufacturing and Services
1995 Dolimca Sale to Kimberly Clark n.a. Andean Region Consumer, Manufacturing and Services
1994 Papeles Guaicaypuro Sale to Kimberly Clark n.a. Andean Region Consumer, Manufacturing and Services
1987 General Motors de Venezuela Sale to Grupo Mendoza n.a. Andean Region Consumer, Manufacturing and Services
TOTAL TRANSACTION VALUE: 4,846$
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37 An introduction to our firm
Debt capital raising advisory transactionsDEAL SIZE
DATE CLIENT TRANSACTION (US$m) REGION INDUSTRY
2015 Repimex S.A. Long-term senior debt 21$ Central America Infrastructure and Energy
2015 Bayport Colombia S.A.S. Long-term senior debt 50$ Andean Region Financial Services
2014 Painsa Holdings S.A. Long-term senior debt 30$ Central America Consumer, Manufacturing and Services
2014 InterEnergy Long-term senior debt project financing 284$ Central America Infrastructure and Energy
2014 InterEnergy Long-term subordinated debt project financing 16$ Central America Infrastructure and Energy
2014 InterEnergy Bridge financing 100$ Central America Infrastructure and Energy
2012 Grand Bay International Debt Restructuring n.a. Caribbean Consumer, Manufacturing and Services
2010 Polaris Energy Nicaragua, S.A. Long-term senior project financing 140$ Central America Infrastructure and Energy
2010 Polaris Energy Nicaragua, S.A. Long-term project debt refinancing 30$ Central America Infrastructure and Energy
2010 Polaris Energy Nicaragua, S.A. Long-term subordinated debt financing 20$ Central America Infrastructure and Energy
2010 Painsa Holdings S.A. Acquisition financing by Banesco, S.A. (Panama) n.a. Central America Consumer, Manufacturing and Services
2010 First Citizens Bank Debt restructuring for Angostura n.a. Caribbean Consumer, Manufacturing and Services
2010 Caribbean Money Market Brokers Ltd. Long-term financing for Home Construction Limited 13$ Caribbean Infrastructure and Energy
2010 First Citizens Bank Debt restructuring for Home Construction Limited 171$ Caribbean Infrastructure and Energy
2009 Unicell Paper Mills Caribbean Limited Debt restructuring and new financing from IFC and bank group n.a. Caribbean Consumer, Manufacturing and Services
2009 Ferreteria EPA Costa Rica Senior long-term debt from DEG 12$ Central America Consumer, Manufacturing and Services
2009 Papelera Internacional Senior long-term debt from DEG 10$ Central America Consumer, Manufacturing and Services
2007 Grupo Financiero CrediQ Senior long-term debt from International Finance Corp. (IFC) 20$ Central America Financial Services
2007 Grupo Financiero CrediQ Senior long-term debt from DEG 15$ Central America Financial Services
2006 Papeles Nacionales S.A. Debt restructuring and new financing from DEG 24$ Andean Region Consumer, Manufacturing and Services
2005 DEG New senior-debt financing to Grupo Uno 15$ Central America Financial Services
2005 FMO New senior-debt financing to Grupo Uno 13$ Central America Financial Services
2004 Frigorifico Canelones, S.A. Debt and equity restructuring and new financing by DEG 24$ Latin America Consumer, Manufacturing and Services
PAF SECURITIES' TRANSACTION VALUE: 1,221$
2013 Ramsell Dining Acquisition of 10 Burger Kings 4$ United States Consumer, Manufacturing and Services
2007 Ramsell Dining Acquisition of 19 Burger Kings 13$ United States Consumer, Manufacturing and Services
2004 Electricidad de Caracas Syndicated loan in local currency 104$ Andean Region Energy, Infrastructure, and Natural Resources
2002 Cerveceria Regional Syndicated bank loans, development bank financings and bond issues 110$ Andean Region Consumer, Manufacturing and Services
2000 Ibero American Media Partners Syndicated bank debt facilities to Radio Chile 40$ Latin America Media, Telecom & Technology
2000 SIVENSA Bank loans and development bank financings 175$ Andean Region Energy, Infrastructure, and Natural Resources
1999 Cerveceria Regional Syndicated multi-currency term debt 66$ Andean Region Consumer, Manufacturing and Services
1998 Imagen Satelital 144A placement of senior notes 80$ South America Media, Telecom & Technology
1998 Radio Chile Senior secured bridge financing 30$ South America Media, Telecom & Technology
1997 Imagen Satelital Senior secured bridge financing 50$ South America Media, Telecom & Technology
1997 TV Azteca Public issue of notes 425$ Mexico Media, Telecom & Technology
1997 Venepal Restructuring and recapitalization 125$ Andean Region Manufacturing
1996 Crowley Maritime Corporation Revolving credit facility by Citicorp 150$ United States Energy, Infrastructure, and Natural Resources
1995 Crowley Maritime Corporation Structured finance lease by Citicorp 46$ United States Energy, Infrastructure, and Natural Resources
1994 Hvide Marine Senior secured debt facilities by Citicorp 63$ United States Energy, Infrastructure, and Natural Resources
1994 Royal Caribbean Cruises Revolving credit facility 750$ United States Consumer, Manufacturing and Services
1993 Crowley Maritime Corporation Revolving credit facility by Citicorp 150$ United States Energy, Infrastructure, and Natural Resources
1993 Royal Caribbean Cruises Senior secured credit facilities 650$ United States Consumer, Manufacturing and Services
1993 Sidetur (subsidiary of SIVENSA) Senior long-term debt from DEG 10$ Andean Region Energy, Infrastructure, and Natural Resources
1993 Transportacion Maritima Mexicana Public senior note issue 150$ Mexico Energy, Infrastructure, and Natural Resources
1993 Transportacion Maritima Mexicana Senior secured loan by Citicorp 115$ Mexico Energy, Infrastructure, and Natural Resources
1992 Pacific Fruit Group Senior secured loan by Citicorp 150$ Andean Region Energy, Infrastructure, and Natural Resources
1992 Sidetur (subsidiary of SIVENSA) Syndicated bank financing 24$ Andean Region Energy, Infrastructure, and Natural Resources
1992 Sidetur (subsidiary of SIVENSA) Commercial paper program 12$ Andean Region Energy, Infrastructure, and Natural Resources
1991 Pic "n" Save Bank debt facility restructuring 240$ United States Consumer, Manufacturing and Services
1990 Hartmarx Corporation Senior note private placement 45$ United States Consumer, Manufacturing and Services
1990 Kellwood Company Private placement of senior notes 60$ United States Consumer, Manufacturing and Services
1990 Sidetur (subsidiary of SIVENSA) Pre-export financing facility 30$ Andean Region Energy, Infrastructure, and Natural Resources
1990 Touchwood (Walt Disney Co.) Bank debt facility 420$ United States Media, Telecom & Technology
1989 Higbee's (Dillard Dept Stores) Receivables securitization 35$ United States Consumer, Manufacturing and Services
1988 Ames Department Stores Bank debt for acquisition financing 900$ United States Consumer, Manufacturing and Services
1988 Frends BV (Continental Bank) Placement of asset backed notes 140$ United States Financial Services
1988 Higbee's (Dillard Dept. Stores) Bank debt for acquisition financing 184$ United States Consumer, Manufacturing and Services
1988 The Stop & Shop Companies Inc. Bank debt for acquisition financing 1,425$ United States Consumer, Manufacturing and Services
1987 Republic of Venezuela First Eurobond issue after debt crisis 100$ Andean Region Consumer, Manufacturing and Services
1986 Grupo Corimon Strategic alternatives and debt raising strategies n.a. Andean Region Consumer, Manufacturing and Services
1986 Oxford Clothes, Inc. Bank debt for acquisition financing 17$ United States Consumer, Manufacturing and Services
TOTAL TRANSACTION VALUE: 8,309$
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38 An introduction to our firm
Mezzanine and equity capital raising advisory transactions
DEAL SIZE
DATE CLIENT TRANSACTION (US$m) REGION INDUSTRY
2014 Sonnedix Solar Equity private placement 375$ Global Infrastructure and Energy
2014 Ghurka Mezzanine debt 8$ United States Consumer, Manufacturing and Services
2013 Ghurka Equity private placement 20$ United States Consumer, Manufacturing and Services
2009 Grand Bay International Acquisition of Unicell and capital commitment by Grand Bay International n.a. Caribbean Consumer, Manufacturing and Services
2009 First Citizens Bank Equity capital commitment by Republic of Trinidad & Tobago 50$ Caribbean Financial Services
2005 Citigroup Venture Capital Intl. Equity investment in La Curacao 20$ United States Consumer, Manufacturing and Services
2005 Papeles Nacionales S.A. Tender offer for publicly-traded shares and de-listing n.a. Andean Region Consumer, Manufacturing and Services
PAF SECURITIES' TRANSACTION VALUE: 486$
2013 Ramsell Dining Acquisition of 10 Burger Kings 2$ United States Consumer, Manufacturing and Services
2007 Ramsell Dining Acquisition of 19 Burger Kings 5$ United States Consumer, Manufacturing and Services
2001 Claxson Interactive Group Investment in Playboy.com 5$ Latin America Media, Telecom & Technology
2000 Ibero American Media Partners IPO of Artistdirect 60$ United States Media, Telecom & Technology
2000 Interprise Technology Partners Investment in Nexchange 10$ United States Media, Telecom & Technology
2000 Interprise Technology Partners Investment in Provato 15$ United States Media, Telecom & Technology
2000 Interprise Technology Partners Investment in iParts 8$ United States Media, Telecom & Technology
1999 Cisneros Television Group Investment in Playboy TV International 100$ International Media, Telecom & Technology
1999 Ibero American Media Partners IPO of El Sitio 151$ United States Media, Telecom & Technology
1999 Ibero American Media Partners Investment in Artistdirect and AD Latin America Joint Venture 20$ United States Media, Telecom & Technology
1999 Ibero American Media Partners Investment in El Sitio 28$ United States Media, Telecom & Technology
1999 Interprise Technology Partners Investment in Esavio 25$ United States Media, Telecom & Technology
1999 Interprise Technology Partners Investment in Yupi 14$ United States Media, Telecom & Technology
1999 Interprise Technology Partners Investment in World Commerce Online 13$ United States Media, Telecom & Technology
1999 Interprise Technology Partners Investment in Visual Plex 15$ United States Media, Telecom & Technology
1999 World Commerce Online Private placement strategic growth equity 15$ United States Media, Telecom & Technology
1999 Yupi Private placement strategic growth equity 85$ United States Media, Telecom & Technology
1998 Answerthink (currently NASDAQ:HCKT) IPO of Answerthink 34$ United States Consumer, Manufacturing and Services
1997 Cisneros Group of Companies Formation of Ibero American Media Partners 500$ Latin America Media, Telecom & Technology
1997 TV Azteca Initial Public Offering 605$ Mexico Media, Telecom & Technology
1997 Answerthink Private placement of start-up equity 20$ United States Consumer, Manufacturing and Services
1994 Hvide Marine Subordinated debt issue and recapitalization 50$ United States Energy, Infrastructure, and Natural Resources
1991 Securicor International Investment in Vicasa n.a. Andean Region Consumer, Manufacturing and Services
TOTAL TRANSACTION VALUE: 2,266$
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39 An introduction to our firm
DEAL SIZE
DATE CLIENT TRANSACTION (US$m) REGION INDUSTRY
2015 Jetstream Aviation Capital (Fund II) Turboprop leasing fund; Limited Partnership interests raised 75$ United States Consumer, Manufacturing and Services
2014 Peninsula Latin American multi-family housing fund; Limited Partnership interests raised 30$ Latin America Infrastructure and Energy
PAF SECURITIES' TRANSACTION VALUE: 105$
2012 Parmenter Realty Partners (Parmenter IV) Fundraising: value add real estate officer fund 305$ United States Real Estate
2006 Parmenter Realty Partners (Parmenter III) Fundraising: value add real estate officer fund 250$ United States Real Estate
2005 New York-based Fund of Funds Manager Fundraising: emerging long / short equity hedge fund manager fund of funds 160$ United States Financial Services
2003 Parmenter Realty Partners (Parmenter II) Fundraising: value add real estate officer fund 90$ United States Real Estate
1999 Interprise Technology Partners Fundraising: internet / tech venture fund 110$ United States Media, Telecom & Technology
1999 Southeast Investments Fundraising: hedge fund 30$ United States Financial Services
1997 Cisneros Group of Companies Formation of Ibero American Media Partners 500$ Latin America Media, Telecom & Technology
1988 Frends BV (Continental Bank) Placement of asset backed notes 140$ United States Financial Services
TOTAL TRANSACTION VALUE: 1,690$
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Placement agent transactions
40 An introduction to our firm
DEAL SIZE
DATE CLIENT TRANSACTION (US$m) REGION INDUSTRY
2013 Kawa Capital Management Acquisition of Conergy n.a. Global Infrastructure and Energy
2012 Grand Bay International Debt Restructuring n.a. Central America Consumer, Manufacturing and Services
2010 Polaris Energy Nicaragua, S.A. Long-term project debt refinancing 30$ Central America Infrastructure and Energy
2010 First Citizens Bank Debt restructuring for Angostura n.a. Caribbean Consumer, Manufacturing and Services
2010 Caribbean Money Market Brokers Ltd. Long-term financing for Home Construction Limited 13$ Caribbean Infrastructure and Energy
2010 First Citizens Bank Debt restructuring for Home Construction Limited 171$ Caribbean Infrastructure and Energy
2009 Unicell Paper Mills Caribbean Limited Debt restructuring and new financing from IFC and bank group n.a. Caribbean Consumer, Manufacturing and Services
2009 First Citizens Bank Acquisition of Caribbean Money Market Brokers (CMMB) n.a. Caribbean Financial Services
2009 First Citizens Bank Assumption of deposits from CLICO Investment Bank 280$ Caribbean Financial Services
2006 Papeles Nacionales S.A. Debt restructuring and new financing from DEG 24$ Andean Region Consumer, Manufacturing and Services
2004 Frigorifico Canelones, S.A. Debt and equity restructuring and new financing by DEG 24$ Latin America Consumer, Manufacturing and Services
PAF SECURITIES' TRANSACTION VALUE: 811$
1997 Venepal Restructuring and recapitalization 125$ Andean Region Consumer, Manufacturing and Services
1991 Orion Pictures Bank debt restructuring 500$ United States Media, Telecom & Technology
1991 Pic "n" Save Bank debt facility restructuring 240$ United States Consumer, Manufacturing and Services
1990 MTM Enterprises Bank debt restructuring 85$ United States Media, Telecom & Technology
1986 Electricidad de Caracas Bank debt restructuring 650$ Andean Region Energy, Infrastructure, and Natural Resources
1986 Finalven Bank debt restructuring 300$ Andean Region Financial Services
1986 Ron Santa Teresa Bank debt restructuring 35$ Andean Region Consumer, Manufacturing and Services
1985 J.P. Morgan Restructuring of Republic of Venezuela debt n.a. Andean Region Sovereign
1985 Tocars C.A. (Toyota) Bank debt restructuring 80$ Andean Region Consumer, Manufacturing and Services
1984 Continental Bank Loan portfolio transferred to the FDIC n.a. Europe Financial Services
1983 Aerolineas Argentinas Multi-currency debt restructuring n.a. South America Energy, Infrastructure, and Natural Resources
1983 Banco de la Nacion de Argentina Multi-currency debt restructuring 650$ South America Financial Services
1983 Banco de la Provincia de Buenos Aires Multi-currency debt restructuring 350$ South America Financial Services
1983 J.P. Morgan Restructuring of Republic of Argentina debt n.a. South America Sovereign
TOTAL TRANSACTION VALUE: 3,826$
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Restructuring advisory transactions
41 An introduction to our firm
Consumer, manufacturing and services advisory transactionsDEAL SIZE
DATE CLIENT TRANSACTION (US$m) REGION DEAL TYPE
2016 Colonial Life Insurance Company [Trinidad] Limited Financial advisory and valuation for Home Construction Limited n.a. Caribbean Advisory/Valuation
2015 Colonial Life Insurance Company [Trinidad] Limited Financial advisory and valuation for CL World Brands and Angostura Holdings n.a. Caribbean Advisory/Valuation
2014 Painsa Holdings S.A. Long-term senior debt 30$ Central America Debt Raise
2014 Ghurka Mezzanine debt 8$ United States Mezzanine/Equity
2013 Ghurka Equity private placement 20$ United States Mezzanine/Equity
2012 Colonial Life Insurance Company [Trinidad] Limited Financial advisory and valuation for CL World Brands and Angostura Holdings n.a. Caribbean Advisory/Valuation
2012 Colonial Life Insurance Company [Trinidad] Limited Financial advisory and valuation for Home Construction Limited n.a. Caribbean Advisory/Valuation
2012 Grand Bay International Debt Restructuring n.a. Caribbean Debt Raise
2010 Painsa Holdings S.A. Acquisition by Papelera Istmeña, S.A n.a. Central America M&A
2010 Painsa Holdings S.A. Acquisition financing by Banesco, S.A. (Panama) n.a. Central America Debt Raise
2010 First Citizens Bank Debt restructuring for Angostura n.a. Caribbean Restructuring
2009 Grand Bay International Acquisition of Unicell and capital commitment by Grand Bay International n.a. Caribbean M&A
2009 Unicell Paper Mills Caribbean Limited Debt restructuring and new financing from IFC and bank group n.a. Caribbean Restructuring
2009 Grand Bay International Acquisition of Trinidad Tissues Limited n.a. Caribbean M&A
2009 Ferreteria EPA Costa Rica Senior long-term debt from DEG 12$ Central America Debt Raise
2009 Papelera Internacional Senior long-term debt from DEG 10$ Central America Debt Raise
2008 Sigma S.A. (SigmaQ) Strategic alternatives and capital raising strategies n.a. Central America Advisory/Valuation
2007 Grand Bay International Acquisition of Papelera Internacional S.A. n.a. Central America M&A
2006 Papeles Nacionales S.A. Debt restructuring and new financing from DEG 24$ Andean Region Restructuring
2005 Citigroup Venture Capital Intl. Equity investment in La Curacao 20$ United States Mezzanine/Equity
2005 Papeles Nacionales S.A. Tender offer for publicly-traded shares and de-listing n.a. Andean Region M&A
2004 Frigorifico Canelones, S.A. Debt and equity restructuring and new financing by DEG 24$ Latin America Restructuring
PAF SECURITIES' TRANSACTION VALUE: 450$
2013 Ramsell Dining Acquisition of 10 Burger Kings 2$ United States Mezzanine/Equity
2013 Ramsell Dining Acquisition of 10 Burger Kings 4$ United States Debt Raise
2009 PepsiCo Acquisition of Amacoco n.a. Brazil M&A
2009 PepsiCo Acquisition of Karinto S.A.C. and Bocaditos Nacionales S.A. n.a. Andean Region M&A
2007 Ramsell Dining Acquisition of 19 Burger Kings 13$ United States Debt Raise
2007 Ramsell Dining Acquisition of 19 Burger Kings 5$ United States Mezzanine/Equity
2007 PepsiCo Acquisition of Lucky (Comercio de Doces Lucky) n.a. Brazil M&A
2007 PepsiCo Acquisition of Snacks America Latina (Buyout of remaining 50% stake) n.a. Andean Region M&A
2002 Cerveceria Regional Syndicated bank loans, development bank financings and bond issues 110$ Andean Region Debt Raise
1999 Cerveceria Regional Syndicated multi-currency term debt 66$ Andean Region Debt Raise
1999 Community Care Services Acquisition by Landauer Hospitals n.a. United States M&A
1999 The Guthrie Clinic Renegotiation of management agreement with PhyCor n.a. United States M&A
1998 Answerthink (currently NASDAQ:HCKT) IPO of Answerthink 34$ United States Mezzanine/Equity
1997 Answerthink Private placement of start-up equity 20$ United States Mezzanine/Equity
1997 Delimex Sale to Fenway Partners 94$ United States M&A
1997 Venepal Restructuring and recapitalization 125$ Andean Region Restructuring
1996 Grupo Corimon Sale of Otidor subsidiary 8$ Andean Region M&A
1995 Dolimca Sale to Kimberly Clark n.a. Andean Region M&A
1994 Papeles Guaicaypuro Sale to Kimberly Clark n.a. Andean Region M&A
1994 Royal Caribbean Cruises Revolving credit facility 750$ United States Debt Raise
1993 Royal Caribbean Cruises Senior secured credit facilities 650$ United States Debt Raise
1991 Pic "n" Save Bank debt facility restructuring 240$ United States Restructuring
1991 Securicor International Investment in Vicasa n.a. Andean Region Mezzanine/Equity
1990 Hartmarx Corporation Senior note private placement 45$ United States Debt Raise
1990 Kellwood Company Private placement of senior notes 60$ United States Debt Raise
1989 Higbee's (Dillard Dept Stores) Receivables securitization 35$ United States Debt Raise
1988 Ames Department Stores Bank debt for acquisition financing 900$ United States Debt Raise
1988 Higbee's (Dillard Dept. Stores) Bank debt for acquisition financing 184$ United States Debt Raise
1988 The Stop & Shop Companies Inc. Bank debt for acquisition financing 1,425$ United States Debt Raise
1987 General Motors de Venezuela Sale to Grupo Mendoza n.a. Andean Region M&A
1986 Grupo Corimon Strategic alternatives and debt raising strategies n.a. Andean Region Debt Raise
1986 Oxford Clothes, Inc. Bank debt for acquisition financing 17$ United States Debt Raise
1986 Ron Santa Teresa Bank debt restructuring 35$ Andean Region Restructuring
1985 Tocars C.A. (Toyota) Bank debt restructuring 80$ Andean Region Restructuring
TOTAL TRANSACTION VALUE: 5,976$
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42 An introduction to our firm
Financial services advisory transactions
DEAL SIZE
DATE CLIENT TRANSACTION (US$m) REGION DEAL TYPE
2015 The National Insurance Board of Trinidad & Tobago Assessment of strategic alternatives for majority-owned HMB and TTMF n.a. Caribbean Advisory/Valuation
2015 Bayport Colombia S.A.S. Long-term senior debt 50$ Andean Region Debt Raise
2012 Colonial Life Insurance Company [Trinidad] Limited Financial advisory and valuation for Republic Bank Limited n.a. Caribbean Advisory/Valuation
2012 First Citizens Bank Acquisition of Butterfield Bank (Barbados) Limited 45$ Caribbean M&A
2009 First Citizens Bank Acquisition of Caribbean Money Market Brokers (CMMB) n.a. Caribbean M&A
2009 First Citizens Bank Equity capital commitment by Republic of Trinidad & Tobago 50$ Caribbean Mezzanine/Equity
2009 First Citizens Bank Assumption of deposits from CLICO Investment Bank 280$ Caribbean M&A
2009 NovoPayment Latin American expansion strategy n.a. Andean Region Advisory/Valuation
2007 Grupo Financiero CrediQ Senior long-term debt from International Finance Corp. (IFC) 20$ Central America Debt Raise
2007 Grupo Financiero CrediQ Senior long-term debt from DEG 15$ Central America Debt Raise
2005 DEG New senior-debt financing to Grupo Uno 15$ Central America Debt Raise
2005 FMO New senior-debt financing to Grupo Uno 13$ Central America Debt Raise
PAF SECURITIES' TRANSACTION VALUE: 488$
2012 Parmenter IV Fundraising: value add real estate officer fund 305$ United States Mezzanine/Equity
2006 Parmenter III Fundraising: value add real estate officer fund 250$ United States Mezzanine/Equity
2005 New York-based Fund of Funds Manager Fundraising: emerging long / short equity hedge fund manager fund of funds 160$ United States Mezzanine/Equity
2003 Parmenter III Fundraising: value add real estate officer fund 90$ United States Mezzanine/Equity
1999 Interprise Technology Partners Fundraising: internet / tech venture fund 110$ United States Mezzanine/Equity
1999 Southeast Investments Fundraising: hedge fund 30$ United States Mezzanine/Equity
1988 Frends BV (Continental Bank) Placement of asset backed notes 140$ United States Debt Raise
1987 Republic of Venezuela First Eurobond issue after debt crisis 100$ Andean Region Debt Raise
1986 Finalven Bank debt restructuring 300$ Andean Region Restructuring
1985 J.P. Morgan Restructuring of Republic of Venezuela debt n.a. Andean Region Restructuring
1984 Continental Bank Loan portfolio transferred to the FDIC n.a. Europe Restructuring
1983 Banco de la Nacion de Argentina Multi-currency debt restructuring 650$ South America Restructuring
1983 Banco de la Provincia de Buenos Aires Multi-currency debt restructuring 350$ South America Restructuring
1983 J.P. Morgan Restructuring of Republic of Argentina debt n.a. South America Restructuring
TOTAL TRANSACTION VALUE: 2,973$
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43 An introduction to our firm
Infrastructure and energy advisory transactions
DEAL SIZE
DATE CLIENT TRANSACTION (US$m) REGION DEAL TYPE
2016 Sonnedix Solar Sale of Sonnedix Solar n.a. Global M&A
2015 Jetstream Aviation Capital (Fund II) Turboprop leasing fund; Limited Partnership interests raised 75$ United States Fundraising
2015 Repimex S.A. Long-term senior debt 21$ Central America Debt Raise
2014 Sonnedix Solar Equity private placement 375$ Global Mezzanine/Equity
2014 InterEnergy Long-term senior debt project financing 284$ Central America Debt Raise
2014 InterEnergy Long-term subordinated debt project financing 16$ Central America Debt Raise
2014 UTC, NIB, NEL Acquisition of 10% interest in Phoenix Park Gas Processors Ltd. 168$ Caribbean M&A
2014 Peninsula Latin American multi-family housing fund; Limited Partnership interests raised 30$ Latin America Fundraising
2014 InterEnergy Acquisition of 215 MW wind park n.a. Central America M&A
2014 InterEnergy Bridge financing 100$ Central America Debt Raise
2013 Kawa Capital Management Acquisition of Conergy n.a. Global M&A
2013 Denham Capital Sale of Carisal n.a. Caribbean M&A
2010 Polaris Energy Nicaragua, S.A. Long-term senior project financing 140$ Central America Debt Raise
2010 Polaris Energy Nicaragua, S.A. Long-term project debt refinancing 30$ Central America Debt Raise
2010 Polaris Energy Nicaragua, S.A. Long-term subordinated debt financing 20$ Central America Debt Raise
2010 Caribbean Money Market Brokers Ltd. Long-term financing for Home Construction Limited 13$ Caribbean Debt Raise
2010 First Citizens Bank Debt restructuring for Home Construction Limited 171$ Caribbean Restructuring
2008 Compania Minera Atacocha Sale of controlling stake by shareholders 145$ Andean Region M&A
PAF SECURITIES' TRANSACTION VALUE: 1,928$
2004 Electricidad de Caracas Syndicated loan in local currency 104$ Andean Region Debt Raise
2000 SIVENSA Bank loans and development bank financings 175$ Andean Region Debt Raise
1999 Weitzer Homebuilders Sale to Century Partners Group n.a. United States M&A
1996 Crowley Maritime Corporation Revolving credit facility by Citicorp 150$ United States Debt Raise
1995 Crowley Maritime Corporation Structured finance lease by Citicorp 46$ United States Debt Raise
1994 Hvide Marine Senior secured debt facilities by Citicorp 63$ United States Debt Raise
1994 Hvide Marine Subordinated debt issue and recapitalization 50$ United States Debt Raise
1993 Crowley Maritime Corporation Revolving credit facility by Citicorp 150$ United States Debt Raise
1993 Sidetur (subsidiary of SIVENSA) Senior long-term debt from DEG 10$ Andean Region Debt Raise
1993 Transportacion Maritima Mexicana Public senior note issue 150$ Mexico Debt Raise
1993 Transportacion Maritima Mexicana Senior secured loan by Citicorp 115$ Mexico Debt Raise
1992 Pacific Fruit Group Senior secured loan by Citicorp 150$ Andean Region Debt Raise
1992 Sidetur (subsidiary of SIVENSA) Syndicated bank financing 24$ Andean Region Debt Raise
1992 Sidetur (subsidiary of SIVENSA) Commercial paper program 12$ Andean Region Debt Raise
1990 Sidetur (subsidiary of SIVENSA) Pre-export financing facility 30$ Andean Region Debt Raise
1986 Electricidad de Caracas Bank debt restructuring 650$ Andean Region Restructuring
1983 Aerolineas Argentinas Multi-currency debt restructuring n.a. South America Restructuring
TOTAL TRANSACTION VALUE: 3,807$
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44 An introduction to our firm
DEAL SIZE
DATE CLIENT TRANSACTION (US$m) REGION DEAL TYPE
2007 One Caribbean Media Acquisition of radio stations from Cumulus Media n.a. Caribbean M&A
2006 One Caribbean Media Merger of Caribbean Communications Network and Nation Corporation 205$ Caribbean M&A
PAF SECURITIES' TRANSACTION VALUE: 213$
2004 Telefonica Acquisition of Bell South's Telcel 1,500$ Andean Region M&A
2003 Palm Pictures Sale of Manga Entertainment n.a. United States M&A
2002 Caribbean Communications Network Strategic alternatives and capital raising strategies n.a. Caribbean M&A
2002 Claxson Interactive Group Merger of DMX Music and AEI Music in Latin America n.a. Latin America M&A
2001 Claxson Interactive Group Merger of Ibero American Media Partners and El Sitio 900$ Latin America M&A
2001 Claxson Interactive Group Investment in Playboy.com 5$ Latin America Mezzanine/Equity
2001 Yupi Sale to Microsoft 30$ United States M&A
2001 Ibero American Media Partners Sale of 20% investment in Caribbean Communications Network n.a. Caribbean M&A
2000 Ibero American Media Partners IPO in Artistdirect 60$ United States Mezzanine/Equity
2000 Ibero American Media Partners Syndicated bank debt facilities to Radio Chile 40$ Latin America Debt Raise
2000 Interprise Technology Partners Investment in Nexchange 10$ United States Mezzanine/Equity
2000 Interprise Technology Partners Investment in Provato 15$ United States Mezzanine/Equity
2000 Interprise Technology Partners Investment in iParts 8$ United States Mezzanine/Equity
1999 Cisneros Television Group Investment in Playboy TV International 100$ International Mezzanine/Equity
1999 Ibero American Media Partners Acquisition of Chilevision n.a. South America M&A
1999 Ibero American Media Partners Acquisition of and/or JV with Muchmusic, HTV, AEI Music, Clase n.a. Latin America M&A
1999 Ibero American Media Partners IPO of El Sitio 151$ United States Mezzanine/Equity
1999 Ibero American Media Partners Investment in El Sitio 28$ United States Mezzanine/Equity
1999 Ibero American Media Partners Investment in Artistdirect and AD Latin America Joint Venture 20$ United States Mezzanine/Equity
1999 Interprise Technology Partners Investment in Esavio 25$ United States Mezzanine/Equity
1999 Interprise Technology Partners Investment in Yupi 14$ United States Mezzanine/Equity
1999 Interprise Technology Partners Investment in World Commerce Online 13$ United States Mezzanine/Equity
1999 Interprise Technology Partners Investment in Visual Plex 15$ United States Mezzanine/Equity
1999 World Commerce Online Private placement strategic growth equity 15$ United States Mezzanine/Equity
1999 Yupi Private placement strategic growth equity 85$ United States Mezzanine/Equity
1999 Intergraph Corporation Sale of Veribest division to Mentor Graphics n.a. United States M&A
1998 Ibero American Media Partners Acquisition of Radio Chile n.a. South America M&A
1998 Ibero American Media Partners Acquisition of 20% stake in Caribbean Communications Network n.a. Caribbean M&A
1998 Ibero American Media Partners Acquisition of Cisneros Television Group 150$ Latin America M&A
1998 Imagen Satelital 144A placement of senior notes 80$ South America Debt Raise
1998 Radio Chile Senior secured bridge financing 30$ South America Debt Raise
1997 Cisneros Group of Companies Formation of Ibero American Media Partners 500$ Latin America M&A
1997 Cisneros Television Group Acquisition of Imagen Satelital 115$ South America M&A
1997 Imagen Satelital Senior secured bridge financing 50$ South America Debt Raise
1997 TV Azteca Initial Public Offering 605$ Mexico Mezzanine/Equity
1997 TV Azteca Public issue of notes 425$ Mexico Debt Raise
1991 Orion Pictures Bank debt restructuring 500$ United States Restructuring
1990 MTM Enterprises Bank debt restructuring 85$ United States Restructuring
1990 Touchwood (Walt Disney Co.) Bank debt facility 420$ United States Debt Raise
TOTAL TRANSACTION VALUE: 6,328$
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Technology, media & telecom advisory transactions
45 An introduction to our firm
