transactions
- all
- mergers and acquisitions
- restructurings
- debt capital raising
- mezzanine and equity capital raising
Recent Transactions
Since 2003, PAF Securities and its affiliate, Pan American Finance, have assisted businesses and their owners, boards of directors and management teams to achieve their objectives for growth through acquisition, investment and financing.
First Citizens Bank Limited
Acquisition of Butterfield Bank
(Barbados) Limited
US$ 45,000,000
August 2012
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 wholly-owned by the Republic of Trinidad & Tobago.
Grand Bay Paper Products Ltd.
Debt Restructuring
US$ 40 million
April 2012
Grand Bay Paper Products Limited (“Grand Bay Paper”) is a Trinidad-based manufacturer of tissue paper products and the leading tissue paper mill in the Caribbean.
Polaris Energy Nicaragua
Senior
Long-Term Project Financing
US$ 140,000,000
November 2010
Polaris Energy Nicaragua
Subordinated
Long-Term Project Financing
US$ 20,000,000
November 2010
Polaris Energy Nicaragua, S.A. ("PENSA"), owns and operates the San Jacinto – Tizate geothermal power project in Nicaragua. PENSA is a subsidiary of Ram Power Corp (TSX: RPG), a renewable energy company engaged in geothermal power in the US, Canada, and Latin America.
PAF Securities co-advised PENSA on US$160 million in long-term financing for the Phase II expansion of the project, consisting of US$140 million in senior term loans and US$20 million in subordinated debt. The consortium of co-lenders was led by the IFC and included the IDB, Bio, CABEI, DEG, FMO, OeEB, and PROPARCO.
Painsa Holdings, S.A.
Acquisition by Pains
Holdings, S.A.
October 2010
Painsa Holdings, S.A. ("Painsa Holdings") is an affiliate of Montreal-based Kruger Group and the parent company of Papelera Internacional, S.A., a Guatemala-based manufacturer and marketer of tissue paper products.
PAF Securities advised Painsa Holdings on the acquisition of a majority stake in Papelera Istmeña S.A., the leading manufacturer and marketer of tissue paper products in Panama. With the acquisition, Painsa Holdings gains a foothold in the southern part of Central America and continues its regional expansion.
Painsa Holdings, S.A.
Acquisition Financing by
Banesco S.A. (Panama)
October 2010
Painsa Holdings, S.A. ("Painsa Holdings") is an affiliate of Montreal-based Kruger Group and the parent company of Papelera Internacional, S.A., a Guatemala-based manufacturer and marketer of tissue paper products.
PAF Securities advised Painsa Holdings on raising senior debt from regional Central American banks for the acquisition of a majority stake in Papelera Istmeña S.A., the leading manufacturer and marketer of tissue paper products in Panama.
Angostura Holdings Ltd
Debt Restructuring
US$ 110,000,000
October 2010
Angostura Holdings Ltd is a Trinidad-based producer of the world-famous Angostura bitters and of the leading Trinidadian rum brands.
PAF Securities advised First Citizens and its subsidiary, CMMB, on the comprehensive restructuring of US$110 million of existing debt facilities from First Citizens, CMMB, and Clico Investment Bank.
Home Construction Limited
Senior long- Term
Financing Provided to HCL
US$ 12,800,000
September 2010
Home Construction Limited ("HCL") is a Trinidad-based home developer, land owner and construction company, with subsidiaries that own and operate shopping malls, supermarkets and other ancillary businesses.
PAF Securities advised Caribbean Money Market Brokers Ltd ("CMMB"), a subsidiary of Trinidad & Tobago's First Citizens Bank Ltd., on the structuring and provision of a new US$12.8 million long-term debt financing to HCL as part of the comprehensive restructuring of HCL's debt facilities.
First Citizens Bank Limited
US$ 171,000,000
Debt Restructuring
August 2010
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 wholly-owned by the Republic of Trinidad & Tobago.
PAF Securities advised First Citizens on the comprehensive restructuring of US$171 million in existing long-term debt facilities provided to HCL for the construction of its One Woodbrook Place mixed-use real estate (residential, retail and office) development in Port-of-Spain.
Unicell Paper Mills Caribbean Limited
Acquisition by Grand
Bay International A.V.V.
October 2009
Unicell Paper Mills Caribbean Limited ("Unicell") is a Trinidad-based manufacturer of tissue paper products and the leading tissue paper mill in the Caribbean.
PAF Securities advised Grand Bay International, an affiliate of Montreal-based Kruger Group, on the acquisition of Unicell. The acquisition was completed simultaneously with the purchase of Trinidad Tissues. With both acquisitions, Grand Bay gains a significant share of the Caribbean tissue paper market and develops important synergies with its existing operations in Venezuela and Guatemala.
Unicell Paper Mills Caribbean Limited
Debt Restructuring
and New Financing
US$ 55,000,000
October 2009
Unicell Paper Mills Caribbean Limited ("Unicell") is a Trinidad-based manufacturer of tissue paper products and the leading tissue paper mill in the Caribbean.
PAF Securities advised Grand Bay International, an affiliate of Montreal-based Kruger Group, on the restructuring of US$44.5 million in existing long-term bank debt and the structuring of US$10.5 million in new working capital facilities from the IFC, RBTT Bank, First Citizens Bank and the Export-Import Bank of Trinidad & Tobago.
Trinidad Tissues Limited
Acquisition by Grand
Bay International A.V.V.
October 2009
Trinidad Tissues Limited ("TTL") is a Trinidad-based manufacturer of tissue paper products.
PAF Securities advised Grand Bay International, an affiliate of Montreal-based Kruger Group, on the acquisition of TTL. The acquisition was completed simultaneously with the purchase of Unicell. With both acquisitions, Grand Bay gains a significant share of the Caribbean tissue paper market and develops important synergies with its existing operations in Venezuela and Guatemala.
First Citizens Bank Limited
Acquisition of the
Shares of CMMB
May 2009
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 wholly-owned by the Republic of Trinidad & Tobago and, effective upon completion of the 2009 transactions, had total assets of over US$4 billion.
PAF Securities advised First Citizens on the acquisition of Caribbean Money Market Brokers (CMMB), the former subsidiary of CL Financial.
First Citizens Bank Limited
New Equity of
US$ 50,000,000
May 2009
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 wholly-owned by the Republic of Trinidad & Tobago and, effective upon completion of the 2009 transactions, had total assets of over US$4 billion.
PAF Securities advised First Citizens on a new US$50 million capital commitment by the Republic of Trinidad & Tobago.
Ferretería EPA S.A.
Senior long- Term Financing
Provided by DEG
US$ 12,000,000
May 2009
Ferretería EPA S.A. ("EPA") is one of the largest home improvement store chains in Costa Rica.
PAF Securities advised EPA on a new US$12 million, 10-year, senior term loan from DEG - Deutsche Investitions- und Entwicklungsgesellschaft (the German Development Bank) used for EPA's expansion in Costa Rica.
First Citizens Bank Limited
Assumption of
US$ 280,000,000
February 2009
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 wholly-owned by the Republic of Trinidad & Tobago and, effective upon completion of the 2009 transactions, had total assets of over US$4 billion.
PAF Securities advised First Citizens on the assumption of approximately US$280 million in customer deposits from CLICO Investment Bank following its intervention and closure by the Central Bank of Trinidad & Tobago.
Papelera Internacional, S.A.
Senior long- Term
Financing Provided by DEG
US$ 10,000,000
February 2009
Papelera Internacional, S.A. ("Painsa") is a Guatemala-based manufacturer and distributor of tissue paper products and an affiliate of Montreal-based Kruger Group.
PAF Securities advised Painsa on a new US$10 million, 8-year, senior term loan from DEG, the German Development Bank, to finance the expansion of its paper production and conversion equipment and facilities.
Compañía Minera Atacocha S.A.A.
Sale of 282,851,186
Class A Voting Shares
US$ 145,000,000
November 2008
Compañía Minera Atacocha S.A.A. ("CMA") is a mining company based in Perú, founded in 1936 by the Gallo family. The company owns and operates mines focused on the exploration and production of zinc and lead (to a lesser extent, silver) and, more recently, of gold.
PAF Securities advised the Gallo family and other selling shareholders on the sale of 84% of the Class A voting shares of CMA to Votorantim Andina Peru S.A.C., a subsidiary of Votorantim Metais Ltda.
One Caribbean Media Limited
Acquisition of CCC/GEM
Radio from Cumulus Media
November 2007
One Caribbean Media Limited ("OCM") is a publicly owned and regionally focused media company quoted on the stock exchanges of Trinidad & Tobago and of Barbados.
OCM acquired Caribbean Communications Company / GEM Radio, a chain of 5 radio stations in Antigua, BVI, St. Kitts, St. Lucia and Trinidad, from Cumulus Media Inc. (NASDAQ: CMLS).
Pan American Finance acted as financial advisor to OCM in this transaction.
Papelera Internacional, S.A.
Acquisition by Grand
Bay International, A.V.V.
July 2007
Papelera Internacional, S.A. ("Painsa") is a Guatemala-based manufacturer of tissue paper products.
Pan American Finance advised Grand Bay International, A.V.V., an affiliate of Montreal-based Kruger Group, on the acquisition of a majority stake in Painsa. With the acquisition, Grand Bay International gains a significant share of the Central American tissue-paper market and develops important synergies with its existing operations in Venezuela, Colombia, and Peru.
Grupo Financiero CrediQ Corp.
Senior long- Term
Financing Provided by IFC
US$ 35,000,000
June 2007
Grupo Financiero CrediQ Corp. ("CrediQ") is the consumer finance unit of Grupo Q Holdings, one of the largest multi-brand, auto retailers in Central America.
Pan American Finance advised CrediQ on a new US$20 million, 6-year, senior term loan from the International Finance Corporation ("IFC") used as long-term financing to supplement the company's existing funding sources in El Salvador, Honduras, Nicaragua, and Costa Rica.
Papeles Nacionales, S.A.
Debt restructuring and $10 million
new long term Financing by DEG
US$ 24,000,000
May 2006
Papeles Nacionales, S.A. ("Panasa") is a Colombian manufacturer of tissue paper products and an affiliate of Montreal-based Kruger Group.
Pan American Finance advised Panasa on a comprehensive restructuring of its Peso denominated debt, reducing its local bank debt from US$24 million to US$14 million. Corfinsura acted as a local co-advisor in this transaction.
In addition, Pan American Finance arranged a new US$10 million 8-year senior-debt financing from the German development bank, DEG.
One Caribbean Media Limited
Merger of Cribean communications
Network and The Nation Corp.
US$ 205,000,000
January 2006
One Caribbean Media Limited ("OCM") is a publicly owned and regionally focused media company quoted on the stock exchanges of Trinidad & Tobago and of Barbados.
OCM was created by the merger of Caribbean Communication Networks Ltd ("CCN") and The Nation Corporation ("Nation"). CCN is the owner of the Express newspaper and TV6 of Trinidad & Tobago, and Nation is the owner of The Nation newspaper and Starcom radio stations.
Pan American Finance acted as financial advisor to both companies in the merger.
La Curacao
Adir International, LLC
US$ 20,000,000
August 2005
La Curacao is the leading retailer focused on Hispanic consumers in Los Angeles, Southern California and the Southwestern U.S. and provides financing for the majority of its sales through its proprietary credit underwriting systems.
New equity capital for store expansion via the sale of a minority interest in Adir International, LLC was provided by an affiliate of Citicorp Venture Capital International.
Pan American Finance, through an affiliate, Azul Capital LLC, initiated this transaction and acted as advisor to Citicorp Venture Capital International.
Grupo Financiero Uno
Senior long- Term
Financing Provided by DEG
US$ 27,500,000
June 2005
Grupo Financiero Uno provides retail banking, credit cards, insurance and asset management services to more than one million retail customers in Central America.
Long-term senior-debt financing was provided to Banco Uno S.A. (Panama) and Banco Uno S.A. (El Salvador) for liquidity management and funding diversification purposes by the German development bank, DEG.
Pan American Finance initiated this transaction and acted as an advisor to DEG.
Frigorifico Canelones, S.A.
Debt and Equity Restructuring
US$ 24,000,000
June 2004
Frigorifico Canelones, S.A. is a leading manufacturer and exporter of frozen and fresh meat and related products in Uruguay.
During the banking crisis of 2002 - 2003, Pan American Finance advised the company on a debt and equity restructuring, including a debt buy-back from a U.S. based investor, the placement of equity with a U.K. based company, a new pre-export financing facility from a European bank, and a US$6 million long-term senior-debt financing for future capital expenditures from the German development bank, DEG.