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. (“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.

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.

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.

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.

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.

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.

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.

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.

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.

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 Dutch development bank, FMO.

Pan American Finance initiated this transaction and acted as an advisor to FMO.