Shearman And Sterling

News November 19, 2020

ENA Master Trust’s $400 Million Senior Secured Notes Offering

Shearman & Sterling advised BofA Securities, Inc. and Banco General, S.A., as initial purchasers, for a Rule 144A/Reg S offering of $400 million of 4.000 percent senior secured notes due 2048 by ENA Master Trust, a trust settled under Panamanian law by Empresa Nacional de Autopista, S.A.

The Issuer applied or will apply the proceeds of the Notes to repay the outstanding notes issued by its affiliates ENA Sur, S.A. and ENA Este, S.A., the remaining proceeds will be used to fund the transaction accounts; invest in capital project; and for other general corporate purposes.

The Notes were listed on the Panamanian Stock Exchange and will be listed on the Luxembourg Stock Exchange.

ENA is wholly owned by the Republic of Panama and was incorporated to hold companies that have concessions to construct and operate highways or toll roads. 

The team also included international associate Pedro de Elizalde.

The Team