Arnold & Porter Advises ENA on $400 Million Notes Offering

Arnold & Porter advised Panamanian toll road operator Empresa Nacional de Autopista, S.A (ENA) on the offering by the ENA Master Trust of $400 million of 4.000% Senior Secured Notes due 2048, issued under Rule 144A and Regulation S, and its concurrent public bond offering over the Panama Stock Exchange. Proceeds from the sale will be used primarily to refinance bonds issued by two ENA subsidiaries, ENA Sur and ENA Este, which are the concessionaires of the Corredor Sur and Corredor Este toll roads. The transaction was led by BOFA Securities and Banco General and closed on November 19, 2020.

The Arnold & Porter team was led by partner Greg Harrington and associate Mateo Morris. Tax advice was provided by partner David Sausen and associate Anna Parnes.