ENA Master Trust’s $400 Million Secured Notes Offering


Morgan & Morgan acted as counsel to Banistmo, S.A., while Shearman & Sterling advised the initial purchasers in the transaction.

ENA Master Trust issued and placed the senior secured notes due 2048 with an interest rate of 4%, for an amount up to US$400,000,000.00. The notes were registered with the Superintendence of Markets of the Republic of Panama and listed in the Panama Stock Exchange and Luxembourg Stock Exchange, and placed in the United States of America under 144A/ Regulation S exemptions.

In this public offering, Banistmo, S.A. acted as trustee, to a special purpose trust created by Empresa Nacional de Autopista, S.A. (ENA), as settlor and servicer, and ENA Este, S.A., as settlor and ENA Sur, S.A., as settlors, known as “ENA Master Trust” that issued the bonds to raise the funds needed to refinance certain obligations amongst others of ENA Sur, S.A. and ENA Este, S.A., both companies that own concession rights on highways knows as “Corredor Sur” and “Corredor Este”.

ENA Master Trust is a special trust vehicle created by Empresa Nacional de Autopistas, S.A. (ENA).

Morgan & Morgan advised Banistmo with Partners Kharla Aizpurua Olmos, Inocencio Galindo, Ricardo Arias and Jose Carrizo, and senior associate Pablo Epifanio.

Shearman & Sterling advised BofA Securities, Inc. and Banco General, S.A., as initial purchasers, with Manuel A. Orillac, Larry Crouch, Thomas Majewski, Michael L. Perez, Eric Grosshandler, Daniel Kachmar, Elliot Domio and Pedro de Elizalde.

Involved fees earner: Kharla Aizpurua Olmos – Morgan & Morgan; Ricardo Arias – Morgan & Morgan; José Carrizo – Morgan & Morgan; Pablo Epifanio – Morgan & Morgan; Inocencio Galindo – Morgan & Morgan; Larry Crouch – Shearman & Sterling; Elliot Domio – Shearman & Sterling; Eric Grosshandler – Shearman & Sterling; Daniel Kachmar – Shearman & Sterling; Thomas Majewski – Shearman & Sterling; Manuel Orillac – Shearman & Sterling; Michael Perez – Shearman & Sterling;

Law Firms: Morgan & Morgan; Shearman & Sterling;

Clients: Banco General, S.A.; Banistmo S.A.; Bank of America Securities;

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Author: Ambrogio Visconti.