Arias Fábrega & Fábrega


ARIFA Building, 10th Floor, West Boulevard
Santa Maria Business District
PO Box 0816-01098

++507 205 7000

++507 205 7001/02

Key contacts:

Partner: Ricardo M Arango
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Partner: Roy C Durling
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  • Lawyers: 47
  • 30 practice areas, across 14 practice groups
  • Exclusive member firm in Panama for: Lex Mundi, Interlaw and Pacific Rim Advisory Council (PRAC)
  • Languages: Spanish, English

Our latest news.

Arias, Fábrega & Fábrega has been at the forefront of the legal profession in Panama, advising international financial institutions, multinationals and some of the largest domestic companies for over 100 years.  
ARIFA is a top full service law firm, particularly recognized for its exceptional strength in complex structured cross-border transactions.
The firm also has a strong offshore practice, for which it has developed its own network of affiliated offices in London, Hong Kong, The British Virgin Islands, Uruguay and Belize.

  • Asset finance
  • Banking
  • Capital markets: Debt
  • Capital markets: Derivatives
  • Capital markets: Equity
  • Capital markets: High yield
  • Competition
  • Covered bonds
  • Financial restructuring
  • Financial services regulatory
  • Investment funds
  • M&A
  • Private equity
  • Private equity funds
  • Project bonds
  • Project finance
  • Real estate finance
  • Restructuring and insolvency
  • Securitisation
  • Structured finance/securitisation

Mergers & Acquisitions
Key contacts: Ricardo M Arango
Andrés N Rubinoff

Recent transactional highlights:

  • Advising Grupo Rey in connection with the proposed acquisition by Corporación Favorita of a controlling interest in Rey Holdings, Corp. 
  • Advising United Airlines in a complex loan and alliance structure between United Airlines, Avianca Holdings, and the two main Avianca shareholders
  • Advising Cable Onda, the leader in Panama's cable and fixed telecommunications services, in the sale of 80% of Cable Onda to Millicom
  • Advising Inchcape in its US$284 million acquisition of Grupo Rudelman and its Suzuki-led distribution business in Costa Rica and Panama 
  • Advising McDermott International in a merger deal with Chicago Bridge & Iron Company (CB&I)
  • Advising E. León Jimenes in the restructuring of its joint venture with Ambev, S.A. 
  • Advising Assicurazioni Generali S.p.A. in an asset sale agreement with respect to its Panamanian operations to ASSA Compañía de Seguros, S.A. for US$172 million 
  • Advising Caribbean Property Group, LLC in the sale of the Royal Decameron Golf, Beach Resort & Villas to the Decameron Organization.
  • Advising Softbox's acquisition of Panama-based Cold Tech Systems, the exclusive Softbox licensee in Latin America for several years.
  • Advising Empresa Panameña de Alimentos in the sale of dairy company Bonlac to Castillo Hermanos
  • Obtaining antitrust approval in commercial alliance agreement between leading international airlines: United Airlines and Copa Airlines.  

Capital Markets and Banking
Key contacts: Ricardo M Arango
Estif Aparicio

Recent transactional highlights:144-A Reg. S offers 

  • Advising Banco General (issuer) in international bonds issuance
  • Advising UBS (purchaser) in Multibank International bonds 
  • Advising McDermott International (issuer) in US$550 million in aggregate principal amount of senior unsecured notes due 2026 
  • Advising Citigroup Global Markets (sole initial purchaser) in Tocumen International Airport bond issuances 
  • Advising JP Morgan and Morgan Stanley (initial purchasers) in Banistmo’s debut international bond offering
  • Advising Bank of America Merrill Lynch, Credit Suisse Securities (USA) LLC and Banco General, S.A. (lead bookrunners) in Promerica Financial Corporation’s initial debt offering of US$200 million senior secured notes  

International bond offerings of the Republic of Panama

  • Acted as counsel to underwriters in most international bond offerings of the Republic of Panama, since the Brady exchange program in 1996. Most recently:
  • Advising Sullivan & Cromwell LLP in the new Global Bond offering by the Republic of Panama with maturity in 2050 for an amount of US$1.2 billion

Public and private infrastructure projects 

  • Advising Acciona Construcción, S.A. in a US$240 million infrastructure project to expand the Pan-American Highway connecting with the Bridge of the Americas 
  • Advising the Central American Bank for Economic Integration (CABEI) in financing the phase 1 of the beach highway project (Corredor de las Playas), in the order of US$450 million.
  • Advising Empresa Nacional de Autopista - ENA (National Highway Company) liability management transaction
  • Advising the Central American Bank for Economic Integration (CABEI) in a loan agreement for US$70 million to finance the Phase I of the new Gorgas Commemorative Institute of Health Studies (ICGES)
  • Advising UBS in challenging financing structure for Panama City’s second metro line
  • Citigroup Global Markets in the second and third Tocumen Airport debt bond issuances
  • Advising Bank of Nova Scotia in US$100 million financing for the construction of Panama's new convention center by CCA-COCIGE Consortium

Energy finance 

  • Advising Banco BAC Credomatic and Banco Nacional de Panamá in an additional TUA loan agreement to finance Costa Norte LNG Terminal, the single largest natural gas powered generation facility complex to be built in Panama
  • Advising Citigroup in US$400 million finance for ETESA for the 3rd energy transmission line. The firm is already advising clients participating in the prequalification process for the tender of the 4th transmission line 

Business and Corporate Law
Key contacts:Roy C Durling

Rodrigo Cardoze

  • Automotive
  • Aviation
  • Banking
  • Consumer goods and services
  • Energy
  • Financial services
  • Food and beverage
  • Government and public policy
  • Insurance
  • Investment management
  • Media
  • Mining
  • Natural resources
  • Oil and gas
  • Real estate
  • Shipping
  • Social infrastructure
  • Tech and telecoms
  • Transport
  • Utilities

ARIFA Services (London) Limited
Liaison office
Suite 103, Stanmore Place
Howard Road, Honeypot Lane
London HA7 1BT
United Kingdom
+44 (0) 208 731 5278
+44 (0) 208 731 5225
Office contact: Angela Turner

Company Services HK Limited
Corporate Services Affiliate
St. George's Building
Room 1805-6, 18th Floor
No.2 Ice House Street
Hong Kong
+852 2525 3903
+852 2845 0048
Office contact: Connie Wong

Trustee Affiliate 
Level 1, Palm Grove House,
Wickham's Cay 1,
P.O. Box 985
Road Town, Tortola, B.V.I.
+284 393 4977
+284 393 4980
Office contact: Gabriel Carles

Corporate Services Affiliate
World Trade Center, tower 3, office 161
Luis Alberto de Herrera Ave. 1248
Montevideo, Uruguay
+598 2623 0868
+598 2623 0820
+598 2623 1158
Office contact: Natalia Sandez 

Corporate Services Affiliate
60 Market Square
P.O. Box 364
Belize City, Belize
+501 227 2567
+501 227 7018