Pan American Financepanamfinance.com/wp-content/uploads/2018/08/Introduction-to-Pan... ·...
30
July 2018 Introduction to Pan American Finance Investment banking for the Americas Pan American Finance
Transcript of Pan American Financepanamfinance.com/wp-content/uploads/2018/08/Introduction-to-Pan... ·...
July 2018
Introduction to Pan American Finance
I nv e s tme nt bank ing for t he A me r ica sPan American Finance
2 An introduction to our firmI nv e s tme nt bank ing for t he A me r ica sPan American Finance
Experience
Pan American Finance was founded in 2003 to advise our clients on achieving their objectives for growth and value creation – through acquisition, investment and capital raising transactions
Our affiliate, PAF Securities LLC, has been a member of FINRA/SIPC since November 2006 Team of 9 investment banking professionals with diversified backgrounds and extensive transaction
experience in investment banking, capital raising, private equity, and corporate finance & operations■ Complemented by a prestigious group of highly experienced Senior Advisors Directorial and executive leadership positions in the private and public sectors across the Latin American
and Caribbean regions, including with development banks and other financial institutions Deep operating and industry experience, including in the consumer, financial services, and infrastructure &
energy sectors
Focus
■ Structuring and completing advisory transactions, often private, complex or cross-border, in selected markets across the Latin and North American regions
■ Equity capital raising for highly differentiated companies and fund managers■ Sector expertise in infrastructure and renewable energy
Experience
Members of the firm have completed: Over US$4.8 billion in M&A advisory across 48 transactions Over US$8.3 billion in debt financing across 60 transactions Over US$2.0 billion in equity and mezzanine capital raised across 30 transactions Over US$10.2 billion in fund placement transactions across 20 funds
Firm overviewPan American Finance was founded in 2003 to provide high quality, independent financial advisory and capital raising services to businesses and their owners across the Americas
3 An introduction to our firmI nv e s tme nt bank ing for t he A me r ica sPan American Finance
Representative M&A transactions
February 2009
First Citizens Bank, Ltd.
Assumption ofUS$ 280,000,000
in Customer Deposits of
Trinidad & Tobago
November 2007
One Caribbean Media Limited
Acquisition of CCC / GEM Radio
From Cumulus Media
Caribbean
November 2008
Compañía Minera Atacocha S.A.A.
US$ 145,000,000Sale of 282,851,186
Class A Voting Shares
Peru
July 2007
Papelera Internacional, S.A.
Acquisition by Grand Bay International,
A.V.V.
Guatemala
May 2009
First Citizens Bank, Ltd.
Acquisition of theShares of
CaribbeanCaribbean Money Market
Brokers Ltd.
August 2012
First Citizens Bank, Ltd.
US$ 45,000,000Acquisition of Butterfield Bank (Barbados) Limited
Caribbean
November 2014
US$ 168,000,000Acquisition of
10% Interest in
Trinidad & Tobago
The National Insurance Board of T&T, National Enterprises
Ltd. & The T&T Unit Trust Corp.
April 2014
Acquisition of 215 MW Wind Project in Panama
Panama
InterEnergy Holdings
September 2013
Acquisition of
Global
Kawa Capital Management
September 2013
Sale of
Trinidad & Tobago
Denham Capital
October 2010
Papelera Istmeña, S.A.
Acquisition by Painsa Holdings and Financing
by Banesco, S.A. (Panama)
Panama
October 2009
Trinidad Tissues Limited
Acquisition by Grand Bay International
A.V.V.
Trinidad & Tobago
January 2006
One Caribbean Media Limited
US$ 205,000,000Merger of Caribbean
Communications Network & The Nation Corp.
Caribbean
October 2009
Acquisition by Grand Bay International
A.V.V.
Unicell Paper Mills Caribbean Limited
Trinidad & Tobago
August 2016
Sale to
Global
Sonnedix Power Holdings, Ltd.
Infrastructure Investments Fund
October 2005
Papeles Nacionales S.A.
Tender offer for publicly-traded shares and de-
listing
Colombia
August 2016
Acquisition of
Brazil
March 2018
Acquisition of
Brazil
4 An introduction to our firmI nv e s tme nt bank ing for t he A me r ica sPan American Finance
Representative debt capital raising transactions
August 2010
First Citizens Bank, Ltd.
US$ 184,000,000Debt Restructuringand New Financing
Trinidad & TobagoHome Construction Limited
November 2010
Polaris Energy Nicaragua, S.A.
US$ 30,000,000Refinancing of Existing
Senior Financing
Nicaragua
October 2010
First Citizens Bank, Ltd.
US$ 110,000,000Debt Restructuring
Trinidad & TobagoAngostura Holdings Ltd.
April 2012
Grand Bay Paper Products Ltd.
US$ 40,000,000Debt Restructuring
Trinidad & Tobago
February 2009
Papelera Internacional, S.A.
US$ 10,000,000Senior Long-Term
Financing
Guatemala
May 2009
Ferreteria EPA, S.A.
US$ 12,000,000Senior Long-Term
Financing Provided by
Costa Rica
December 2014
US$ 284,000,000 SeniorLong-Term Debt Project
Financing
Panama
InterEnergy Holdings
November 2010
Polaris Energy Nicaragua, S.A.
US$ 20,000,000Subordinated Long-term Debt Project Financing
Nicaragua
May 2006
Papeles Nacionale, S.A.
US$ 24,000,000 Debt Restructuring Including US$ 10,000,000 New Long-Term Financing
Colombia
June 2007
Grupo Financiero CrediQ Corp.
US$ 15,000,000Senior Long-Term
Financing
Central America
October 2009
US$ 55,000,000Debt Restructuring and
New Financing
Unicell Paper Mills Caribbean Limited
Trinidad & Tobago
November 2010
Polaris Energy Nicaragua, S.A.
US$ 140,000,000Senior Long-term Debt
Project Financing
Nicaragua
May 2015
US$ 50,000,000Senior Long-Term
Financing
Colombia
Bayport Colombia, S.A.S.
Inter-American Bank’s Opportunities for the Majority
December 2014
Papelera Internacional, S.A.
US$ 30,000,000Senior Debt
Guatemala
April 2014
US$ 100,000,000 Bridge Financing
Panama
InterEnergy Holdings
July 2015
US$ 21,000,000Senior Long-Term Debt
Project Financing
Guatemala
Repimex, S.A.
December 2014
Panama
InterEnergy Holdings
US$ 16,000,000Subordinated Long-term Debt Project Financing
June 2005
US$ 27,500,000Senior Long-Term
Financing
Central America
Grupo Financiero Uno
June 2004
US$ 24,000,000 Debt & Equity Restructuring
New Medium- and Long-Term Loans Including
US$ 6,000,000
Uruguay
Frigorifico Canelones
October 2010
Papelera Istmeña, S.A.
Acquisition by Painsa Holdings and Financing
by Banesco, S.A. (Panama)
Panama
June 2007
Grupo Financiero CrediQ Corp.
US$ 20,000,000Senior Long-Term
Financing
Central America
5 An introduction to our firmI nv e s tme nt bank ing for t he A me r ica sPan American Finance
Representative mezzanine and equity capital raising transactions
October 2005
Tender offer for publicly-traded shares and de-listing
Colombia
Papeles Nacionales S.A.
December 2014
Global
US$ 375,000,000Equity Private Placement
Infrastructure Investments Fund
Sonnedix Power Holdings, Ltd.
September 2014
United States
US$ 7,000,000Mezzanine Debt
Banyan Investment Partners
Ghurka
October 2013
United States
US$ 20,000,000Equity Private Placement
Ghurka
October 2009
Trinidad & Tobago
Acquisition by Grand Bay International
A.V.V.
Unicell Paper Mills Caribbean Limited
May 2009
New Equity Capital ofUS$ 50,000,000
Committed
Trinidad & Tobago
First Citizens Bank, Ltd.
Republic of Trinidad & Tobago
August 2005
Adir International, LLC
US$ 20,000,000Sale of a Minority Interest to
Citigroup Venture Capital International
United States
November 2017
United Kingdom
US$ 325,000,000Equity Capital Raise
Capital Stage AG
Solarcentury Holdings Limited
6 An introduction to our firmI nv e s tme nt bank ing for t he A me r ica sPan American Finance
Representative fund raising transactions
2005
NY-based Fund of Funds Manager
US$ 160,000,000‘Fund I’
United States
August 2014
US$ 30,000,000Limited Partnership
Interests Raised
Latin America
Peninsula Investments Group, L.P. (Fund III)
2012
Parmenter Realty Partners
Committed Funds:US$ 255,000,000Co-investment:US$ 50,000,000‘Parmenter IV’
United States
1999
US$ 110,000,000‘ITP’
United States
Interprise Technology Partners
ITP1999
US$ 30,000,000‘Southeast Investments I’
United States
Miller Capital Management
Miller Capital Management
2006
Parmenter Realty Partners
US$ 250,000,000‘Parmenter III’
United States
2003
Parmenter Realty Partners
US$ 90,000,000‘Parmenter II’
United States
1997
US$ 500,000,000‘Fund I’
Latin America
Ibero American Media Partners
August 2017
US$ 32,000,000Limited Partnership
Interests Raised
United States
Jetstream Aviation Capital (Fund III)
June 2015
US$ 68,000,000Limited Partnership
Interests Raised
United States
Jetstream Aviation Capital (Fund II)
September 2017
US$ 300,000,000Limited Partnership
Interests Raised
Global
Markel CATCo Retrocessional Reinsurance Fund
2017
CA-based Private Equity Fund
Manager
US$ 2,200,000,000‘Middle Market Structured
Equity Fund’
United States
2015
FL-based Private Equity Fund
Manager
US$ 1,000,000,000‘Distressed Debt Fund’
United States
2014
FL-based Private Equity Fund
Manager
US$ 1,750,000,000‘Middle Market LBO Fund’
United States
2013
Europe-based Private Equity Fund Manager
~US$ 650,000,000‘European LBO Fund’
Europe
2012
Europe-based Private Equity Fund Manager
~US$ 809,000,000‘European Distressed
Debt Fund’
Europe
2014
FL-based Private Equity Fund
Manager
US$ 500,000,000‘Growth Equity Fund’
United States
2014
FL-based Private Equity Fund
Manager
US$ 250,000,000‘Life Sciences Fund’
United States
2014
FL-based Private Equity Fund
Manager
US$ 1,100,000,000‘Distressed Debt Fund’
United States
7 An introduction to our firmI nv e s tme nt bank ing for t he A me r ica sPan American Finance
PAF has completed 20 transactions for over US$2.3 billion in the infrastructure and energy sector, including US$1.6 billion in renewable energy
Track record
20 transactions completed in the infrastructure and energy sectors
Transactions:‒ M&A‒ Restructuring‒ Project Finance‒ Senior Debt‒ Subordinated Debt‒ Mezzanine & Equity
Infrastructure:‒ Energy & Power‒ Mining ‒ Ports & transportation‒ Real Estate
Renewable energy:‒ Solar‒ Wind‒ Geothermal
Geographies:‒ Central America ‒ Caribbean‒ Andean & South America‒ USA & Global
November 2008
Compañía Minera Atacocha S.A.A.
US$ 145,000,000Sale of 282,851,186
Class A Voting Shares
Peru
November 2014
US$ 168,000,000Acquisition of
10% Interest in
Trinidad & Tobago
The National Insurance Board of T&T, National Enterprises
Ltd. & The T&T Unit Trust Corp.
April 2014
Acquisition of 215 MW Wind Project in Panama
Panama
InterEnergy Holdings
September 2013
Acquisition of
Global
Kawa Capital Management
September 2013
Sale of
Trinidad & Tobago
Denham Capital
August 2010
First Citizens Bank, Ltd.
US$ 184,000,000Debt Restructuringand New Financing
Trinidad & TobagoHome Construction Limited
November 2010
Polaris Energy Nicaragua, S.A.
US$ 30,000,000Refinancing of Existing
Senior Financing
Nicaragua
December 2014
US$ 300,000,000 SeniorLong-Term Debt Project
Financing
Panama
InterEnergy Holdings
November 2010
Polaris Energy Nicaragua, S.A.
US$ 20,000,000Subordinated Long-term Debt Project Financing
Nicaragua
November 2010
Polaris Energy Nicaragua, S.A.
US$ 140,000,000Senior Long-term Debt
Project Financing
Nicaragua
April 2014
US$ 100,000,000 Bridge Financing
Panama
InterEnergy Holdings
July 2015
US$ 21,000,000Senior Long-Term Debt
Project Financing
Guatemala
Repimex, S.A.
December 2014
US$ 375,000,000Equity Private Placement
GlobalInfrastructure Investments Fund
Sonnedix Power Holdings, Ltd.
August 2014
US$ 30,000,000Limited Partnership
Interests Raised
Latin America
Peninsula Investments Group, L.P. (Fund III)
Sale to
Global
Sonnedix Power Holdings, Ltd.
Infrastructure Investments Fund
August 2016 June 2015
US$ 68,000,000Limited Partnership
Interests Raised
United States
Jetstream Aviation Capital (Fund II)
October 2017
US$ 32,500,000Limited Partnership
Interests Raised
United States
Jetstream Aviation Capital (Fund III)
November 2017
US$ 325,000,000Equity Capital Raise
Europe & Latin America
Solarcentury Holdings Limited
Capital Stage AG
8 An introduction to our firmI nv e s tme nt bank ing for t he A me r ica sPan American Finance
Pan American Finance advised Sonnedix Solar on the creation of a 50/50 JV with J.P. Morgan Asset Management’s Infrastructure Investment Fund in 2014 and on the sale of substantially all of the company to its JV partner less than 2 years later in 2016
Sonnedix Solar
Sonnedix Solar is a solar photovoltaic (“solar PV”) developer and independent power producer, incorporated in Bermuda and, as of August 2016, operated 55 power plants with 353 MW of installed capacity
Sonnedix Solar is developing and owns controlling interests in 66 parks, comprising 795 MW of operating, under construction, in documentation, and under development capacity in nine countries: Chile, France, Italy, Japan, Puerto Rico (USA), South Africa, Spain, Thailand and the UK
Sonnedix Solar has built a world class team of experienced solar executives deployed around the world to create a global solar platform targeting > 1 GW of installed capacity
Process
Outcome
Sponsor
Signing of a joint venture agreement between Sonnedix Solar and JPM IIF; closing and funding in December 2014 JPM IIF acquired 50% of Sonnedix Solar’s portfolio, and in addition provided immediate significant new capital commitments
with interest to fund substantial, additional amounts The transaction validated Sonnedix Solar’s business plan, solar platform, management team, operating assets, development
projects, and future opportunity – after comprehensive due diligence by JPM IIF and its advisors (Skadden, DNV, PWC, Marsh and E&Y)
Provided attractive valuation for Sonnedix Solar – for both operating and development assets – and transparent ongoing valuation via quarterly NAV calculation
Attractive future IRRs for Sonnedix Solar LPs with attractive expected yields and multiple exit alternatives In 2016, Pan American Finance advised Sonnedix Solar on the sale of substantially all of the company to JPM IIF – Sonnedix
Solar had increased its capacity from 117MW to 353MW and acquired over €300 million of operating assets since forming the JV
December 2014
US$ 375,000,000Equity Private Placement
Global
Sonnedix Power Holdings, Ltd.
Infrastructure Investments Fund
August 2016
Sale to
Global
Sonnedix Power Holdings, Ltd.
Infrastructure Investments Fund
In 2014, after having raised €200 million in equity from private investors, Sonnedix Solar L.P. was seeking substantial additional equity capital to fund the development and acquisition of new solar PV assets around the globe
Pan American Finance worked closely with management to develop a comprehensive capital raising strategy A financial model that consolidated development, under-construction, and operating assets was built by Pan American
Finance, and marketing materials were developed to approach potential investors Pan American Finance approached selected blue-chip insitutional investors and family offices and assisted Sonnedix Solar in
the negotiation and documentation of a transaction that secured capital from JP Morgan Asset Management’s Infrastructure Investment Fund (“JPM IIF”)
9 An introduction to our firmI nv e s tme nt bank ing for t he A me r ica sPan American Finance
Sponsor
In January 2014, InterEnergy was presented with the opportunity to acquire a 215 MW wind farm project in Panama for a total cost of approximately US$425 million; permits, concessions, and approvals were in place
Upon completion, the 215 MW Penonome Wind Project would be the largest wind farm in Panama and Central America Three separate supplier contracts had been negotiated, with uncoordinated schedules presenting high interface risk for
project The project had signed 15- and 20-year PPAs for 165MW in capacity, requiring tight 10-month construction schedule to avoid
potential delay penalties in early 2015; 50MW would operate on a merchant basis InterEnergy needed fast execution of the acquisition and financing transactions
Situation
InterEnergy Holdings
Pan American Finance advised InterEnergy on the acquisition, bridge financing, and long-term debt financing of the 215 MW Penonome Wind Project in Panama in 2014
InterEnergy Holdings (“InterEnergy”) was formed in 2011 from predecessor company Basic Energy Ltd. by private equity fund InterEnergy Partners LP and entrepreneur Rolando Gonzalez Bunster
InterEnergy currently owns and operates 880 MW of power generation and distribution assets in the Caribbean and Central America
Predecessor company, Basic Energy Ltd., had nearly 25 years of investment and operational experience in the power sector, having acquired and developed over 1,500 MW in the Dominican Republic, Argentina, Panama, and Jamaica
In February 2013, the World Bank's International Finance Corporation acquired a minority equity interest in InterEnergy through a US$100 million direct equity investment
10 An introduction to our firmI nv e s tme nt bank ing for t he A me r ica sPan American Finance
Acquisition
Outcome
Bridge Loan
Term Loan
Financial modeling and due diligence Board of directors presentations Coordination of InterEnergy’s internal deal team and external advisors Negotiations with seller on acquisition and shareholder agreements Renegotiation of 3 supplier contracts to shorten construction schedule, reduce interface risk,
mitigate risk of PPA penalties, and conform payment schedules to funding plan
Financial modeling Lender presentations and due diligence management Mandate, term sheet, and legal documentation negotiations US$100 million, 8-month, bridge loan from Banco Espirito Santo de Investimento, allowing
sufficient period to secure long-term take-out financing
Financial modeling Lender presentations, site visits, and due diligence management Coordination of internal deal team and external advisors Negotiation of mandate, term sheet, and definitive legal documentation US$300 million in 17-year debt financing from a syndicate of 7 banks led by IFC;
US$284 million in senior debt and US$16 million in subordinated debt
Acquisition and bridge financing transactions completed in 3 months (Jan - April 2014) Term debt financing, involving 7 banks, completed in 8 months (May – Dec 2014) InterEnergy completed project on tight time schedule while mitigating significant risks
and providing attractive returns to shareholders
Role of Pan American Finance
December 2014
US$ 300,000,000Senior and Subordinated
Secured debt project financing
Panama
April 2014
US$ 100,000,000 bridge financing
Panama
April 2014
Acquisition of 215 MW wind
park in Panama
Panama
InterEnergy Holdings
Pan American Finance advised InterEnergy on the acquisition, bridge financing, and long-term debt financing of the 215 MW Penonome Wind Project in Panama in 2014
InterEnergy Holdings
InterEnergy Holdings
InterEnergy Holdings
11 An introduction to our firmI nv e s tme nt bank ing for t he A me r ica sPan American Finance
Sponsor
Ram Power / Polaris Energy Nicaragua
Pan American Finance assisted Ram Power in the Phase I US$85 million refinancing & Phase II US$160 million project financing of its 72 MW geothermal plant in Nicaragua
Process
Founded in 2008, Ram Power Corp. (“Ram Power”) is a publicly-traded renewable energy company based in Toronto, Canada
Ram Power engages in the acquisition, exploration, development and operation of geothermal properties in Nicaragua, and concessions, leases, and properties in the United States, Canada, and Central America
Ram Power owns and operates the San Jacinto-Tizate geothermal power project in Nicaragua through its subsidiary, Polaris Energy Nicaragua, S.A.
Project Overview
The San Jacinto-Tizate (“SJT”) geothermal project is located in northwest Nicaragua, near the city of Leon, approximately 90 km northwest of the capital city of Managua
SJT has one of the highest quality geothermal reservoirs being developed in the world; the concession has the potential to produce over 200 MW of power
The second phase of the SJT geothermal project commenced operations in December 2012 and together with the first phase represents a total investment of over US$400 million
The plant is currently operating two Fuji units with 72 MW in capacity
Pan American Finance was engaged in February 2010 Signing of definitive Phase I refinancing and Phase II financing documentation took place in November 2010 and the initial
disbursement was made in August 2011, after delays in resource certification and project cost overruns Pan American Finance assisted RAM Power in raising US$140 million in new long-term senior financing with 13-year final
maturity for the Phase II expansion of the project; the consortium of co-lenders was led by the IFC and included IDB, BIO, CABEI, DEG, FMO, OeEB, and Proparco
Pan American Finance also advised RAM Power on raising US$20 million in new subordinated financing with 14- year final maturity for the Phase II expansion of the project; the subordinated financing was provided by IFC
Pan American Finance assisted in refinancing US$30 million of US$70 million in existing senior and $15 million in subordinated financing for Phase I of the project; consortium of co-lenders led by CABEI and included BIO, CIFI and FMO
12 An introduction to our firmI nv e s tme nt bank ing for t he A me r ica sPan American Finance
Outcome
Successfully renegotiated key terms of Phase I debt to be consistent with Phase II financing (to extend tenor and reduce spread) and added US$8 million in new subordinated debt− Replaced / refinanced US$ 30 million from two existing Phase I lenders to
achieve these objectives
Phase II senior debt was significantly over-subscribed Resulted in 65% debt : 35% equity project financing structure Lenders:
− IFC was mandated as “lead” lender; IDB also mandated as a co-arranger− Parallel loans from CABEI, DEG, FMO, OeEB and Proparco, and “B” loans
from BIO and CIFI− Subordinated debt provided by IFC and FMO
Latin American Geothermal
deal of the year
November 2010
Polaris Energy Nicaragua, S.A.
US$ 140,000,000Senior long-term project financing
Nicaragua
November 2010
Polaris Energy Nicaragua, S.A.
US$ 30,000,000Refinancing of existing
senior financing
Nicaragua
November 2010
Polaris Energy Nicaragua, S.A.
US$ 20,000,000Subordinated long-
term project financing
Nicaragua
Role of Pan American FinanceRam Power / Polaris Energy Nicaragua
We also assisted Ram Power in the Phase I US$85 million refinancing and Phase II US$160 million project financing of its 72 MW geothermal plant in Nicaragua
13 An introduction to our firmI nv e s tme nt bank ing for t he A me r ica sPan American Finance
Our firm has completed 14 transactions for over US$0.7 billion in M&A advisory, capital raising and restructuring in the financial services sector
Track record
13 transactions and advisory engagements completed in financial services
Transactions:‒ M&A‒ Restructuring‒ Senior Debt‒ Subordinated Debt‒ Mezzanine / Equity
Geographies:‒ Global‒ Caribbean‒ Central America‒ Andean region
US$ 50,000,000Senior Long-Term
Financing Provided by
Bayport Colombia S.A.S.
Inter-American Bank’s Opportunities for the Majority
October 2012
Financial Advisory and Valuation
Trinidad & Tobago
Colonial Life Insurance Company [Trinidad] Limited
June 2005
Grupo Financiero Uno
US$ 27,500,000Senior Long-Term
Financing Provided by
Central America
June 2007
Grupo Financiero CrediQ Corp.
US$ 35,000,000Senior Long-Term
Financing Provided by
Central America
February 2009
NovoPayment
Latin AmericanExpansion Strategy
Andean Region
February 2009
First Citizens Bank, Ltd.
Assumption ofUS$ 280,000,000
in customer deposits of
Trinidad & Tobago
May 2009
First Citizens Bank, Ltd.
New Equity Capital ofUS$ 50,000,000
Committed
Republic of Trinidad and Tobago
August 2012
First Citizens Bank, Ltd.
US$ 45,000,000Acquisition of Butterfield Bank (Barbados) Limited
Barbados
May 2009
First Citizens Bank, Ltd.
Acquisition of theShares of
Caribbean
Caribbean Money Market Brokers Ltd.
September 2015
Assessment of Strategic Alternatives
Trinidad & Tobago
The National Insurance Board of Trinidad & Tobago
Home Mortgage Bank Trinidad & Tobago Mortgage Finance Co.
Trinidad & Tobago
May 2015
Colombia
September 2017
Global
US$ 300,000,000Limited Partnership
Interests Raised
Markel CATCo Retrocessional Reinsurance Fund
October 2017
Valuation of debt and equity securities
holdings
Trinidad & Tobago
Colonial Life Insurance Company [Trinidad] Limited
14 An introduction to our firmI nv e s tme nt bank ing for t he A me r ica sPan American Finance
November 2007
One Caribbean Media Limited
Acquisition of CCC / GEM Radio
From Cumulus Media
Caribbean
Pan American Finance has completed 23 transactions over US$0.4 billion in transaction value in the consumer, manufacturing & services sector
22 transactions and advisory engagements completed in the consumer, manufacturing and services sector
Transactions:‒ M&A‒ Restructuring‒ Senior Debt‒ Subordinated Debt‒ Mezzanine / Equity
Geographies:‒ Caribbean‒ Latin America:
Costa Rica Guatemala Nicaragua Panama Nicaragua Uruguay
‒ USA
October 2010
First Citizens Bank, Ltd.
US$ 110,000,000Debt Restructuring
Trinidad & TobagoAngostura Holdings Ltd.
February 2009
Papelera Internacional, S.A.
US$ 10,000,000Senior Long-Term
Financing
Guatemala
May 2009
Ferreteria EPA, S.A.
US$ 12,000,000Senior Long-Term
Financing Provided by
Costa Rica
May 2006
Papeles Nacionales, S.A.
US$ 24,000,000 Debt Restructuring Including US$ 10,000,000 New Long-Term Financing
Colombia
October 2009
US$ 55,000,000Debt Restructuring and
New Financing
Unicell Paper Mills Caribbean Limited
Trinidad & Tobago
December 2014
Papelera Internacional, S.A.
US$ 30,000,000Senior Debt
Guatemala
September 2014
US$ 7,500,000Mezzanine Debt
USABanyan Investment Partners
Ghurka
October 2013
US$ 20,000,000Equity Private Placement
USA
Ghurka
October 2009
Trinidad Tissues Limited
Acquisition by Grand Bay International
A.V.V.
Trinidad & Tobago
January 2006
One Caribbean Media Limited
US$ 205,000,000Merger of Caribbean
Communications Network & The Nation Corp.
Caribbean
October 2005
Papeles Nacionales S.A.
Tender offer for publicly-traded shares and de-
listing
Colombia
August 2005
Adir International, LLC
USA
US$ 20,000,000Sale of a Minority Interest
to Citigroup Venture Capital International
Track record
June 2004
US$ 24,000,000 Debt & Equity Restructuring
New Medium- and Long-Term Loans Including
US$ 6,000,000
Uruguay
Frigorifico Canelones
July 2007
Papelera Internacional, S.A.
Acquisition by Grand Bay International,
A.V.V.
Guatemala
July 2008
Sigma S.A.
Strategic alternativesand capital raising
strategies
Central America
October 2010
Papelera Istmeña, S.A.
Acquisition by Painsa Holdings and Financing
by Banesco, S.A. (Panama)
Panama
April 2012
Grand Bay Paper Products Ltd.
US$ 40,000,000Debt Restructuring
Trinidad & Tobago
July 2015
Colonial Life Insurance Company [Trinidad] Limited
Financial Advisoryand Valuation
Trinidad & Tobago
October 2009
Unicell Paper Mills Caribbean Limited
Acquisition by Grand Bay International
A.V.V.
Trinidad & Tobago
December 2012
Colonial Life Insurance Company [Trinidad] Limited
Financial Advisoryand Valuation
Trinidad & Tobago
April 2016
Colonial Life Insurance Company [Trinidad] Limited
Financial Advisoryand Valuation
Trinidad & Tobago
October 2017
Colonial Life Insurance Company [Trinidad] Limited
Valuation of debt and equity
securities holdings
Trinidad & Tobago
15 An introduction to our firmI nv e s tme nt bank ing for t he A me r ica sPan American Finance
Our team is composed of senior-level, highly experienced investment banking professionals with broad industry expertise and strong, regional knowledge
Co-founder of Pan American Finance and PAF Securities Over 35 years of experience in investment banking, corporate finance and private equity Focused on M&A, capital raising and restructuring in Latin America and the Caribbean since 1992 Transaction experience in the consumer, financial services, infrastructure & renewable energy
sectors From 1998 to 2001, served as Managing Director and CFO of Ibero American Media Partners
(“IAMP”), a $500 million private equity platform jointly owned by the Cisneros Group of Companies and Hicks, Muse, Tate & Furst in Miami Beach, Florida. IAMP made investments in the pay television, broadcast TV, radio and internet sectors, in 1998 acquiring the Cisneros Television Group (“CTG”), where Ben was Vice Chairman
Managing Director at Violy, Byorum & Partners in New York, an investment banking firm focused on M&A advisory in Latin America and the Caribbean
Held prior positions at Citicorp Securities and Continental Bank, living and working in New York, Los Angeles, Chicago, and London
Ben serves as a director to various private companies and as senior advisor to the ALS Recovery Fund and to the Osteosarcoma Collaborative
Graduate of the University of Oxford
Benjamin S. A. Moody, President & CEO, Partner Prior Experience
IBERO AMERICANMEDIA PARTNERS
16 An introduction to our firmI nv e s tme nt bank ing for t he A me r ica sPan American Finance
Ed Miller has extensive private equity investment, fundraising and TMT experience, and a vast network of HNW / family office and institutional investors in the US and Latin America
From 1984 to 1996, Mr. Miller was co-manager of the largest Caribbean Basin and Latin American coverage team for Goldman Sachs, based in Miami
From 1996 to1999, he managed a high yield fund for a large Latin American bank, managed a hedge fund, and founded and led the initial investment round in Answerthink (now known as The Hackett Group, NASDAQ: HCKT), an information technology consulting company
Mr. Miller was the co-founder of Interprise Technology Partners, a $110 million technology venture fund which made seven lead investments between 1999 and 2002
In 2002, Mr. Miller founded Ramsell Capital Management, Inc. as a vehicle to source investments in private equity transactions and occasionally to perform advisory services
Mr. Miller was also a Managing Director at Parmenter Realty Partners from 2002 to 2012, where he was in charge of all aspects of documenting and raising their second, third, and fourth institutional funds Fund II – US$90 million – closed 2002 Fund III – US$250 million – closed 2006 Fund IV – US$255 million – closed 2012
In 2006, Mr. Miller established Ramsell Dining, LLC, to make a platform purchase of 18 Burger King franchises and has since made add on acquisitions to bring the total to 29
Prior to joining Goldman Sachs in 1984, Mr. Miller worked for Price Waterhouse in New York City in international tax for 4 years
Graduate of the University of Florida Warrington College of Business and the Levin college of Law. Previously certified as a CPA and a prior member of the New York Bar
Edmund R. Miller, Senior Managing Director, Partner Prior Experience
Our team is composed of senior-level, highly experienced investment banking professionals with broad industry expertise and strong, regional knowledge
17 An introduction to our firmI nv e s tme nt bank ing for t he A me r ica sPan American Finance
Over 15 years of experience in investment banking, debt structuring and strategic analysis From 2005 to 2010, worked with PepsiCo as M&A and Business Development Director for Latin
America, where he played a leadership role in the execution of PepsiCo’s expansion agenda in the region in Food & Beverages
From 2006 to 2007, taught financial modeling as a guest professor at EGADE Business School -Instituto Tecnologico de Monterrey
From 2002 to 2005, served as Corporate Finance Vice President at Santander MBA from Cornell University and Bachelor’s degree in Economics from Universidad Católica in
Venezuela
Mauricio Borgonovo, Managing Director Prior Experience
Our team is composed of senior-level, highly experienced investment banking professionals with broad industry expertise and strong, regional knowledge
Jabier Arbeloa, Managing Director Prior Experience
Over 15 years of experience advising and operating companies in Latin America and the U.S. Industry experience in Consumer Products & Services, Food & Beverage, and Financial Services Serves on the board of several companies in Central America MBA from the Wharton School of Business at the University of Pennsylvania and Bachelor of
Science degree in Civil Engineering from the Massachusetts Institute of Technology
18 An introduction to our firmI nv e s tme nt bank ing for t he A me r ica sPan American Finance
Over 7 years of experience in M&A advisory, private equity, hedge funds, debt restructuring and project finance
Previously worked as a Senior Investment Analyst at Kawa Capital Management, a ~US$400 million multi-strategy hedge fund focusing on direct investments in real estate and the renewable energy industry
Prior to Kawa, worked as an Associate at Wrightwood Financial, a Chicago based Real Estate Private Equity firm focused on high yield investments across multiple real estate asset classes
Began working career at Bulger Capital Partners, a Boston based boutique merchant bank, where he advised high growth tech companies on sell-side M&A and capital raising initiatives as well as analyzed potential investments for the firms growth equity fund
Bachelor of Arts in Political Science from Yale University and an MBA with concentrations in Finance and Entrepreneurship from The University of Chicago Booth School of Business
Robert Hays, Managing Director Prior Experience
Our team is composed of senior-level, highly experienced investment banking professionals with broad industry expertise and strong, regional knowledge
Pedro Obregon, Vice President Prior Experience
Rob has 19 years of experience in private equity, real estate, and public equity fund-raising, and has a large network of institutional investors and consultants in the US, Europe, Australia, and Asia.
Prior to joining Pan American, Mr. Hays was Managing Director and co-head of Investor Relations at Levine Leichtman Capital Partners.
Prior to that, he spent 6 years with H.I.G. Capital where he was instrumental in raising capital for both flagship and first-time funds – including lower middle market and middle market buyout in the US and Europe, real estate, distressed debt, and growth equity.
Prior to H.I.G., Mr. Hays spent 12 years with Franklin Templeton Investments in a variety of strategic, management, and capital raising roles.
He holds an MBA from the Darden School at the University of Virginia, a BBA degree in Computer Information Systems from James Madison University, and is a CFA charterholder
19 An introduction to our firmI nv e s tme nt bank ing for t he A me r ica sPan American Finance
Over 8 years of experience in investment banking with a special focus on energy related transactions in the past three years
Previously worked as an Associate at Hegel Karbenn & Cie. Corporate Finance GmbH, one of the leading M&A boutiques for energy transactions in Germany
Between 2008 and 2010 worked in the investment banking team of HSBC advising on a variety of different M&A and ECM transactions
Master in Finance from EADA Business School in Barcelona (Spain) and Bachelor in International Economic Studies from University of Maastricht (Netherlands)
Sina Guenther, Consultant Prior Experience
Our team is composed of senior-level, highly experienced investment banking professionals with broad industry expertise and strong, regional knowledge
Over 5 years of investment banking experience working with several industries in the middle-market Between 2011 and 2014 worked on the M&A transaction advisory team for Cross Keys Capital, a boutique
investment bank located in Fort Lauderdale, FL From 2014 to 2015 worked in the luxury real estate department of Sea Grove Capital, a boutique
investment bank and real estate services firm located in Coral Gables, FL Between 2009 and 2011 tutored students in undergraduate finance courses and worked as a business
magazine columnist for Florida International University Bachelor's in Business Administration, Magna Cum Laude, from Florida International University
Alejandro J. Medina, Associate Prior Experience
Over 2 years of finance experience across several industries Previously worked as a valuation analyst at Ernst & Young LLP in Boston, primarily focused on transaction
and tax-planning related valuations in the healthcare, bio-technology, industrial products, aerospace & defense and pharmaceuticals industries
Interned at Nolan & Associates, a boutique investment bank in St. Louis, as a summer analyst in 2015 Bachelor of Science in Business Administration, with a concentration in finance, from the Questrom School
of Management at Boston University and a Bachelor of Science in Economics from Boston University
Grady Erickson, Analyst Prior Experience
20 An introduction to our firmI nv e s tme nt bank ing for t he A me r ica sPan American Finance
Our Senior Advisors are high-level executives with extensive experience and proven expertise in managing businesses in both the public and private sectors
Owner and Managing Director for AMB Corporate Finance Limited, a consulting firm formed in 2009, specializing in company valuations, capital restructurings, business planning, mergers and acquisitions, privatizations, investment appraisals and due diligence reviews
Between 2012 and 2015, Chairman of the National Insurance Board of Trinidad and Tobago (“NIB”), institution responsible for the operation and administration of the country's National Insurance System with an Investment Portfolio in excess of US$6 billion.
Director in the Corporate Finance Group of PricewaterhouseCoopers Limited (Trinidad & Tobago) between 1999 and 2009, providing a range of investment banking and advisory support services to companies in the commercial banking and insurance sectors
Previously worked with KPMG for 11 years in multiple roles in London, New York and Trinidad and Tobago, primarily in Investment Banking and Financial Services
Bachelor of Arts with Honors, Industrial Economics and Accountancy, University of Nottingham, England
Adrian Bharath, Senior Advisor – Trinidad Prior Experience
Over 35 years of experience in Financial Services, and Media and Telecom, in the Caribbean, Europe, Asia, and the Americas
Recently served as Chief Commercial Officer of LIME, the Caribbean leading telecommunications company with presence in the cable and wireless segments
Leading roles in First Caribbean International Bank, including Managing Director for Corporate Investment Banking, and Managing Director of First Caribbean International Bank Jamaica. Former Group Chief Risk Officer of National Commercial Bank Jamaica
Former President of Sweden’s SEB New York. Previously Director and Global Head of Credit at SEB Merchant Banking, headquartered in Sweden. Previously held several positions with Chemical Bank in the U.S., and Citibank and Coopers & Lybrand in Jamaica
Bachelor of Arts, Summa Cum Laude, degree and an MBA, Magna Cum Laude, from Pace University in New York; also completed post-graduate courses at New York University, Villanova University, INSEAD (France), and the Association for Financial Professionals
Milton Brady, Senior Advisor – Miami, Florida Prior Experience
21 An introduction to our firmI nv e s tme nt bank ing for t he A me r ica sPan American Finance
Our Senior Advisors are high-level executives with extensive experience and proven expertise in managing businesses in both the public and private sectors
Andrew dePass, Senior Advisor – Houston, Texas Prior Experience Andrew is a deeply experienced executive and investment manager focused on sustainable investment and
renewable energy Extensive private equity investment experience in Renewable Energy, Media, Telecom, Retail, and Paper &
Packaging, having deployed over $1.3 billion of invested capital in North America, Latin America and Asia Former Chief Executive Officer of Conergy, a global solar energy developer and EPC contractor Formerly, Partner and Senior Advisor at Kawa Capital Management Held a number of senior positions at Greentech Capital Advisors including Partner, Senior Advisor and
Advisory Council Member between 2009 and early 2012 Founder and head of Citigroup’s Sustainable Development Investments group, a private equity team within
Citi Alternative Investments that invested in growth companies in renewable energy, waste and water management, carbon and sustainable products and materials sectors
In 1996, started at Citigroup and was named managing director in 1998 at Citi Venture Capital International Previously with Morgan Stanley (1989 – 1996) where he held positions in the M&A, restructuring, equity
capital markets and equity derivatives departments Graduate of Richard Ivey School of Business Administration at the University of Western Ontario; Chartered
Financial Analyst (1998)
A. Markman Peters, Senior Advisor – Abu Dhabi Prior Experience Mark Peters is Executive Vice President at Abu Dhabi Commercial Bank based in Abu Dhabi Formerly, Global Head of Wealth Management at Jefferies & Co. From 2006 to 2009, he was Executive Vice President and Head of Private Wealth Management at SunTrust Prior positions as Head of U.S. Private Wealth Management at Deutsche Bank and Head of U.S. High Net
Worth Group at Citi Previously held senior positions at Credit Suisse First Boston and Goldman Sachs Began his career at Salomon Brothers in fixed income sales MBA from the University of Miami and Bachelor of Arts in Economics from the University of Illinois at
Urbana-Champaign
22 An introduction to our firmI nv e s tme nt bank ing for t he A me r ica sPan American Finance
For over 30 years has occupied positions of leadership in the public and private sector Serves on the boards of 16 For-Profit and Not-For-Profit organizations in Peru, including ING Wealth
Management, Austral Group S.A., E. Wong S.A., Gerdau Peru, AFP Integra, Calidda S.A., Promujer Internacional, Fundacion Peruana del Cancer, and IPAE
President of AFP Integra, the largest pension fund in Peru Has also served as Country Manager in Peru and Colombia for ING Group, as Vice Minister of Commerce
(Peru), and as Advisor to the Inter-American Development Bank Social Science, Engineering, and Management degrees from Pontificia Universidad Catolica del Peru and
has completed post-graduate work at Universidad de Piura, IESE, and University of Michigan
Mayu Hume, Senior Advisor – Lima, Peru Prior Experience
Our Senior Advisors are high-level executives with extensive experience and proven expertise in managing businesses in both the public and private sectors
Over 35 years of corporate finance and investment banking experience in the Latin American region Advised clients on merger and acquisition, project finance, and capital raising transactions across various
industries and sectors, including Infrastructure, Oil & Gas, Power, and Real Estate, in senior positions with, among others, INTL FCStone, Standard Bank, and Midland Bank
In 2006, established the INTL FCStone Capital Markets unit focusing on Latin America as a complement to the firm’s core commodity hedging services
In 1998 led Standard Bank London’s entry into Latin America, establishing offices in Miami, Sao Paulo, and Buenos Aires
Through 1993 served in various business development and relationship management positions at Midland Bank in multiple offices (New York, Miami, and Caracas)
From 1996 to 2006, served as a director on the board of the Florida International Bankers Association (FIBA)
Graduate of the University of the Pacific and Thunderbird Graduate School of International Management
Peter R. Wallin, Senior Advisor – Miami, Florida Prior Experience
23 An introduction to our firmI nv e s tme nt bank ing for t he A me r ica sPan American Finance
Over 25 years of experience as banker with development finance institutions Joined German Development Bank (DEG) in 1980, serving initially as Head of various Asian divisions Served as Director and Head of the Latin American Department for 15 years, where he was responsible for
originating and structuring debt and equity transactions Served on the board of directors of various DEG project companies Retired in 2006 to work independently as a financial advisor Graduate of Freiburg University in Germany
Hendrik Lühl, Senior Advisor – Cologne, Germany Prior Experience
Our Senior Advisors are high-level executives with extensive experience and proven expertise in managing businesses in both the public and private sectors
Andrew Haining, Senior Advisor – London, United Kingdom Prior Experience Andrew Haining is founder and partner of Balmuir Partners, a private equity fund manager and advisory firm
based in London Former CEO of Botts & Company, managing approximately $500 million of private equity and real estate
assets, and completed corporate finance transactions with a value in excess of $2.5 billion, from 1987 to 2005
Worked as Investment Officer for County Development Capital (now Bridgepoint Capital Ltd.) from 1984 to 1986
Previously with Bank of America in London from 1981 to 1984 Andrew is Chairman of Heartstone Inns and Governor of Shrewsbury School Past directorships include Norcros, Malmaison, Scotsman Hotels and INTH Graduate of Cambridge University
24 An introduction to our firmI nv e s tme nt bank ing for t he A me r ica sPan American Finance
Contact information
Pan American Finance, LLC and PAF Securities, LLC601 Brickell Key Drive, Suite 604, Miami, Florida 33131
Tel: +1 (305) 577 – 9799 • Fax: +1 (305) 577 – 9766Website: www.panamfinance.com
PAF Securities is an affiliate of Pan American Finance and a member of FINRA and SIPC
Ben MoodyPresident & CEO, PartnerDirect: +1 (305) 722 – 7245Mobile: +1 (786) 556 – [email protected]
I nv e s tme nt bank ing for t he A me r ica sPan American Finance
Mauricio BorgonovoManaging Director Direct: +1 (305) 722 – 7246Mobile: +1 (305) 401 – [email protected]
I nv e s tme nt bank ing for t he A me r ica sPan American Finance
Jabier ArbeloaManaging Director Direct: +1 (305) 722 – 7248Mobile: +1 (954) 740 – [email protected]
I nv e s tme nt bank ing for t he A me r ica sPan American Finance
Edmund R. MillerSenior Managing Director, Partner Direct: +1 (305) 722 – 7244Mobile: +1 (305) 987 – [email protected]
I nv e s tme nt bank ing for t he A me r ica sPan American Finance
Peter WallinSenior AdvisorDirect: +1 (305) 722 – 7247Mobile: +1 (305) 773 – [email protected]
I nv e s tme nt bank ing for t he A me r ica sPan American Finance
Jessica LugoClient Relationship AssistantDirect: +1 (305) 722 – 7250Mobile: +1 (305) 308 – [email protected]
I nv e s tme nt bank ing for t he A me r ica sPan American Finance
Arlene WongOffice ManagerDirect: +1 (305) 722 – 7249Mobile: +1 (786) 301 – [email protected]
I nv e s tme nt bank ing for t he A me r ica sPan American Finance
George P.E. Ten PowChief Financial OfficerDirect: +1 (305) 722 – 7253Mobile: +1 (305) 924 – [email protected]
I nv e s tme nt bank ing for t he A me r ica sPan American Finance
Sina GuentherConsultantDirect: +49 (151) 11301321Mobile: +49 (228) [email protected]
I nv e s tme nt bank ing for t he A me r ica sPan American Finance
Alex MedinaAssociateDirect: +1 (305) 722 – 7260Mobile: +1 (305) 431 – [email protected]
I nv e s tme nt bank ing for t he A me r ica sPan American Finance
Grady EricksonAnalystDirect: +1 (305) 722 – 7256Mobile: +1 (217) 320 – [email protected]
I nv e s tme nt bank ing for t he A me r ica sPan American Finance
Pedro ObregonVice PresidentDirect: +1 (305) 722 – 7255Mobile: +1 (786) 200 – [email protected]
I nv e s tme nt bank ing for t he A me r ica sPan American Finance
Robert HaysManaging Director Direct: +1 (305) 722 – 7254Mobile: +1 (305) 433 – [email protected]
I nv e s tme nt bank ing for t he A me r ica sPan American Finance
25 An introduction to our firmI nv e s tme nt bank ing for t he A me r ica sPan American Finance
M&A advisory transactionsDEAL SIZE
DATE CLIENT TRANSACTION (US$m) REGION INDUSTRY
2017 Celistics Acquisition of Diga n.a. Latin America Technology, media & telecom2017 Celistics Acquisition of Conekta n.a. Latin America Technology, media & telecom2016 Sonnedix Solar Sale of Sonnedix Solar n.a. Global Infrastructure and Energy2014 UTC, NIB, NEL Acquisition of 10% interest in Phoenix Park Gas Processors Ltd. 168$ Caribbean Infrastructure and Energy2014 InterEnergy Acquisition of 215 MW wind park n.a. Central America Infrastructure and Energy2013 Kawa Capital Management Acquisition of Conergy n.a. Global Infrastructure and Energy2013 Denham Capital Sale of Carisal n.a. Caribbean Infrastructure and Energy2012 First Citizens Bank Acquisition of Butterfield Bank (Barbados) Limited 45$ Caribbean Financial Services2010 Painsa Holdings S.A. Acquisition by Papelera Istmeña, S.A n.a. Central America Consumer, Manufacturing and Services2009 Grand Bay International Acquisition of Unicell and capital commitment by Grand Bay International n.a. Caribbean Consumer, Manufacturing and Services2009 Grand Bay International Acquisition of Trinidad Tissues Limited n.a. Caribbean Consumer, Manufacturing and Services2009 First Citizens Bank Acquisition of Caribbean Money Market Brokers (CMMB) n.a. Caribbean Financial Services2009 First Citizens Bank Assumption of deposits from CLICO Investment Bank 280$ Caribbean Financial Services2008 Compania Minera Atacocha Sale of controlling stake by shareholders 145$ Andean Region Infrastructure and Energy2007 Grand Bay International Acquisition of Papelera Internacional S.A. n.a. Central America Consumer, Manufacturing and Services2007 One Caribbean Media Acquisition of radio stations from Cumulus Media n.a. Caribbean Technology, media & telecom2006 One Caribbean Media Merger of Caribbean Communications Network and Nation Corporation 205$ Caribbean Technology, media & telecom2005 Papeles Nacionales S.A. Tender offer for publicly-traded shares and de-listing n.a. Andean Region Consumer, Manufacturing and Services
PAF SECURITIES' TRANSACTION VALUE: 1,308$
2013 Ramsell Dining Acquisition of 10 Burger Kings 2$ United States Consumer, Manufacturing and Services2013 Ramsell Dining Acquisition of 10 Burger Kings 4$ United States Consumer, Manufacturing and Services2009 PepsiCo Acquisition of Amacoco n.a. Brazil Consumer, Manufacturing and Services2009 PepsiCo Acquisition of Karinto S.A.C. and Bocaditos Nacionales S.A. n.a. Andean Region Consumer, Manufacturing and Services2007 Ramsell Dining Acquisition of 19 Burger Kings 13$ United States Consumer, Manufacturing and Services2007 Ramsell Dining Acquisition of 19 Burger Kings 5$ United States Consumer, Manufacturing and Services2007 PepsiCo Acquisition of Lucky (Comercio de Doces Lucky) n.a. Brazil Consumer, Manufacturing and Services2007 PepsiCo Acquisition of Snacks America Latina (Buyout of remaining 50% stake) n.a. Andean Region Consumer, Manufacturing and Services2004 Telefonica Acquisition of Bell South's Telcel 1,500$ Andean Region Media, Telecom & Technology2003 Palm Pictures Sale of Manga Entertainment n.a. United States Media, Telecom & Technology2002 Caribbean Communications Network Strategic alternatives and capital raising strategies n.a. Caribbean Media, Telecom & Technology2002 Claxson Interactive Group Merger of DMX Music and AEI Music in Latin America n.a. Latin America Media, Telecom & Technology2001 Claxson Interactive Group Merger of Ibero American Media Partners and El Sitio 900$ Latin America Media, Telecom & Technology2001 Ibero American Media Partners Sale of 20% investment in Caribbean Communications Network n.a. Caribbean Media, Telecom & Technology2001 Yupi Sale to Microsoft 30$ United States M&A1999 Community Care Services Acquisition by Landauer Hospitals n.a. United States Consumer, Manufacturing and Services1999 Ibero American Media Partners Acquisition of Chilevision n.a. South America Media, Telecom & Technology1999 Ibero American Media Partners Acquisition of and/or JV with Muchmusic, HTV, AEI Music, Clase n.a. Latin America Media, Telecom & Technology1999 Intergraph Corporation Sale of Veribest division to Mentor Graphics n.a. United States Media, Telecom & Technology1999 The Guthrie Clinic Renegotiation of management agreement with PhyCor n.a. United States Consumer, Manufacturing and Services1999 Weitzer Homebuilders Sale to Century Partners Group n.a. United States Energy, Infrastructure, and Natural Resources1998 Ibero American Media Partners Acquisition of Cisneros Television Group 150$ Latin America Media, Telecom & Technology1998 Ibero American Media Partners Acquisition of Radio Chile n.a. South America Media, Telecom & Technology1998 Ibero American Media Partners Acquisition of 20% stake in Caribbean Communications Network n.a. Caribbean Media, Telecom & Technology1997 Cisneros Television Group Acquisition of Imagen Satelital 115$ South America Media, Telecom & Technology1997 Delimex Sale to Fenway Partners 94$ United States Consumer, Manufacturing and Services1996 Grupo Corimon Sale of Otidor subsidiary 8$ Andean Region Consumer, Manufacturing and Services1995 Dolimca Sale to Kimberly Clark n.a. Andean Region Consumer, Manufacturing and Services1994 Papeles Guaicaypuro Sale to Kimberly Clark n.a. Andean Region Consumer, Manufacturing and Services1987 General Motors de Venezuela Sale to Grupo Mendoza n.a. Andean Region Consumer, Manufacturing and Services
TOTAL TRANSACTION VALUE: 4,874$
TRA
NSA
CTI
ON
S EX
ECU
TED
BY
PAF
SEC
UR
ITIE
S' T
EAM
PR
IOR
TO
JO
ININ
GPA
F SE
CU
RIT
IES'
TR
AN
SAC
TIO
NS
26 An introduction to our firmI nv e s tme nt bank ing for t he A me r ica sPan American Finance
Debt capital raising advisory transactionsDEAL SIZE
DATE CLIENT TRANSACTION (US$m) REGION INDUSTRY
2015 Repimex S.A. Long-term senior debt 21$ Central America Infrastructure and Energy2015 Bayport Colombia S.A.S. Long-term senior debt 50$ Andean Region Financial Services2014 Painsa Holdings S.A. Long-term senior debt 30$ Central America Consumer, Manufacturing and Services2014 InterEnergy Long-term senior debt project financing 284$ Central America Infrastructure and Energy2014 InterEnergy Long-term subordinated debt project financing 16$ Central America Infrastructure and Energy2014 InterEnergy Bridge financing 100$ Central America Infrastructure and Energy2012 Grand Bay International Debt Restructuring n.a. Caribbean Consumer, Manufacturing and Services2010 Polaris Energy Nicaragua, S.A. Long-term senior project financing 140$ Central America Infrastructure and Energy2010 Polaris Energy Nicaragua, S.A. Long-term project debt refinancing 30$ Central America Infrastructure and Energy2010 Polaris Energy Nicaragua, S.A. Long-term subordinated debt financing 20$ Central America Infrastructure and Energy2010 Painsa Holdings S.A. Acquisition financing by Banesco, S.A. (Panama) n.a. Central America Consumer, Manufacturing and Services2010 First Citizens Bank Debt restructuring for Angostura n.a. Caribbean Consumer, Manufacturing and Services2010 Caribbean Money Market Brokers Ltd. Long-term financing for Home Construction Limited 13$ Caribbean Infrastructure and Energy2010 First Citizens Bank Debt restructuring for Home Construction Limited 171$ Caribbean Infrastructure and Energy2009 Unicell Paper Mills Caribbean Limited Debt restructuring and new financing from IFC and bank group n.a. Caribbean Consumer, Manufacturing and Services2009 Ferreteria EPA Costa Rica Senior long-term debt from DEG 12$ Central America Consumer, Manufacturing and Services2009 Papelera Internacional Senior long-term debt from DEG 10$ Central America Consumer, Manufacturing and Services2007 Grupo Financiero CrediQ Senior long-term debt from International Finance Corp. (IFC) 20$ Central America Financial Services2007 Grupo Financiero CrediQ Senior long-term debt from DEG 15$ Central America Financial Services2006 Papeles Nacionales S.A. Debt restructuring and new financing from DEG 24$ Andean Region Consumer, Manufacturing and Services2005 DEG New senior-debt financing to Grupo Uno 15$ Central America Financial Services2005 FMO New senior-debt financing to Grupo Uno 13$ Central America Financial Services2004 Frigorifico Canelones, S.A. Debt and equity restructuring and new financing by DEG 24$ Latin America Consumer, Manufacturing and Services
PAF SECURITIES' TRANSACTION VALUE: 1,221$
2013 Ramsell Dining Acquisition of 10 Burger Kings 4$ United States Consumer, Manufacturing and Services2007 Ramsell Dining Acquisition of 19 Burger Kings 13$ United States Consumer, Manufacturing and Services2004 Electricidad de Caracas Syndicated loan in local currency 104$ Andean Region Energy, Infrastructure, and Natural Resources2002 Cerveceria Regional Syndicated bank loans, development bank financings and bond issues 110$ Andean Region Consumer, Manufacturing and Services2000 Ibero American Media Partners Syndicated bank debt facilities to Radio Chile 40$ Latin America Media, Telecom & Technology2000 SIVENSA Bank loans and development bank financings 175$ Andean Region Energy, Infrastructure, and Natural Resources1999 Cerveceria Regional Syndicated multi-currency term debt 66$ Andean Region Consumer, Manufacturing and Services1998 Imagen Satelital 144A placement of senior notes 80$ South America Media, Telecom & Technology1998 Radio Chile Senior secured bridge financing 30$ South America Media, Telecom & Technology1997 Imagen Satelital Senior secured bridge financing 50$ South America Media, Telecom & Technology1997 TV Azteca Public issue of notes 425$ Mexico Media, Telecom & Technology1997 Venepal Restructuring and recapitalization 125$ Andean Region Manufacturing1996 Crowley Maritime Corporation Revolving credit facility by Citicorp 150$ United States Energy, Infrastructure, and Natural Resources1995 Crowley Maritime Corporation Structured finance lease by Citicorp 46$ United States Energy, Infrastructure, and Natural Resources1994 Hvide Marine Senior secured debt facilities by Citicorp 63$ United States Energy, Infrastructure, and Natural Resources1994 Royal Caribbean Cruises Revolving credit facility 750$ United States Consumer, Manufacturing and Services1993 Crowley Maritime Corporation Revolving credit facility by Citicorp 150$ United States Energy, Infrastructure, and Natural Resources1993 Royal Caribbean Cruises Senior secured credit facilities 650$ United States Consumer, Manufacturing and Services1993 Sidetur (subsidiary of SIVENSA) Senior long-term debt from DEG 10$ Andean Region Energy, Infrastructure, and Natural Resources1993 Transportacion Maritima Mexicana Public senior note issue 150$ Mexico Energy, Infrastructure, and Natural Resources1993 Transportacion Maritima Mexicana Senior secured loan by Citicorp 115$ Mexico Energy, Infrastructure, and Natural Resources1992 Pacific Fruit Group Senior secured loan by Citicorp 150$ Andean Region Energy, Infrastructure, and Natural Resources1992 Sidetur (subsidiary of SIVENSA) Syndicated bank financing 24$ Andean Region Energy, Infrastructure, and Natural Resources1992 Sidetur (subsidiary of SIVENSA) Commercial paper program 12$ Andean Region Energy, Infrastructure, and Natural Resources1991 Pic "n" Save Bank debt facility restructuring 240$ United States Consumer, Manufacturing and Services1990 Hartmarx Corporation Senior note private placement 45$ United States Consumer, Manufacturing and Services1990 Kellwood Company Private placement of senior notes 60$ United States Consumer, Manufacturing and Services1990 Sidetur (subsidiary of SIVENSA) Pre-export financing facility 30$ Andean Region Energy, Infrastructure, and Natural Resources1990 Touchwood (Walt Disney Co.) Bank debt facility 420$ United States Media, Telecom & Technology1989 Higbee's (Dillard Dept Stores) Receivables securitization 35$ United States Consumer, Manufacturing and Services1988 Ames Department Stores Bank debt for acquisition financing 900$ United States Consumer, Manufacturing and Services1988 Frends BV (Continental Bank) Placement of asset backed notes 140$ United States Financial Services1988 Higbee's (Dillard Dept. Stores) Bank debt for acquisition financing 184$ United States Consumer, Manufacturing and Services1988 The Stop & Shop Companies Inc. Bank debt for acquisition financing 1,425$ United States Consumer, Manufacturing and Services1987 Republic of Venezuela First Eurobond issue after debt crisis 100$ Andean Region Consumer, Manufacturing and Services1986 Grupo Corimon Strategic alternatives and debt raising strategies n.a. Andean Region Consumer, Manufacturing and Services1986 Oxford Clothes, Inc. Bank debt for acquisition financing 17$ United States Consumer, Manufacturing and Services
TOTAL TRANSACTION VALUE: 8,309$
TRA
NSA
CTI
ON
S EX
ECU
TED
BY
PAF
SEC
UR
ITIE
S' T
EAM
PR
IOR
TO
JO
ININ
GPA
F SE
CU
RIT
IES'
TR
AN
SAC
TIO
NS
27 An introduction to our firmI nv e s tme nt bank ing for t he A me r ica sPan American Finance
Mezzanine and equity capital raising advisory transactions
DEAL SIZEDATE CLIENT TRANSACTION (US$m) REGION INDUSTRY
2017 Solarcentury Equity private placement 325$ Global Infrastructure and Energy2014 Sonnedix Solar Equity capital raise 375$ Global Infrastructure and Energy2014 Ghurka Mezzanine debt 8$ United States Consumer, Manufacturing and Services2013 Ghurka Equity private placement 20$ United States Consumer, Manufacturing and Services2009 Grand Bay International Acquisition of Unicell and capital commitment by Grand Bay International n.a. Caribbean Consumer, Manufacturing and Services2009 First Citizens Bank Equity capital commitment by Republic of Trinidad & Tobago 50$ Caribbean Financial Services2005 Citigroup Venture Capital Intl. Equity investment in La Curacao 20$ United States Consumer, Manufacturing and Services2005 Papeles Nacionales S.A. Tender offer for publicly-traded shares and de-listing n.a. Andean Region Consumer, Manufacturing and Services
PAF SECURITIES' TRANSACTION VALUE: 798$
2013 Ramsell Dining Acquisition of 10 Burger Kings 2$ United States Consumer, Manufacturing and Services2007 Ramsell Dining Acquisition of 19 Burger Kings 5$ United States Consumer, Manufacturing and Services2001 Claxson Interactive Group Investment in Playboy.com 5$ Latin America Media, Telecom & Technology2000 Ibero American Media Partners IPO of Artistdirect 60$ United States Media, Telecom & Technology2000 Interprise Technology Partners Investment in Nexchange 10$ United States Media, Telecom & Technology2000 Interprise Technology Partners Investment in Provato 15$ United States Media, Telecom & Technology2000 Interprise Technology Partners Investment in iParts 8$ United States Media, Telecom & Technology1999 Cisneros Television Group Investment in Playboy TV International 100$ International Media, Telecom & Technology1999 Ibero American Media Partners IPO of El Sitio 151$ United States Media, Telecom & Technology1999 Ibero American Media Partners Investment in Artistdirect and AD Latin America Joint Venture 20$ United States Media, Telecom & Technology1999 Ibero American Media Partners Investment in El Sitio 28$ United States Media, Telecom & Technology1999 Interprise Technology Partners Investment in Esavio 25$ United States Media, Telecom & Technology1999 Interprise Technology Partners Investment in Yupi 14$ United States Media, Telecom & Technology1999 Interprise Technology Partners Investment in World Commerce Online 13$ United States Media, Telecom & Technology1999 Interprise Technology Partners Investment in Visual Plex 15$ United States Media, Telecom & Technology1999 World Commerce Online Private placement strategic growth equity 15$ United States Media, Telecom & Technology1999 Yupi Private placement strategic growth equity 85$ United States Media, Telecom & Technology1998 Answerthink (currently NASDAQ:HCKT) IPO of Answerthink 34$ United States Consumer, Manufacturing and Services1997 TV Azteca Initial Public Offering 605$ Mexico Media, Telecom & Technology1997 Answerthink Private placement of start-up equity 20$ United States Consumer, Manufacturing and Services1994 Hvide Marine Subordinated debt issue and recapitalization 50$ United States Energy, Infrastructure, and Natural Resources1991 Securicor International Investment in Vicasa n.a. Andean Region Consumer, Manufacturing and Services
TOTAL TRANSACTION VALUE: 2,078$
PAF
SECU
RITI
ES'
TRAN
SACT
IONS
TRAN
SACT
IONS
EXE
CUTE
D BY
PAF
SEC
URIT
IES'
TEA
M P
RIO
R TO
JO
ININ
G
28 An introduction to our firmI nv e s tme nt bank ing for t he A me r ica sPan American Finance
Placement agent transactions
DEAL SIZEDATE CLIENT TRANSACTION (US$m) REGION INDUSTRY
2017 Markel CATCo Retro-reinsurance fund; Limited Partnership interests raised 300$ Global Financial Services2017 Jetstream Aviation Capital (Fund II) Turboprop leasing fund; Limited Partnership interests raised 32$ United States Infrastructure and Energy2015 Jetstream Aviation Capital (Fund II) Turboprop leasing fund; Limited Partnership interests raised 68$ United States Infrastructure and Energy2014 Peninsula Latin American multi-family housing fund; Limited Partnership interests raised 30$ Latin America Infrastructure and Energy
PAF SECURITIES' TRANSACTION VALUE: 430$
2017 Calforina-based Private Equity Fund Fundraising: middle market structured equity fund 2,200$ United States Various2015 Florida-based Private Equity Fund Fundraising: distressed debt fund 1,000$ United States Distressed debt2014 Florida-based Private Equity Fund Fundraising: middle market buyout fund 1,750$ United States Various2013 European-based Private Equity Fund Fundraising: buyout fund 650$ Europe Various2012 European-based Private Equity Fund Fundraising: distressed debt fund 810$ Europe Distressed debt2012 Parmenter Realty Partners (Parmenter IV) Fundraising: value add real estate officer fund 305$ United States Real Estate2011 Florida-based Private Equity Fund Fundraising: growth equity fund 500$ United States Various2010 Florida-based Private Equity Fund Fundraising: life sciences fund 250$ Life sciences2010 Florida-based Private Equity Fund Fundraising: distressed debt fund 1,100$ Distressed debt2006 Parmenter Realty Partners (Parmenter III) Fundraising: value add real estate officer fund 250$ United States Real Estate2005 New York-based Fund of Funds Manager Fundraising: emerging long / short equity hedge fund manager fund of funds 160$ United States Financial Services2003 Parmenter Realty Partners (Parmenter II) Fundraising: value add real estate officer fund 90$ United States Real Estate1999 Interprise Technology Partners Fundraising: internet / tech venture fund 110$ United States Media, Telecom & Technology1999 Southeast Investments Fundraising: hedge fund 30$ United States Financial Services1997 Cisneros Group of Companies Formation of Ibero American Media Partners 500$ Latin America Media, Telecom & Technology1988 Frends BV (Continental Bank) Placement of asset backed notes 140$ United States Financial Services
TOTAL TRANSACTION VALUE: 10,275$
PAF
DEAL
SEX
ECUT
ED P
RIO
R TO
JO
ININ
G P
AF
29 An introduction to our firmI nv e s tme nt bank ing for t he A me r ica sPan American Finance
Infrastructure and energy advisory transactionsDEAL SIZE
DATE CLIENT TRANSACTION (US$m) REGION DEAL TYPE
2017 Solarcentury Equity capital raise 325$ Europe & Latin America Mezzanine/Equity2017 Jetstream Aviation Capital (Fund III) Turboprop leasing fund; Limited Partnership interests raised 32$ United States Fundraising2016 Sonnedix Solar Sale of Sonnedix Solar n.a. Global M&A2015 Jetstream Aviation Capital (Fund II) Turboprop leasing fund; Limited Partnership interests raised 68$ United States Fundraising2015 Repimex S.A. Long-term senior debt 21$ Central America Debt Raise2014 Sonnedix Solar Equity private placement 375$ Global Mezzanine/Equity2014 InterEnergy Long-term senior debt project financing 284$ Central America Debt Raise2014 InterEnergy Long-term subordinated debt project financing 16$ Central America Debt Raise2014 UTC, NIB, NEL Acquisition of 10% interest in Phoenix Park Gas Processors Ltd. 168$ Caribbean M&A2014 Peninsula Latin American multi-family housing fund; Limited Partnership interests raised 30$ Latin America Fundraising2014 InterEnergy Acquisition of 215 MW wind park n.a. Central America M&A2014 InterEnergy Bridge financing 100$ Central America Debt Raise2013 Kawa Capital Management Acquisition of Conergy n.a. Global M&A2013 Denham Capital Sale of Carisal n.a. Caribbean M&A2010 Polaris Energy Nicaragua, S.A. Long-term senior project financing 140$ Central America Debt Raise2010 Polaris Energy Nicaragua, S.A. Long-term project debt refinancing 30$ Central America Debt Raise2010 Polaris Energy Nicaragua, S.A. Long-term subordinated debt financing 20$ Central America Debt Raise2010 Caribbean Money Market Brokers Ltd. Long-term financing for Home Construction Limited 13$ Caribbean Debt Raise2010 First Citizens Bank Debt restructuring for Home Construction Limited 171$ Caribbean Restructuring2008 Compania Minera Atacocha Sale of controlling stake by shareholders 145$ Andean Region M&A
PAF SECURITIES' TRANSACTION VALUE: 2,278$
2004 Electricidad de Caracas Syndicated loan in local currency 104$ Andean Region Debt Raise2000 SIVENSA Bank loans and development bank financings 175$ Andean Region Debt Raise1999 Weitzer Homebuilders Sale to Century Partners Group n.a. United States M&A1996 Crowley Maritime Corporation Revolving credit facility by Citicorp 150$ United States Debt Raise1995 Crowley Maritime Corporation Structured finance lease by Citicorp 46$ United States Debt Raise1994 Hvide Marine Senior secured debt facilities by Citicorp 63$ United States Debt Raise1994 Hvide Marine Subordinated debt issue and recapitalization 50$ United States Debt Raise1993 Crowley Maritime Corporation Revolving credit facility by Citicorp 150$ United States Debt Raise1993 Sidetur (subsidiary of SIVENSA) Senior long-term debt from DEG 10$ Andean Region Debt Raise1993 Transportacion Maritima Mexicana Public senior note issue 150$ Mexico Debt Raise1993 Transportacion Maritima Mexicana Senior secured loan by Citicorp 115$ Mexico Debt Raise1992 Pacific Fruit Group Senior secured loan by Citicorp 150$ Andean Region Debt Raise1992 Sidetur (subsidiary of SIVENSA) Syndicated bank financing 24$ Andean Region Debt Raise1992 Sidetur (subsidiary of SIVENSA) Commercial paper program 12$ Andean Region Debt Raise1990 Sidetur (subsidiary of SIVENSA) Pre-export financing facility 30$ Andean Region Debt Raise1986 Electricidad de Caracas Bank debt restructuring 650$ Andean Region Restructuring1983 Aerolineas Argentinas Multi-currency debt restructuring n.a. South America Restructuring
TOTAL TRANSACTION VALUE: 4,157$
TRA
NSA
CTI
ON
S EX
ECU
TED
BY
PAF
SEC
UR
ITIE
S' T
EAM
PR
IOR
TO
JO
ININ
GPA
F SE
CU
RIT
IES'
TR
AN
SAC
TIO
NS
30 An introduction to our firmI nv e s tme nt bank ing for t he A me r ica sPan American Finance
