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Hogan Lovells Advises Banco Industrial, S.A. in $500 Million Bond Closing

05 November 2012

NEW YORK, 5 November 2012 – Hogan Lovells has advised Banco Industrial, S.A., Guatemala’s largest bank, in a US$500 million bond issuance that closed on 1 November 2012. This transaction represents the largest bond to date by a private sector issuer from Central America.

The 5.50% senior notes due 2022 (the “Notes”) are being offered and sold under Rule 144A and Regulation S of the United States Securities Act of 1933. The Notes were issued by Industrial Senior Trust and are also guaranteed by Banco Industrial.

Emil Arca, a partner in the New York office, led the Hogan Lovells team representing Banco Industrial, which also included New York-based associates Oscar Stephens and Diego Carvajal.

The closing of this transaction follows on the heels of a number of recent significant deals in Latin American in which Hogan Lovells lawyers have been involved. In a securitization that closed on 3 October 2012, the firm represented underwriters HSBC Securities (USA) and Global Bank (with a separate team advising the issuer trustee HSBC Panama) in a $600 million notes issuance to enable the government of Panama to reacquire the Corredor Norte toll road concession. In a deal that was finalized on 1 October 2012, Hogan Lovells helped Millicom International Cellular S.A. acquire Cablevisión Paraguay for US$172 million, representing the largest telecommunications deal ever in Paraguay. In addition, the firm has advised Petróleos de Venezuela S.A. (PDVSA), the Venezuelan state oil company, on a number of transactions, including the negotiation and execution of a series of Engineering, Procurement and Construction contracts with a total value of US$3 billion and in obtaining US$1 billion in financing, announced on 31 August 2012, to expand the Puerto la Cruz refinery, and a US$3 billion bond issuance announced by the company on 11 May 2012.

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