Firm Overview

Transcription

Firm Overview

Introduction to our firm
December 2014
Our firm was established in 2003 to provide high quality, independent advisory
services to businesses and their owners in the Latin American and Caribbean region

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Significant
experience

Latin American
& Caribbean
focus
Over 100 years of combined investment banking experience
Over US$5.0 billion in M&A advisory, more than US$7.5 billion in debt financing and over US$2.8
billion in mezzanine and equity capital raising transactions completed by the team
Our affiliate, PAF Securities, has been a member of FINRA/SIPC since November 2006
■ Focus on “mid-market” transactions, often private, complex or cross-border, in selected markets across the
Latin American and Caribbean region
 Geographic focus on the “Caribbean Basin”: including the Andean, Caribbean and Central American
countries, as well as Mexico and the U.S.
 Identify, structure and execute transactions for businesses and their owners, family offices, private equity,
governmental and institutional investors

Since inception, our firm has completed 40 M&A advisory, debt and equity capital raising, and restructuring
transactions with over US$1.9 billion total transaction value

Extensive track record of raising debt, mezzanine and equity capital from development finance institutions

Team of investment banking professionals with diversified backgrounds and extensive transaction
experience in investment banking, private equity and corporate finance & operations
Track record
Strong team
complemented
by Senior
Advisors
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
■ 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 region, including with development banks and other financial institutions
 Deep operating and industry experience, including in Consumer Products, Energy & Infrastructure,
Financial Services, and Telecom, Media & Technology
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An introduction to our firm
Since inception, we have completed over US$1.9 billion in M&A advisory, capital
raising & restructuring transactions for our clients in Latin America & the Caribbean
November 2014
September 2014
May 2014
May 2014
September 2013
August 2012
Acquisition of
Sale of
US$ 45,000,000
Acquisition of Butterfield
Bank (Barbados) Limited
USA
USA/Germany
Trinidad & Tobago
Barbados
October 2009
October 2009
May 2009
Unicell Paper Mills
Caribbean Limited
Unicell Paper Mills
Caribbean Limited
Acquisition of the
Shares of
October 2013
September 2013
First Citizens Bank, Ltd.
US$168,000,000
Acquisition of 10%
interest in
US$7,500,000
Mezzanine Debt
Trinidad & Tobago
USA
April 2012
November 2010
Grand Bay Paper Products Ltd.
Polaris Energy Nicaragua, S.A.
US$ 40,000,000
Debt Restructuring
Trinidad & Tobago
US$ 190,000,000
Senior & subordinated
long-term project
financing
Nicaragua
US$ 100,000,000
bridge financing
BESI
Acquisition of 215 MW
wind park in Panama
Panama
Panama
US$20,000,000
Equity Private
Placement
October 2010
October 2010
August 2010
Papelera Istmeña, S.A.
US$ 110,000,000
Debt Restructuring
US$ 171,000,000
Debt Restructuring
Angostura Holdings Ltd.
Home Construction Limited
Caribbean
November 2008
Acquisition by Painsa
Holdings and
financing by Banesco,
S.A. (Panama)
Panama
Acquisition by
Grand Bay International
A.V.V.
US$ 55,000,000
Debt Restructuring and
New Financing
Trinidad & Tobago
Trinidad & Tobago
Trinidad & Tobago
Caribbean
November 2007
July 2007
June 2007
May 2006
January 2006
Grupo Financiero CrediQ Corp.
An affiliate of Kruger, Inc.
US$ 35,000,000
Senior Long-Term
Financing Provided by
US$ 24,000,000
US$ 10,000,000 New
Long-Term Financing
Central America
Colombia
May 2009
February 2009
New Equity Capital of
US$ 50,000,000
Committed
Assumption of
US$ 280,000,000
in customer deposits of
Compañía Minera Atacocha S.A.A.
One Caribbean Media Limited
Papelera Internacional, S.A.
US$ 145,000,000
Sale of 282,851,186
Class A Voting Shares
Acquisition of
CCC / GEM Radio
From Cumulus Media
Acquisition by
Grand Bay
International, A.V.V.
Trinidad & Tobago
Peru
Caribbean
Guatemala
Republic of Trinidad and Tobago
Trinidad & Tobago
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Caribbean Money Market Brokers Ltd.
US$ 208,000,000
Merger of Caribbean
Communications Network
& The Nation Corp.
Caribbean
We advise businesses and their owners on achieving their objectives for growth and
value creation – through acquisition, investment and capital raising transactions
Overview
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We provide advisory services in the following areas:
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Mergers, acquisitions and divestitures – 16 transactions
completed for over US$1.0 billion
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Restructurings – 11 transactions completed for over
US$750 million
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Debt financing, including structured project finance – 15
transactions completed for over US$500 million
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Mezzanine and equity capital raising – 6 transactions
completed for over US$120 million
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Placement Agent – Fund raising for private equity funds
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“Mid-market” transaction sizes
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Often private, complex or cross-border transactions
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Deep experience in “buy-side” M&A advisory
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Provide an otherwise un-met independent advisory
expertise in the Caribbean Basin region
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Our principals are involved in every step of every
transaction for our clients
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Our team has experience as investment bankers,
investors, executives and board members

Our Senior Advisors provide access, contacts,
experience and knowledge at the highest levels
Advising management, boards and shareholders
Background and experience with family ownership
Geographic focus
We also identify, structure, and execute transactions for
family offices, private equity, development finance and
other institutional investors
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Deep experience
We assist both private and public companies to achieve
their strategic business development, M&A, debt
financing, capital raising and value creation objectives
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Transaction focus
Specific expertise in raising new debt, mezzanine and
equity capital for our clients from development banks
Our firm seeks to establish long-term relationships with
our clients and to become their trusted advisor of choice
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Andean countries, the Caribbean,
Central America, Mexico and the U.S.
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Focus on open markets receptive to
cross-border investments
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Personal backgrounds and extensive
transaction experience in the Caribbean
Basin markets
Our team has deep expertise and significant experience in investment banking,
private equity and corporate finance & operations across multiple industries
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Team has deep industry expertise and transaction experience
 Consumer, Manufacturing & Services – 51 deals completed for nearly
US$6.0 billion
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Financial Services – 24 deals completed for nearly US$3.0 billion
Energy, Infrastructure & Natural Resources – 28 deals completed for
over US$2.7 billion
–
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Specific focus on Power and Renewable Energy
Media, Telecom and Technology – 41 deals for over US$6.3 billion
Our industry expertise is backed by our professional backgrounds
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Our team has deep banking know-how
Investment banking at Citigroup, Goldman Sachs, HSBC, Santander,
and VB&P
 Executive-level positions at Cisneros Group, PepsiCo, and Telefonica
 Board-level experience, with private equity investment and transaction
track record
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We are complemented by a group of experienced Senior Advisors
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Active in private and public sectors in Latin America, the U.S., Europe,
and Asia
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Executive leadership positions at major corporations including
InterEnergy, Celistics, Cable & Wireless, DirecTV Latin America,
Global Crossing, ING Wealth Management, and Telefonica Media
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Banking and private equity investing experience at CDC Capital
Partners, CVC International, DEG, First Caribbean, Greentech
Capital, IDB, ING / AFP Integra, Morgan Stanley, and NCB Jamaica
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Our firm has completed 16 M&A advisory transactions with total value of over
US$1.0 billion for our clients in Latin America, the Caribbean and the U.S.
Track record
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November 2014
September 2013
May 2014
September 2013
16 M&A advisory
transactions completed
“Buy-side” focus – 12
acquisitions
US$168,000,000
Acquisition of 10%
interest in
Multiple industries
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Consumer &
Manufacturing
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Financial services
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Telecom, media &
technology
Infrastructure &
Renewable Energy
Caribbean Basin
experience
August 2012
Acquisition of
Sale of
US$ 45,000,000
Bank (Barbados) Ltd.
Acquisition of 215
MW wind park in
Panama
Trinidad & Tobago
Panama
USA/Germany
Trinidad & Tobago
Barbados
October 2010
October 2009
October 2009
May 2009
February 2009
Unicell Paper Mills
Caribbean Limited
Trinidad Tissues Limited
Acquisition of the
Shares of
Holdings
Acquisition by
A.V.V.
Acquisition by
A.V.V.
Panama
Trinidad & Tobago
Trinidad & Tobago
November 2008
November 2007
Compañía Minera Atacocha S.A.A.
Cross-border expertise
Assumption of
US$ 280,000,000
Caribbean
Trinidad & Tobago
July 2007
January 2006
October 2005
US$ 145,000,000
Sale of 282,851,186
Class A Voting Shares
Acquisition of
CCC / GEM Radio
From Cumulus Media
Acquisition by
Grand Bay
Peru
Caribbean
Guatemala
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US$ 208,000,000
Merger of Caribbean
Communications
Network & The Nation
Corp.
Tender offer for
publicly-traded
shares and de-listing
Caribbean
Colombia
Our firm has completed 23 capital raising and restructuring transactions, raising over
US$1.1 billion in senior debt, mezzanine and equity capital for our clients
September 2014
US$7,500,000
Mezzanine Debt
May 2014
US$ 100,000,000
bridge financing
BESI
October 2013
US$20,000,000
Equity Private
Placement
USA
Panama
October 2010
September 2010
US$ 110,000,000
Debt Restructuring
US$ 12,800,000
Long-Term Financing
Provided to
US$ 171,000,000
Debt Restructuring
USA
August 2010
April 2012
November 2010
November 2010
November 2010
US$ 40,000,000
Debt Restructuring
US$ 140,000,000
Senior long-term project
financing
US$ 20,000,000
Subordinated long-term
project financing
US$ 30,000,000
Refinancing of existing
senior financing
Trinidad & Tobago
Nicaragua
Nicaragua
Nicaragua
October 2009
May 2009
May 2009
May 2009
Unicell Paper Mills
Caribbean Limited
Acquisition of the
Shares of
US$ 50,000,000
Committed
US$ 55,000,000
New Financing
Ferreteria EPA, S.A.
US$ 12,000,000
Senior Long-Term
Caribbean
Trinidad & Tobago
Trinidad & Tobago
Trinidad & Tobago
Caribbean
Trinidad & Tobago
Costa Rica
February 2009
February 2009
June 2007
May 2006
August 2005
June 2005
June 2004
US$ 10,000,000
Senior Long-Term
US$ 35,000,000
Senior Long-Term
US$ 24,000,000
US$ 10,000,000 New
Long-Term Financing
Guatemala
Central America
Colombia
Frigorifico Canelones
Adir International, LLC
Assumption of
US$ 280,000,000
Trinidad & Tobago
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US$ 20,000,000
Sale of a Minority Interest
to Citigroup Venture
Capital International
US$ 27,500,000
Senior Long-Term
U.S. Hispanic
Central America
Grupo Financiero Uno
US$ 24 million in Debt
and Equity Restructuring,
New Medium- and LongTerm Loans Including
US$6 million
Uruguay
Development Finance Institutions have been involved in 10 of our firm’s capital
raising transactions and have provided over US$400 million to our clients
Our firm has strong relationships with numerous Development Finance Institutions
with a track record of investing in the Latin American and Caribbean markets
DFI relationships
Completed transactions
April 2012
November 2010
November 2010
October 2009
May 2009
Unicell Paper Mills
Caribbean Limited
US$ 40,000,000
Debt Restructuring
US$ 160,000,000
Senior and subordinated
long-term project financing
US$ 30,000,000
senior financing
Trinidad & Tobago
Nicaragua
Nicaragua
Trinidad & Tobago
Costa Rica
February 2009
June 2007
May 2006
June 2005
June 2004
US$ 35,000,000
Senior Long-Term Financing
Provided by
US$ 24,000,000
Debt Restructuring and US$
10,000,000 New Long-Term
Financing
US$ 27,500,000
Provided by
Central America
Colombia
Central America
Ferreteria EPA, S.A.
US$ 55,000,000
New Financing
US$ 12,000,000
Provided by
US$ 10,000,000
Provided by
Guatemala
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Grupo Financiero Uno
US$ 24 million in Debt and
Equity Restructuring, New
Medium- and Long-Term Loans
Including US$6 million
Uruguay
Financial restructurings for our clients in Latin America and the Caribbean have
accounted for 10 transactions with total value of approximately US$750 million
Our firm has an extensive track record in successfully concluding financial restructuring
transactions in Latin America, the Caribbean and the U.S. markets
Track record
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10 restructuring transactions
completed
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Debt refinancing and
restructuring expertise
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Multiple industries
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Consumer &
Manufacturing
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Financial services
December 2012
April 2012
November 2010
October 2010
August 2010
Colonial Life Insurance
Company [Trinidad] Limited
Financial Advisory
and
Valuation
US$ 40,000,000
Debt restructuring
US$ 30,000,000
senior financing
US$ 110,000,000
Debt Restructuring
US$ 171,000,000
Debt Restructuring
Trinidad & Tobago
Trinidad & Tobago
Nicaragua
Caribbean
September 2010
October 2009
February 2009
May 2006
June 2004
US$ 24 million in Debt
and Equity Restructuring
New Medium- and LongTerm Loans Including
US$6 million from
Trinidad & Tobago
Infrastructure &
renewable energy
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Caribbean Basin experience

Advocate for our clients
US$ 12,800,000
Long-Term Financing
Provided to
Unicell Paper Mills
Caribbean Limited
US$ 55,000,000
Debt Restructuring
and New Financing
Assumption of
US$ 280,000,000
US$ 24,000,000
US$ 10,000,000 New
Long-Term Financing
from
Trinidad & Tobago
Trinidad & Tobago
Trinidad & Tobago
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Colombia
Uruguay
Our firm is built on delivering high quality independent advisory services to our
clients, assisting their growth and developing long-term relationships
Client focus: Grand Bay International
Grand Bay
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A.V.V. (“Grand Bay”) is a
regional manufacturer of
tissue paper products across
the Caribbean basin
Grand Bay is an affiliate of
Montreal-based Kruger Group,
a major producer of
publication papers, tissue,
lumber and other wood
products founded in 1904
Grand Bay has been present
in the paper industry in Latin
America and the Caribbean
region since 1953 and
currently operates paper mills
in five countries in the region

Main products include
bathroom tissue, facial tissue,
paper towels and paper
napkins
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Employs over 3,600 people
April 2012
US$ 40,000,000
Debt restructuring
PAF Securities advised
Grand Bay on the
restructuring of US$40
million in existing longterm bank debt with the
IFC, Royal Bank of
Canada, and First
Citizens Bank
October 2010
Holdings
Panama
Trinidad & Tobago
October 2009
Unicell Paper Mills
Caribbean Limited
Acquisition by
A.V.V.
Trinidad & Tobago
February 2009
US$ 10,000,000
Senior Long-Term
Guatemala
Grand Bay on the
acquisition of Unicell,
the largest tissue mill in
the Caribbean. The
acquisition was
completed
simultaneously with the
purchase of Trinidad
Tissues Limited
October 2009
Unicell Paper Mills
Caribbean Limited
US$ 55,000,000
New Financing
Trinidad & Tobago
Painsa on a new
US$10 million, 8-year,
senior term loan from
DEG, the German
Development Bank, to
finance the expansion
of its paper production
and conversion
equipment and facilities
July 2007
Acquisition by
Grand Bay
Guatemala
10
Painsa Holdings on the
acquisition of a majority
stake in Papelera
Istmeña, the leading
manufacturer and
marketer of tissue
paper products in
Panama
Grand Bay on the
restructuring of US$45
million in existing longterm bank debt & the
structuring of US$10
million in new working
capital facilities from the
IFC, RBTT Bank, First
Citizens Bank and the
Export-Import Bank of
T&T
Pan American Finance
advised Grand Bay
International, on the
acquisition of a majority
stake in Papelera
Internacional, the
leading tissue
manufacturer in
Guatemala
October 2010
Acquisition financing
by Banesco, S.A.
(Panama)
Panama
October 2009
Trinidad Tissues Limited
Acquisition by
A.V.V.
Trinidad & Tobago
May 2006
US$ 24,000,000
US$ 10,000,000 New
Long-Term Financing
Colombia
Painsa Holdings on
raising senior debt from
regional Central
American banks for the
acquisition of Papelera
Istmeña, the leading
manufacturer and
marketer of tissue
paper products in
Panama
Grand Bay on the
acquisition of Trinidad
Tissues Limited, the
leading tissue converter
in Trinidad. The
acquisition was
completed
simultaneously with the
purchase of Unicell
Pan American Finance
advised Panasa in
Colombia, on a
restructuring of its Peso
denominated debt,
reducing its local bank
debt from US$24 million
to US$14 million, and
arranging a new US$10
million 8-year seniordebt financing
Client focus: First Citizens Bank
First Citizens
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First Citizens Bank Limited
(“First Citizens”) is a leading
commercial bank in Trinidad &
Tobago
Founded in 1993 through the
merger of three banks, First
Citizens is wholly-owned by the
Republic of Trinidad & Tobago
With almost US$5 billion in
assets, First Citizens offers a
full range of retail and corporate
banking products as well as
asset management, trustee and
brokerage services
Bank of the Year 2009 from the
Banker Magazine, Latin
Finance and World Finance and
Best Bank in Trinidad and
Tobago 2010 (World Finance)
Named among the top five
safest banks in Latin America
and the Caribbean by Global
Finance in 2010
August 2012
US$ 45,000,000
Bank (Barbados) Limited
PAF Securities advised First Citizens
on the US$45 million acquisition of
Butterfield Bank (Barbados) Limited, a
former subsidiary of publicly-traded
Bank of N. T. Butterfield & Son Limited
October 2010
US$ 110,000,000
Debt Restructuring
Caribbean
Barbados
August 2010
US$ 171,000,000
Debt Restructuring
Trinidad & Tobago
May 2009
Acquisition of the
Shares of
and its subsidiary, CMMB, on the
comprehensive restructuring of
US$110 million of existing debt facilities
for Angostura Holdings Ltd, financed by
First Citizens, CMMB, and Clico
Investment Bank
on the comprehensive restructuring of
US$171 million in existing long-term
debt facilities provided to Home
Construction Limited for the
construction of its One Woodbrook
Place mixed-use real estate
(residential, retail and office)
development in Port-of-Spain
on the acquisition of Caribbean Money
Market Brokers (CMMB), an investment
services and brokerage business, and
the former subsidiary of CL Financial
May 2009
US$ 50,000,000
Committed
on a new TT$300 million (US$50
million) capital commitment by the
Republic of Trinidad & Tobago, in
conjunction with the CIB and CMMB
transactions
Trinidad & Tobago
February 2009
Assumption of
US$ 280,000,000
on the assumption of approximately
TT$1.7 billion (US$ 280 million) in
customer deposits from CLICO
Investment Bank (CIB) following its
intervention and closure by the Central
Bank of Trinidad & Tobago
Trinidad & Tobago
Caribbean
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Client focus: Ram Power
Ram Power
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Ram Power Corp. (“Ram
Power”) is a renewable energy
company based in Reno,
Nevada
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Founded in 2008 as Ram
Power, Inc., the Company is
traded on the Toronto Stock
Exchange (TSX) under the
ticker “RPG”
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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
(“PENSA”)
Overview of San Jacinto-Tizate Project
The San Jacinto-Tizate (“SJT”) geothermal project is located in the northwest of 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 project commenced operations in December 2012 and together
with the first phase represents a total investment of over US$400 million
 The plant is currently operating 72 MW of capacity from its Phase I/II Fuji units

November 2010
November 2010
November 2010
US$ 140,000,000
Senior long-term
project financing
US$ 20,000,000
Subordinated longterm project financing
US$ 30,000,000
senior financing
Nicaragua
Nicaragua
Nicaragua
Latin American
Geothermal
deal of the year
PAF Securities co-advised
PENSA on raising US$140 million
in new long-term senior financing
for the Phase II expansion of the
project. The consortium of colenders was led by the IFC and
included IDB, BIO, CABEI, DEG,
FMO, OeEB, and Proparco
PAF Securities co-advised
PENSA on raising US$20 million
in new subordinated financing for
the Phase II expansion of the
project. The subordinated
financing was provided by IFC
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PAF Securities co-advised PENSA
on refinancing US$30 million of
US$70 million in existing senior and
$15 million in subordinated financing
for the Phase I expansion of the
project. The consortium of co-lenders
was led by CABEI and included BIO,
CIFI and FMO
Our team is composed of senior-level, highly experienced investment banking
professionals with broad industry expertise and strong, regional knowledge
Benjamin S. A. Moody, President & CEO, Partner
Prior Experience
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Co-founder of Pan American Finance and PAF Securities

Over 30 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 & Retail, Financial Services, Infrastructure & Energy,
Manufacturing & Services, Media, Tech & Telecom, and Transportation 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

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 adviser to the ALS Recovery Fund

Graduate of the University of Oxford
13
IBERO AMERICAN
MEDIA PARTNERS
Edmund R. Miller, Senior Managing Director, Partner
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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
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Prior Experience
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
14
Mauricio Borgonovo Baldocchi, 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 including General Business Machines,
exclusive distributor for IBM in Central America and the Dominican Republic

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
Jabier Arbeloa, Managing Director
Prior Experience

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
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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
15
Sina Guenther, Vice President
Prior Experience

Over 5 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)
Gregorio Arimany, Associate
Prior Experience

Over 5 years of experience in engineering consulting, project management, and finance

Previously worked in the Corporate Finance Division at Citibank N.A. in Guatemala, focusing on debt
restructuring and project financings in the Construction and Energy sectors

From 2007 to 2009 worked as a Structural and Civil Engineer Consultant and Project Manager for
local and international projects at AECOM, specializing on large scale developments and “green”
building projects

From 2004 to 2007 worked as Project Engineer for ADA Engineering focusing in real estate projects

MBA from the Fuqua School of Business at Duke University and a Bachelor of Science degree in
Civil Engineering from the University of Notre Dame
Eric Higgins, Analyst
Prior Experience

Bachelor's in Business Administration Cum Laude from the University of Miami

Intern at Pan American Finance from March 2013 through April 2014

Research Assistant in the Finance Department at the University of Miami for Professor Gennaro
Bernile in 2012 and 2013
16
Our Senior Advisors are high-level executives with extensive experience and proven
expertise in managing businesses in both the public and private sectors
Michael Bax, Senior Advisor
Prior Experience

Over 15 years of experience investing in and operating power companies in Latin America and the
Caribbean

Currently serves on the boards of directors of three energy companies and is a senior executive with
InterEnergy, a 1,100MW regional power company from both conventional and renewable energy

From 1997 to 2000, served as Regional Manager in Latin America for CDC Capital Partners, where he was
responsible for the development and management of a portfolio of $650 million in equity and debt
investments

From 1995 to 1997 served as CEO of Compañía de Electricidad de Puerto Plata (CEPP) in the Dominican
Republic

Worked the first 10 years of his professional career with Deloitte and Touche, is qualified as a Chartered
Accountant of the Institute of England and Wales, and graduated from Bristol University in the United
Kingdom
Milton Brady, Senior Advisor
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
17
Andrew dePass, Senior Advisor
Prior Experience

Extensive private equity investment experience across Latin America in Renewable Energy, Media,
Telecom, Retail, and Paper & Packaging

Appointed Chairman of the Board of Directors of Kawa Solar Holdings, Ltd. in 2013 and is responsible for
the day-to-day investment management of Kawa Solar Holdings

Has an international track record, having deployed over $1.3 billion of invested capital in North America,
South America and Asia

Held a number of senior positions at Greentech Capital Advisors including Partner, Senior Advisor and
Advisory Council Member between 2009 and early 2012

In 1996, started at Citigroup and was named managing director in 1998 at Citi Venture Capital International

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

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)
Mayu Hume, Senior Advisor
Prior Experience

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
18
Hendrik Lühl, Senior Advisor

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

Prior Experience
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
Jose Antonio Ríos, Senior Advisor

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
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



Prior Experience
Jose Antonio Ríos has held executive-level positions and has extensive experience and proven expertise in
managing businesses in the Media, Telecom and Technology sectors in the Latin American and Caribbean
region
For over 30 years, has served in executive leadership positions for large corporations across Asia, Europe
and Latin America, and on numerous corporate and philanthropic boards worldwide
Chairman and CEO of Celistics, one of the largest consumer electronics logistics operators and distributors
in Latin America
Former CEO of Vadium Technology, the leading worldwide provider of unbreakable data encryption
solutions
Former Chairman of Global Crossing Latin America, and former International President of Global Crossing,
where he led operations in over 20 countries
Former Telefonica Global Management Committee member, CEO of Telefonica Media and former Chairman
of Atento, both subsidiaries of Telefonica
Former CEO of DirecTV Latin America and former Vice President of Hughes Electronics
Former President and COO of the Cisneros Group of Companies
Founder and current Chairman of Navidad Real Estate Holding, a real estate investment company
Serves as Honorary Business Representative of the Government of Singapore to Latin America
19
Andrew Haining, Senior Advisor

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

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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
A. Markman Peters, Senior Advisor

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Prior Experience
Markman Peters was most recently the 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
20
Contact information
Ben Moody
President & CEO, Partner
Direct: +1 (305) 722 – 7245
Mobile: +1 (786) 556 – 2273
email: [email protected]
Edmund R. Miller
Senior Managing Director, Partner
Direct: +1 (305) 722 – 7244
Mobile: +1 (305) 987 – 0995
Mauricio Borgonovo
Managing Director
Direct: +1 (305) 722 – 7246
Mobile: +1 (305) 401 – 7009
Jabier Arbeloa
Add Arbeloa
Managing Director
Direct: +1 (305) 722 – 7248
Mobile: +1 (954) 740 – 3719
Sina Guenther
Vice President
Direct: +1 (305) 722 – 7243
Mobile: +1 (786) 571 – 2728
Gregorio Arimany
Associate
Direct: +1 (305) 722 – 7247
Mobile: +1 (305) 607 – 0115
Eric Higgins
Analyst
Direct: +1 (305) 722 – 7256
Mobile: +1 (978) 761 – 8111
George P.E. Ten Pow
Chief Financial Officer
Direct: +1 (305) 722 – 7253
Mobile: +1 (305) 924 – 7748
Arlene Wong
Office Manager
Direct: +1 (305) 722 – 7249
Mobile: +1 (786) 301 – 4186
Pan American Finance, LLC and PAF Securities, LLC
601 Brickell Key Drive, Suite 604, Miami, Florida 33131
Tel: +1 (305) 577 – 9799 • Fax: +1 (305) 577 – 9766
Website: www.panamfinance.com
PAF Securities is an affiliate of Pan American Finance and a member of FINRA and SIPC
21
Ralph von Specht (1950 – 2011): Co-Founder of our firm
Ralph von Specht was Co-founder of Pan American Finance and PAF Securities. Ralph passed away on September 18, 2011 after a brave struggle with
ALS (Amyotrophic Lateral Sclerosis, also known as Lou Gehrig’s disease). Ralph faced his adversity with courage, directness, and his characteristic sense
of humor. In the brief time given to him, following his diagnosis in January 2011, Ralph showed us how to live life and to face the inevitable. Ralph is
survived by his wife, Celia; his father, Dieter; his sisters, Cornelia and Sylvie; his brother, Andreas; and their families. Ralph is much missed.
For over 35 years, Ralph provided sound advice and good counsel to companies and their owners, to institutional investors and to governments, principally
in the Latin American markets. He had particular expertise and extensive transaction experience in the Consumer Products, Food & Beverages, and
Industrials & Manufacturing sectors. Ralph’s banking heritage dates back to 1590, to the foundation of what is now Berenberg Bank, the oldest private
banking business in Germany. For more than 400 years, the family and company have been closely linked with city of Hamburg, Germany.
Ralph began his banking career in 1975 with J.P. Morgan in Frankfurt, Germany, and, shortly thereafter, relocated to New York to work on the bank’s
German Desk, advising German corporations and their U.S. subsidiaries. In 1982, Ralph began what became his career focus on Latin America, managing
and executing mergers and acquisitions, restructurings, project financings and corporate finance transactions, such as debt and equity placements, bank
refinancings, and loan syndications. He served as J.P. Morgan's representative on the debt refinancing advisory committees for Argentina and Venezuela,
and led several large restructuring transactions, such as Aerolíneas Argentinas, Banco de la Nación de Argentina, Electricidad de Caracas, Toyota de
Venezuela and General Motors de Venezuela.
In 1988, Ralph founded his first investment banking firm in Caracas, Venezuela, von Specht & Asociados, that became one of the leading corporate finance
advisors in the country. He represented the interests of ING Bank in Venezuela and became their joint venture partner. After selling his firm to ING Bank in
1996, he formed and built La Ceiba Finance, also an investment banking advisory firm, which he subsequently partnered and eventually sold to Vencred, an
affiliate of Banco Venezolano de Credito. He relocated to Miami in 2001, and, with Ben Moody, co-founded Pan American Finance in 2003 and PAF
Securities in 2006.
Ralph was a graduate of Hamburg University and of the European Business School (in Frankfurt, Paris and London), after surviving his boarding school
education at Louisenlund in Guby, Germany.
Ralph, together with his wife, Celia, was committed to helping those around him, particularly in adversity. Ralph became the unofficial “mayor” of his
adopted home in the small fishing village of Caruao, Venezuela, and – with the help of his friends (and a little “arm-twisting”) – created a hospital, library and
school in the village. He led campaigns to raise the money to re-build homes in Grenada, El Salvador, Peru and Venezuela, after devastation caused by
hurricane, earthquake and flood. To fund these charitable efforts, in 2007 Ralph created the Pan American Finance Relief Fund. In his memory, we have rechristened this as the Ralph von Specht Relief Fund and, in addition to continuing Ralph’s legacy of providing disaster relief, the fund will also raise
donations to support research and caring for those diagnosed with ALS.
“We make a living by what we get, but we make a life by what we give” (Sir Winston Churchill).
22
23

Firm Overview

Transcription

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