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Unicell Paper Mills Caribbean Limited

Unicell Paper Mills Caribbean Limited

Debt Restructuring and New Financing

US$ 55,000,000

October 2009

Unicell Paper Mills Caribbean Limited (“Unicell”) is a Trinidad-based manufacturer of tissue paper products and the leading tissue paper mill in the Caribbean.

Pan American Finance advised Grand Bay International, an affiliate of Montreal-based Kruger Group, on the restructuring of US$44.5 million in existing long-term bank debt and the structuring of US$10.5 million in new working capital facilities from the IFC, RBTT Bank, First Citizens Bank and the Export-Import Bank of Trinidad & Tobago.

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First Citizens Bank, Ltd.

First Citizens Bank Limited

Acquisition of the Shares of CMMB

May 2009

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 and, effective upon completion of the 2009 transactions, had total assets of over US$4 billion.

Pan American Finance advised First Citizens on the acquisition of Caribbean Money Market Brokers (CMMB), the former subsidiary of CL Financial.

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Frigorifico Canelones, S.A.

Frigorifico Canelones, S.A.

Debt and Equity Restructuring

US$ 24,000,000

June 2004

Frigorifico Canelones, S.A. is a leading manufacturer and exporter of frozen and fresh meat and related products in Uruguay.

During the banking crisis of 2002 – 2003, Pan American Finance advised the company on a debt and equity restructuring, including a debt buy-back from a U.S. based investor, the placement of equity with a U.K. based company, a new pre-export financing facility from a European bank, and a US$6 million long-term senior-debt financing for future capital expenditures from the German development bank, DEG.