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July 26, 2016

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.

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