Papeles Nacionales, S.A. (“Panasa”) is a Colombian manufacturer of tissue paper products and part of the Grand Bay Group, a personal care products company with presence in various Caribbean and Latin American markets.

Pan American Finance advised Panasa on a comprehensive restructuring of its Peso denominated debt, reducing its local bank debt from US$24 million to US$14 million. Corfinsura acted as a local co-advisor in this transaction.

In addition, Pan American Finance arranged a new US$10 million 8-year senior-debt financing from the German development bank, DEG.