December, 2019.- Alcogal advised BofA Securities, Inc., Citigroup Global Markets Inc., Deutsche Bank Securities Inc., J.P. Morgan Securities LLC and Goldman Sachs & Co. LLC as the dealer managers of the exchange operation of senior bonds due in 2020 of up to US$550,000,000, issued by Avianca Holdings, S.A. which aimed, among other benefits, to exchange such bond for a new guaranteed bond which expires on 2023, to reprofile the company´s passives and achieve the payments of additional financings which allow the improvement of their operations and performance.

The transaction closed in November 2019.

Partner Arturo Gerbaud, together with senior associates Rafael Marquínez and Rita de la Guardia, participated in the transaction.