New York, 22 December 2016 – Hogan Lovells has advised Banco Cuscatlán in El Salvador in creating and sponsoring a new diversified payment rights securitization program (DPR). Titularizadora de DPRs Limited, a special purpose vehicle organized in the Cayman Islands, borrowed US$100 million of Series 2016-1 Loans. Credit Suisse was the sole lender.

The transaction closed on December 9, 2016.

The Hogan Lovells team included New York partners Emil Arca and Oscar Stephens, and associate Rebecca Francus.

Banco Cuscatlán was acquired by Grupo Terra in July and is formerly known as Banco Citibank de El Salvador. Hogan Lovells also advised Grupo Terra on the US$50 million unsecured bridge loan financing for the deal.