Leumi Business Center 9th floor
San José
Costa Rica

+ (506) 4036 2800

Key contacts:

Partner: Vicente Lines
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Partner: Andrey Dorado
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Partner: Carlos Ubico
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Partner: Diego Gallegos
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Quick facts:

Partners: 13
Staff: 25 lawyers 19 paralegals
Languages: Spanish, English, German, Portuguese

We recommend that you provide a concise firm description that clearly positions your firm and the specialised services it provides.

With 80 years of experience, we have lawyers with long experience in several practice areas and young lawyers, thus becoming a firm that is constantly renewed and adapts to the today's world needs, ensuring to offer you the best legal talent and service.  The firm’s heritage, passion for law and commitment to quality, allows Arias to grow along with the region and overcome new challenges in each country in which Arias operates: Guatemala, El Salvador, Honduras, Nicaragua, Costa Rica and Panama

Our elite team of practitioners advice global corporations in a variety of industries such as: aviation, hospitality, energy, banking, pharmaceutical, technology, food and beverages, services, TMT, retail, NGO, Investment Funds, consumer goods, health care, among others. The finance and corporate department are the largest in our firm and this responds to our experience and reputation in the market and the demands of our clients, multinational and national companies. Also, the department is integrated by a team of lawyers with different areas of expertise giving comprehensive legal advice.

Some of our areas of practice are:

  • M&A
  • Banking
  • Finance
  • FinTech
  • ESG
  • Tax
  • Regulatory
  • Project Development
  • Labor
  • Anti-Trust
  • Corporate & Commercial
  • Competition
  • Compliance
  • Dispute Resolution
  • Intellectual Property

  • Asset finance
  • Banking
  • Capital markets: Debt
  • Capital markets: Derivatives
  • Capital markets: Equity
  • Competition
  • Covered bonds
  • Financial restructuring
  • Financial services regulatory
  • Investment funds
  • M&A
  • Private equity
  • Private equity funds
  • Project bonds
  • Project development
  • Project finance
  • Real estate finance
  • Real estate funds
  • Restructuring and insolvency
  • Securitisation
  • Structured finance/securitisation
  • Trade finance

  • Arias acted as local counsel for the lenders and the agent (Bladex) in El Salvador and Costa Rica in a Sindicated loan to CrediQ, to be used for CrediQ working capital en El Salvador and Costa Rica. The sindicated loan was structured in two senior tranches: (i) an unscured tranche for the amount of $35,800,000 and (ii) a secured tranche for the amount of $65,700,000.
  • Represented Bank of America N.A. as Administrative Agent and Lead Arranger and a syndicate of Lenders in a senior secured term loan A facility for $195MM a senior secured term loan B facility for $380MM and a senior secured revolving credit facility for US$380 MM with Evertec Group LLC as Borrower.
  • Represented Deutsche Bank AG and a syndicate of lenders in a $150M sale of receivable by Avianca Airlines to USAVflow as Borrower
  • Arias Represented Telefónica, S.A. a mobile and fixed telecommunications provider in the sale of the Costa Rican subsidiary Telefónica de Costa Rica, TC, S.A. The amount of this transaction rises to US$650 million approximately in Guatemala and El Salvador, US$1,650 million in Nicaragua, Costa Rica and Panama. Our team acted as leading advisors to the Spanish multinational telecommunications company Telefonica in the sale of their regional operations in Central America. The contract established that the new concessionaire had to meet all the requirements that the original owner had complied with in the past, which required an exceptionally advanced and technical due diligence process. The first offer did not comply with all the requirements, so the client searched for another buyer, and once again, the law firm was involved in the negotiations and legal advice for the sale of the Central American operations to Liberty Latin America. Arias coordinated the transaction related to Costa Rica, including providing advice on the applicable legal and regulatory aspects required to make the sale, preparing the vendor’s due diligence, and giving support in the negotiation and drafting of the transaction documentation.
  • Pintuco, a manufacturer of paints and coating with operations in some South American countries and Costa Rica, was acquired by AkzoNobel, a Dutch multinational manufacturer of paints and performance coatings for both industry and consumers worldwide. This acquisition is part of their ‘Grow and Deliver’ strategy which aims to position the company in emerging markets. Arias advised the seller, Pintuco, on this very important transaction by providing the necessary documentation for the due diligence process and negotiating and revising the transaction agreements.
  • Natural Partners, a renewable energy solutions company, obtained a concession to provide solar panels to ICE, the state-owned electricity, and telecommunications services provider. The client was able to obtain the concession due to Arias’ team, which conducted the necessary due diligence to assess whether the company complied with all the legal requirements to participate in the bid and obtain the concession. Arias conducted a comprehensive due diligence and regulatory analysis to make sure the client was fully compliant.
  • During 2021, Arias advised the company in a legal controversy to extend the period to begin the construction of the panels, and with the firm’s support, the client achieved a friendly solution with ICE. Arias also advised the company in the sale of its operation in Costa Rica to an international investor. This included legal support regarding the regulatory aspects that were relevant to the sale

  • Accounting
  • Agriculture
  • Automotive
  • Aviation
  • Banking
  • Construction and materials
  • Consumer goods and services
  • Energy
  • Financial services
  • Fisheries and aquaculture
  • Food and beverage
  • Forestry
  • Gaming
  • Government and public policy
  • Healthcare
  • Industrials
  • Insurance
  • Investment management
  • Media
  • Mining
  • Natural resources
  • Oil and gas
  • Pharm and life sciences
  • Real estate
  • Shipping
  • Social infrastructure
  • Tech and telecoms
  • Tourism
  • Transport
  • Utilities

Calle La Mascota No. 533, Colonia San Benito
San Salvador, El Salvador, C.A.
T: (503) 22570900

Diagonal 6, 10-01 zona 10 Centro Gerencial Las Margaritas, Torre II, oficina 402-B.
Ciudad de Guatemala, Guatemala, C. A.
T: +(502) 23827700

Centro Comercial El Dorado 6° Piso, Boulevard Morazán.
Tegucigalpa, Honduras, C. A.
T +(504) 22214505

Edificio Park Plaza, Local 19 Barrio Guamilito, 5° y 6° Calle, 11 Avenida N.O.
San Pedro Sula, Cortes, Honduras, C. A.
T +(504) 25502202


Pista Jean Paul Genie, Edificio Escala, 3er piso, Managua, C. A.
T+(505) 22981360

The Towers Business Plaza, 3rd Floor, Calle 50 & 66, San Francisco, Panama City, Panama
T+(507) 2821400