Philippi Prietocarrizosa Ferrero DU & Uría has assisted various entities on the long-term financing of the project finance debt contracted to finance the construction and development of the 4G Bogotá-Girardot highway project in Colombia.
The financing consists of the following tranches of debt contracted by Patrimonio Autónomo Via 40 Express with the Concessionaire as co-debtor: (i) Tranche 1 in COP: for an amount of up to COP$225,000,000,000; (ii) Tranche 2 in COP: for an amount of up to COP$500. 000,000,000,000; (iii) UVR Tranche: for an amount of up to COP$1,050,000,000,000; (iv) RRF Facility in COP: for an amount of up to COP$125,000,000,000; and (v) RRF Synthetic Facility in COP: for an amount of up to USD$170,000,000,000.
This transaction was closed on 18 April, for an aggregate amount of COP 2.6 billion (approximately USD $578 million) and involved the jurisdictions of Colombia, the US and France.
The entities advised by the firm were Compartment A of Fondo de Capital Privado FCP Deuda Infraestructura II Sura – Credicorp Capital, Fondo Blackrock Deuda Infraestructura Colombia II (Professional Manager Blackrock Infrastructure Management I), Fondo de Capital Privado Deuda Infraestructura Colombia (Professional Manager Blackrock Infrastructure Management I), JPMorgan Chase Bank, Financiera de Desarrollo Nacional and Banco Bilbao Vizcaya Argentaria Colombia, who acted as long-term and liquidity lenders.
Other firms involved in the transaction were Paul Hastings, as New York counsel to the co-sponsors and the concessionaire; Clifford Chance, as New York counsel to the lenders; and Cuatrecasas as Colombian counsel to the sponsors and the concessionaire.
This represents “One of the most challenging and rewarding project finance transactions we have been part of. It brings together an exceptional group of lenders, sponsors, and a strong project team to support the multi-currency, multi-facility long-term USD$574M financing for a 145km unsolicited toll road PPP. It is also the first time in our jurisdiction that a revolving COP synthetic facility has been implemented for this type of financing. This transaction ensures the continuity of the much-needed enhancement of Colombia’s busiest road corridor. We look forward to seeing the positive impact it will have in the region”, according to PPU partner Carlos Padilla.
Paul Hastings’ team included Thomas Sines, Juan Martín Estrada and Eduardo Morande.
Clifford Chance’s team comprised Fabricio Longhin, Julian Hurtado, Joyce Moore, Adriana Cabal and Mariana Gutierrez.
Cuatrecasas’ team was composed of Manuel Quinche, Natalia Arango, Diana Rueda, María Mónica Latorre, Santiago Mendoza and Manuela Gaitán.
PPU’s team was led by partners Carlos Padilla (pictured left) and Juan Fernando Gaviria (pictured right), with support from associates Daniela Hernández, Juliana Pérez, Giulio Pacini, Gabriela Acuña and Ana Gabriela Franco.