The refinancing consists of the following tranches of debt issued and incurred by Patrimonio Autónomo Unión del Sur with the Concessionaire as co-obligor:
(i) COP1.03 trillion (~US$262 million) 6.660% Senior Secured Series 2022-1 UVR Indexed Social Notes due 2041 offered and sold pursuant to Rule 144A and Regulation S under the Securities Act of 1933,
(ii) US$276.5 million in dual tranche New York law-governed loans, and
(iii) COP1.02 trillion (~US$260 million) in Colombian law-governed loans.
The refinancing also included credit enhancements in the form of a US$28.4 million LC Facility and a first-of-its-kind COP3.14 billion (~US$78.9 million) Liquidity Facility to be used to backstop certain debt service and operation and maintenance reserve requirements.
The 83-kilometer Rumichaca-Pasto toll road is being developed as a Public Initiative 4G project as part of the Colombian Government’s 4G Program. The project will connect the township of Rumichaca at the Colombian border with Ecuador to the city of Pasto in southern Colombia. It aims to improve mobility and commerce throughout the southwest region of Colombia and bolster economic development and growth in rural regions by providing a key commercial route to larger markets and with Ecuador.
The advice was led by Washington DC partner Fabricio Longhin, with cross-border teams from Washington DC, New York, São Paulo and Madrid.
Clifford Chance Madrid office provided advice with a Global Financial Markets team comprising partner José Guardo, lawyer Antonio Sánchez-Cirujano and paralegal Elena Euba Hernández.
