Wednesday, November 29, 2023

Clifford guides IDB Invest´s largest B-bond

Clifford Chance has advised IDB Invest on the structuring of its largest B-bond, a $250 million senior facility which proceeds will be used to refinance existing debt, improving the project’s overall financing terms and conditions


IDB Invest has provided a new financing package for the Central Railroad Line Project in Uruguay to improve the connectivity and integration in the interior of the country with its capital, Montevideo. The financing consists of a $250 million senior facility through a fixed rate B-bond.

This is the largest B-bond structured by IDB Invest to date. The proceeds will be used to refinance existing debt, improving the project’s overall financing terms and conditions. 

IDB Invest is facilitating the mobilisation of capital market solutions through this B-bond, unlocking financing available from international institutional investors, while supporting Uruguay’s goal of attracting direct foreign investment and channeling new resources to support infrastructure projects.

“Investing in large-scale, sustainable infrastructure projects can have a transformative impact for the future of our region,” said Gema Sacristan, IDB Invest’s Chief Investment Officer. “At IDB Invest, we continue to innovate to mobilize financing and attract new investors to Latin America and the Caribbean.”

The project was executed through a public-private participation (PPP) contract between the Ministry of Transport and Public Works of Uruguay and a special purpose company created with this purpose: Grupo Vía Central S.A.

The deal is expected to contribute to four of the United Nations Sustainable Development Goals: Decent Work and Economic Growth (SDG 8), Industry, Innovation, and Infrastructure (SDG 9), Responsible Production and Consumption (SDG 12) and Partnership for the Goals (SDG 17).

IDB Invest was advised by Clifford Chance, with a cross-border team made up of Washington DC partner Jessica Springsteen, Madrid partner José Guardo, New York partner Jonathan Zonis, Washigton DC senior associates Lauran Smith and Patricio Abal and New York law clerk Joyce Moore. 

IDB Invest´s in-house team included Legal counsel Ignacio Imas Innella.

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