Hugo Triaca and Alberto Haito

CC advises on debt refinancing for Puerto Bahía in Cartagena

Clifford Chance has advised the lenders on a US$120 million senior secured loan to Pipeline Investment Limited (Bermuda), a subsidiary of Frontera Energy Corporation (FEC).

The loan will be used to refinance existing debt of Sociedad Portuaria Puerto Bahia, a subsidiary of FEC that developed and operates Puerto Bahia, a strategic port facility located in Baru, Cartagena, Colombia.

Cuatrecasas advised Macquarie Bank Limited on the financing.

The term loan consists of a complex structure with several obligors in multiple jurisdictions, including Colombia, Bermuda, the British Virgin Islands and the Bahamas. The facility includes floating and fixed rate tranches and provides for an accordion facility to increase the commitment by up to US$30 million to allow for the development of certain port-related projects. The lenders were led by Macquarie Bank Limited.

Cuatrecasas’ team included partner Manuel Quinche, senior associate Natalia Arango, and associates Felipe Londoño and Laura Salazar in Colombia.

CC’s team comprised partner Hugo Triaca (pictured left), counsel Alberto Haito (pictured right), foreign law clerk Adriana Cabal and attorney David Rondon.

L Giselle Estrada