H&K on reprofiling debt of Construcciones El Cóndor
Holland & Knight advised six Colombian creditors on a COP 191.5 billion (approximately USD 48.6 million) debt reprofiling agreement with Construcciones El Cóndor.
The agreement, which will consolidate some of Construcciones El Cóndor’s debt obligations to creditors, was signed on 7 June.
On the same date, an additional and addendum agreement was signed to the corporate credit agreement granted by Bancolombia on 27 June 2023, amounting to 62 billion Colombian pesos (approximately US$15.7 million). This addendum to the corporate credit agreement provides that the principal and interest of the corporate credit facility will be paid on terms similar to those provided for in the debt reprofiling agreement, including the maturity date, which will occur on 7 June 2028.
This closing completes the reprofiling of the vast majority of Construcciones El Condor’s structured debt and working capital that had been implemented with respect to the company’s other long-term debt agreements.
Banco de Bogotá, Banco de Occidente, Itaú Colombia, Banco Santander de Negocios Colombia, Bancolombia and Instituto para el Desarrollo de Antioquia acted as lenders.
Based in Medellín, Colombia, Construcciones El Cóndor is a leading construction company with extensive experience in the innovative structuring of road concessions. With 45 years in the infrastructure sector, Construcciones El Condor executes urban, railway, hydroelectric and mining projects.
H&K’s team consisted of partner María Juliana Saa (pictured) and associate María Elvira Borrero.
