PPU assists in refinancing of $906m Rumichaca-Pasto project

PPU Colombia has represented Goldman Sachs, J.P. Morgan, FDN, Bancolombia and Davivienda in the refinancing of the 4G Rumichaca-Pasto project for 906 million USD

 Philippi Prietocarrizosa Ferrero DU & Uría has assisted Goldman Sachs and J.P. Morgan as joint bookrunners and initial purchasers in the refinancing of the Rumichaca – Pasto project, where the offering was for approximately $262 million US dollars of senior secured social bonds indexed to UVR.

The firm also advised J.P. Morgan Chase Bank, MUFG, SMBC, and Societe Generale, CACIB, and Siemens Financial Services on the $305 million international credit facility and FDN, Bancolombia and Banco Davivienda as lenders on the approximately $260 million local credit facility.

The financing also included a $79 million local revolving credit facility provided by Compartment A of the private equity fund FCP Deuda Infraestructura II Sura – Credicorp Capital, making this the largest transaction for a 4G project in Colombia.

The funds will be used to complete the construction of approximately 83 km of toll roads in the Department of Nariño, along with their operation and maintenance.

Carlos Padilla, lead partner on the deal, commented: “The transaction represents the largest 4G project financing ever undertaken in Colombia, the first to implement project-level liquidity instruments to replace reserves, and involves the largest social bond issuance ever undertaken in Latin America.”

PPU’s team was led by partners Carlos Padilla (pictured left) and Hernando Padilla (pictured right), assisted by associates Daniela Mejía, Ximena González, Daniela Hernández, Santiago Botero and Jorge Portocarrero.