PPU Chile counsels a Bank consortium on over $500m Colombian infrastructure

PPU Chile has advised on the acquisition of Concesión Costera Cartagena Barranquilla by I.S.A.

Philippi Prietocarrizosa Ferrero DU &Uría advised a bank consortium (Bancolombia, Banco de Occidente, Bando de Bogotá and CAF-AM Ashmore), Cititrust S.A. Sociedad Fiduciaria, and the noteholders in connection with the acquisition by I.S.A. Inversiones Costera Chile SpA (“I.S.A.”) of the Concessionaire “Concesión Costera Cartagena Barranquilla S.A.S.”. The transaction means the assumption of, and assignment to, I.S.A. in connection with the obligations of the sponsors of I.S.A. and I.S.A. under the long term financing granted by the Banks and the noteholders.

This was an important transaction not only because it implied the entry of I.S.A. as a sponsor in the construction and development of the 4G toll roads program in Colombia, but also because it entailed an approval process before ANI and a voting process among the banks and the holders of the notes, employing which the acquisition was approved.

Philippi Prietocarrizosa Ferrero DU &Uría team was led by Colombian partner Juan Fernando Gaviria (pictured left) and Chilean partner Marcela Silva (pictured left), and involved associates Clara Robledo, Daniel Parodi, María Garrido, Ana María Ramíre,z and Angie Gómez.

Brigard & Urrutia acted as local counsel to ISA with partner Manuel Quinche, and associates Natalia Arango and Sofía Esguerra. Castro Leiva served as the local counsel to the Concessionaire with a team formed by partner Marcela Castro and associate Carlos Hernández. Holland and Knight acted as local counsel to F.D.N. with associate Juliana Saa. Clifford Chance served as counsel to the banks, the noteholders and I.S.A. with a team formed by partners Guido Lineado and Gianluca Bacchiocchi, and associates Julian Hurtado, Luis Maria Clouet and Laura Loaiza. ReedSmith counselled Citibank with partner Constantin Souris.