Godoy y Hoyos Abogados has advised Colombia’s Concesionaria Desarrollo Vial del Mar S.A.S. (Devimar), in the financing of the Autopista al Mar 1, project.
In September 2015, the Agencia Nacional de Infraestructura (ANI) awarded Devimar a 25-year long term infrastructure contract to design, finance, build, operate, and maintain the 176km long highway. The project includes the construction of the Occidente Tunnel and an update of 25km of road.
On June, the SPV Devimar, made up of Spanish builder Sacyr, Austrian developer Strabag and local company Concay, sent terms to potential lenders for a financing package worth $700m. The deal is set to include a 16.5-year portion of $200m and a COP-denominated tranche of more than $500m. The transaction is expected to close in October. The financing package will be backed by availability payments named vigencias futuras, as well as with cash flow tolls.
Located in Antioquia, Autopista al Mar 1, one of the most strategic projects in Colombia, allows a road connection between Medellín and the main road concessions with commercial exchange centers such as the Caribbean Coast, the Pacific Coast and the Magdalena River. The project is expected to cost $1bn.
Clifford Chance, Godoy & Hoyos and Sumitomo Mitsui Banking Corporation (SMBC) acted as international, local and financial counsel respectively to Devimar.
Godoy’s team was led by partners Jaime Moya and Juan Pablo Godoy, assisted by associates Steffany Serebrenik and Catalina Amaris.