Concesionaria Vial Unión del Sur refinances The Rumichaca-Pasto Project

The Project was granted under Concession Agreement No. 015 of 2015, part of the 4th Generation Toll Road Concession Projects known as 4G.

Concesionaria Vial Unión del Sur is the concessionaire in charge of financing, final studies and designs, social, environmental and property management, as well as the construction, improvement, operation and maintenance of the Rumichaca-Pasto Road corridor in the department of Nariño, in southern Colombia.

The refinancing of the Rumichaca-Pasto Project for $800 million involves a New York law-governed loan agreement for $278 million, a Colombian law-governed loan agreement for Colombian pesos equivalent to $260 million, and the issuance of a social bond under Rule 144a/Reg S for $262 million.

JPMorgan Chase Bank, Sumitomo Mitsui Banking Corporation, Société Générale, MUFG Bank, Crédit Agricole Corporate and Investment Bank and Siemens Financial Services acted as international lenders under the international loan agreement.

Bancolombia, Financiera de Desarrollo Nacional and Banco Davivienda acted as local lenders under the local loan agreement.

JPMorgan Chase Bank and Goldman Sachs acted as structurers and bookrunners for the issuance, with IDB Invest the anchor investor.

Concesionaria Vial Unión del Sur and its sponsors and shareholders were advised on the transaction by Posse Herrera Ruiz, whose team was led by partner Mariana Posse, assisted by associates Cristina Vásquez, Jesús Albarrán, Mauricio Nieto and Paula Albán.

The concessionaire was also advised by the law firm Clifford Chance, whose team was led by partners Fabricio Longhin and Hugo Triaca, assisted by associates Mariana Estevez, Fernando Liu and Daniel Justus.