Concesionaria Vial Sierra Norte S.A.’s $332,6 Million Notes Offering


Norton Rose Fulbright, Garrigues, Rosselló Abogados, Shearman & Sterling, Hernández & Cía Hogan Lovells and Clifford Chance advised on the deal

Concesionaria Vial Sierra Norte S.A., through Longitudinal 2 PAMPI Funding BV, executed its private placement of $332,6 million notes in order to cancel an existing $200 Million Loan

Metropolitan Life Insurance Company (Metlife), Allianz, BlackRock and Corporación Financiera de Desarrollo S.A. (Cofide) acted as initial purchasers on the offering.

Concesionaria Vial Sierra Norte was formed by Sacyr Concesiones (35%), Sacyr Concesiones Perú (32%), and Constructora Málaga Hnos. (33%). The company started operations in 2014 after winning a public-private partnership 25-year contract to build and operate the second stretch of the Longitudinal de la Sierra highway, running through La Libertad and Cajamarca departments.

Norton Rose Fulbright advised Concesionaria Vial Sierra Norte S.A., Longitudinal 2 PAMPI Funding BV, Sacyr and Sacyr Perù with Daniel Spencer (Picture), Bart Le Blanc, George Baptista, Patrick Dolan, Benjamin Grayson, Caspar Davey and Diego Brandao.

Garrigues advised Concesionaria Vial Sierra Norte S.A., Longitudinal 2 PAMPI Funding BV, Sacyr and Sacyr Perù with Oscar Arrús, Javier de la Vega e Ildefonso Polo, Johanna Holz, Rafael Martinelli, Carolina Pérez Harm and María Paz Delgado.

Rosselló Abogados advised Constructora Málaga with Hugo Morote, Víctor Ostolaza and Muriel Menchola Arana.

Shearman & Sterling advised Metropolitan Life Insurance Company (Metlife), Allianz, BlackRock and Corporación Financiera de Desarrollo S.A. (Cofide) with Alexandro M. Padrés, Augusto Ruiloba, David Avila and Brian Ham.

Hernández & Cía advised Metropolitan Life Insurance Company (Metlife), Allianz, BlackRock and Corporación Financiera de Desarrollo S.A. (Cofide) with José Manuel Abastos, Alfredo Filomeno Ramírez, Ricardo Luque, Fernando Nuñez Ciallella, José Goyburu, Gracy Zapata and Andrea Limón.

Hogan Lovells advised Metropolitan Life Insurance Company (Metlife), Allianz, BlackRock and Corporación Financiera de Desarrollo S.A. (Cofide) with Robert Masman, Anton Louwinger and Yvette Voermans.

Hernández & Cía advised Banco Santander, Corporación Andina de Fomento, Banco Santander Perú S.A., Sumitomo Mitsui Banking Corporation and Instituto de Crédito Oficial with Diego Carrión Álvarez, Julien Labory-Alicq and María Alejandra Justo.

Clifford Chance advised Banco Santander, Corporación Andina de Fomento, Banco Santander Perú S.A., Sumitomo Mitsui Banking Corporation and Instituto de Crédito Oficial with Gianluca Bacchiocchi, Mariana Estévez, Alejandro Espitia, Jacklyn Hoffman, Greg Kahn and María Jimena Londoño.

Involved fees earner: Gianluca Bacchiocchi – Clifford Chance; Alejandro Espitia – Clifford Chance; Mariana Estévez – Clifford Chance; Jacklyn Hoffman – Clifford Chance; Greg Kahn – Clifford Chance; Oscar Arrús – Garrigues; Javier Efraín de la Vega Gómez – Garrigues; Johanna Holz – Garrigues; Rafael Martinelli – Garrigues; Ildefonso Polo del Mármol – Garrigues; José Manuel Abastos – Hernández & Cía Abogados; Diego Carrión – Hernández & Cía Abogados; Alfredo Filomeno Ramírez – Hernández & Cía Abogados; José Goyburu – Hernández & Cía Abogados; María Alejandra Justo – Hernández & Cía Abogados; Julien Labory-Alicq – Hernández & Cía Abogados; Andrea Limón – Hernández & Cía Abogados; Ricardo Luque – Hernández & Cía Abogados; Fernando Núñez – Hernández & Cía Abogados; Gracy Zapata – Hernández & Cía Abogados; Anton Louwinger – Hogan Lovells; Robert Masman – Hogan Lovells; Yvette Voermans – Hogan Lovells; George Baptista – Norton Rose Fulbright; Diego Brandao – Norton Rose Fulbright; Caspar Davey – Norton Rose Fulbright; Patrick Dolan – Norton Rose Fulbright; Benjamin Grayson – Norton Rose Fulbright; Bart Le Blanc – Norton Rose Fulbright; Daniel Spencer – Norton Rose Fulbright; Hugo Morote – Rosselló Abogados; Víctor Ostolaza – Rosselló Abogados; David Avila – Shearman & Sterling; Alexandro Padrés – Shearman & Sterling; Augusto Ruiloba – Shearman & Sterling;

Law Firms: Clifford Chance; Garrigues; Hernández & Cía Abogados; Hogan Lovells; Norton Rose Fulbright; Rosselló Abogados; Shearman & Sterling;

Clients: Allianz; Banco Santander Peru; Banco Santander Sa; BlackRock Investments; Concesionaria Vial Sierra Norte S.A.; Constructora Málaga Hnos. S.A.; Corporación Andina de Fomento (CAF); Corporación Financiera de Desarrollo S.A.; Instituto de Crédito Oficial; MetLife -Metropolitan Life Insurance Company; Sacyr S.A.; Sumitomo Mitsui Banking Corporation;

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Author: Ambrogio Visconti.