Desarrollo Vial al Mar (Devimar)’s $700 Million Financing

Godoy Hoyos, Cuatrecasas, Clifford Chance and Brigard Urrutia advised on the transaction

Desarrollo Vial al Mar secured the $700 Million financing for the development and maintainance of Vial Autopista al Mar 1 project from Financiera de Desarrollo Nacional (FDN) and IDB Invest.

The Autopista al Mar 1 (the Project) is one of the Colombian national government’s fourth generation (4G) road concession projects. The Project, with plans to intervene in approximately 76 kilometers of highway, is located in the department of Antioquia, Colombia. It starts at the Western Fernando Gómez Martínez tunnel, passes through the municipalities of Medellín, San Jerónimo, Sopetrán, and Santafé in Antioquia and continues on until reaching Cañasgordas and Salgar in western Antioquia. It provides for the construction of 41 bridges and one tunnel and includes: i) improvement of the existing lane and construction of a second lane in the Medellín – Santa Fe section in Antioquia (33 km); ii) construction of the 5 kilometer second tube of the Western Tunnel; iii) rehabilitation of the Bolombolo – Santa Fe section in Antioquia (62 km); and iv) operation and maintenance of the roadway between Santa Fe in Antioquia to Cañasgordas (66 km).

IIC participation will help to supplement long-term financing, in collaboration with international commercial banks and local banks providing funds in dollars and Colombian pesos.

Godoy Hoyos advised Desarrollo Vial al Mar (Devimar) with Jaime Moya, Juan Pablo Godoy, Steffany Serebrenik and Catalina Amaris.

Cuatrecasas advised Financiera de Desarrollo Nacional (FDN) with Íñigo Rubio and Carlos Lasarte.

Clifford Chance advised Financiera de Desarrollo Nacional (FDN) and IDB Invest with Fabricio Longhin (Picture), Alan Sakar Azuara and Alberto Haito.

Brigard Urrutia advised Financiera de Desarrollo Nacional (FDN) and IDB Invest with Manuel Quinche, César Rodríguez, Esteban Gutiérrez and Nicolás Alonso.

Involved fees earner: Jaime Moya Suárez – Godoy & Hoyos; Juan Pablo Godoy Fajardo – Godoy & Hoyos; Steffany Serebrenik – Godoy & Hoyos; Catalina Amaris Fernández – Godoy & Hoyos; Manuel Fernando Quinche – Brigard & Urrutia; César Rodríguez – Brigard & Urrutia; Esteban Gutiérrez Soto – Brigard & Urrutia; Íñigo Rubio – Cuatrecasas; Carlos Lasarte – Cuatrecasas; Fabricio Longhin – Clifford Chance; Alan Sakar Azuara – Clifford Chance; Alberto Haito – Clifford Chance;

Law Firms: Godoy & Hoyos; Brigard & Urrutia; Cuatrecasas; Clifford Chance;

Clients: Financiera de Desarrollo Nacional (FDN); Concesión Ruta al Mar S.A.S.; IDB Invest;

Author: Ambrogio Visconti.