Pamplona – Cu?cuta’s $450 Million Project Financing


Posse Herrera Ruiz, Jones Day, Philippi Prietocarrizosa Ferrero DU & Uri?a, Milbank and Alston & Bird advised on the transaction

Union Vial Rio Pamplonita S.A.S. and its sponsors Sacyr Concesiones Colombia S.A.S. and Sacyr Concesiones Participadas I, S.L, secured the first disbursement of two loans in USD and COP from Chinese, French, German, Spanish, UAE, US and Colombian lenders, in the midst of the worldwide Coronavirus (COVID 19) pandemic crisis, for the financing of the project “Pamplona – Cucuta”, granted under the Concession Agreement No. 002 of 2017, entered into with the National Infrastructure Agency “Agencia Nacional de Infraestructura”, part of the third group of the fourth (4th) Generation Toll Road Concession Projects known as 4G.

The financing of the project contemplates (i) a credit agreement governed by the laws of New York, United States of America, entered into with Bank of China Limited Panama Branch, Deutsche Bank AG, New York Branch, Deutsche Bank AG, Industrial & Commercial Bank of China Ltd Dubai (DIFC) Branch, Instituto de Credito Oficial E.P.E., JPMorgan Chase Bank N.A., American Equity Investment Life Insurance Company, Metropolitan Life Insurance Company, MUFG Bank, Ltd., Societe Generale and Citibank, N.A. (acting as administrative agent, offshore collateral agent and intercreditor agent), for an amount of $USD391,000,000; and (ii) a credit agreement governed by the laws of Colombia, entered into with Financiera de Desarrollo Nacional S.A. and Citibank, N.A. (acting as administrative agent and intercreditor agent), for an amount of $COP245,000,000,000 and for a total amount of USD$450,000,000.

Posse Herrera Ruiz advised Union Vial Rio Pamplonita and Sacyr Concessiones with a team including Mariana Posse (Picture), Jesus Albarran, Alejandro Gonzalez, Diana Rueda, Maria Camila Ordon~ez and Lucia Martinez.

Jones Day advised Union Vial Rio Pamplonita and Sacyr Concessiones with a team including Richard Puttre

Elba Bermudez, Monica Noguera, Jessica Mendoza, Maria Abadia, Fernando Lillo and Sergio Cires.

Philippi Prietocarrizosa Ferrero DU & Uria advised the lenders with Hernando Padilla, Jorge DiTerlizzi, Carlos Padilla, Clara Robledo Sanchez, Ximena Gonzalez, Pedro Arango and Santiago Fuquen.

In US, Milbank advised the lenders with Carolina Walther-Meade, Miguel Duran, Rocio Portela-Berrios and Natalia Rodriguez Pastrana.

Philippi Prietocarrizosa Ferrero DU & Uria advised Financiera de Desarrollo Nacional S.A. with Nicolas Tirado, Maria Garrido and Daniela Vargas Guzman.

Alston & Bird advised Citibank with Brad Johnson and Gina Masterson.

Involved fees earner: Brad Johnson – Alston & Bird LLP; Gina Masterson – Alston & Bird LLP; María Paula Abadía – Jones Day; Elba Bermudez – Jones Day; Sergio Cires – Jones Day; Fernando Lillo – Jones Day; Jessica Mendoza – Jones Day; Mónica Noguera – Jones Day; Richard Puttré – Jones Day; Miguel Duran – Milbank; Rocio Portela-Berrios – Milbank; Carolina Walther-Meade – Milbank; Pedro Arango – Philippi Prietocarrizosa Ferrero DU & Uría; Jorge Di Terlizzi – Philippi Prietocarrizosa Ferrero DU & Uría; Santiago Fuquen – Philippi Prietocarrizosa Ferrero DU & Uría; María Garrido – Philippi Prietocarrizosa Ferrero DU & Uría; Ximena González Cardozo – Philippi Prietocarrizosa Ferrero DU & Uría; Hernando Padilla – Philippi Prietocarrizosa Ferrero DU & Uría; Carlos Padilla – Philippi Prietocarrizosa Ferrero DU & Uría; Clara Robledo Sánchez – Philippi Prietocarrizosa Ferrero DU & Uría; Diana Rueda Prada – Philippi Prietocarrizosa Ferrero DU & Uría; Nicolás Tirado – Philippi Prietocarrizosa Ferrero DU & Uría; Daniela Vargas – Philippi Prietocarrizosa Ferrero DU & Uría; Jesús Albarrán – Posse Herrera Ruiz; Alejandro González – Posse Herrera Ruiz; María Camila Ordoñez – Posse Herrera Ruiz; Mariana Posse – Posse Herrera Ruiz;

Law Firms: Alston & Bird LLP; Jones Day; Milbank; Philippi Prietocarrizosa Ferrero DU & Uría; Posse Herrera Ruiz;

Clients: American Equity Investment Life Insurance Company; Bank of China Limited Panama Branch; Citibank; Deutsche Bank AG; Financiera de Desarrollo Nacional (FDN); Industrial and Commercial Bank of China; Instituto de Crédito Oficial; JPMorgan Chase & Co.; MetLife -Metropolitan Life Insurance Company; MUFG Bank, Ltd.; Sacyr Concesiones Colombia, S.A.S.; SACYR Concesiones, S.L.U.; Société Générale; Unión Vial Río Pamplonita SAS;

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Author: Ambrogio Visconti.