Sociedad Concesionaria Ruta de la Fruta’s $420 Million Project Financing

Larrain y Asociados and DLA Piper Spain advised on the deal.

Sociedad Concesionaria Ruta de la Fruta SA, belonging to the Sacyr group, obtained a financing  for an approximate amount of US$420,000,000. The resources will be used to finance the construction, expansion and improvement works of Route 66, known as Camino de la Fruta with a length of 142 km.

The works are contemplated in the concession contract for the fiscal public work called “Ruta 66 Camino de la Fruta Concession”, which was awarded by the Ministry of Public Works to Sacyr Concesiones Chile in 2019.

The project seeks to improve the standard of the highway that connects Route 5 with the ports of San Antonio and Valparaíso, contributing to the generation of a fluid traffic for the trucks that travel to these ports.

The financing was structured under the Project Finance modality and includes tranches for financing the construction of the concession works, a financing line for the Value Added Tax, and a line for the issuance of guarantee bills that must be delivered. by the Concessionaire Society to the Ministry of Public Works (MOP).

In addition, the financing contemplates the constitution of a package of guarantees that includes the pledge on the concession and a support contract to be granted under the laws of Spain.

Larrain y Asociados advised a syndicate of banks led by Banco del Estado de Chile and Banco de Crédito e Inversiones with partner Patricio Montes (Picture) and associate Michelle Inzunza.

Involved fees earner: Michelle Inzunza – Larrain y Asociados; Patricio Montes – Larrain y Asociados;

Law Firms: Larrain y Asociados;

Clients: Banco de Crédito e Inversiones; Banco del Estado de Chile; Sociedad Concesionaria Ruta de la Fruta;