Sotramac’s $107 Million Loan


Holland & Knight, Norton Rose Fulbright and Brigard Urrutia advised on the transaction


Sociedad Operadora de Transporte Masivo de Cartagena – Sotramac S.A.S. secured a $107 Million Loan from Société de Promotion et de Participation pour la Coopération Économique (Proparco) Financiera de Desarrollo Nacional S.A., Banco de Comercio Exterior S.A. – Bancóldex and Scannia Colombia S.A.S.

The Loan will finance an ambitious and innovative urban public transport project in Cartagena de Indias and help SOTRAMAC deploy a fleet of 222 buses, running with compressed natural gas, which will form part of the new unified TransCaribe network.

Cartagena’s traditional public transport system, consisting of 1,500+ private independent buses, suffers from the absence of technical and commercial integration. Following the example of other major Colombian cities, Cartagena designed a new, more efficient Bus Rapid Transit network and started deploying it in 2015.

This new network will offer safer and faster rides to its clients while using less than half as many buses as before. The replacement of old buses and reduction in traffic will also result in a 60% reduction of carbon dioxide emissions, preventing some 33 000 teqCO2 from being emitted every year.

Holland & Knight LLP advised Sotramac with Norberto Quintana (Picture) and Carlos Meza.

Norton Rose Fulbright advised Société de Promotion et de Participation pour la Coopération Économique (Proparco), Financiera de Desarrollo Nacional S.A. (FDN) and Banco de Comercio Exterior S.A. – Bancoldex with Luis Carlos Neira, Pablo Jaramillo and Carolina Jaramillo.

Brigard Urrutia advised Scania Colombia S.A.S. with Carlos Urrutia Valenzuela, Ana María Rodríguez Polanía and Nicolás Alonso.

Involved fees earner: Carlos Urrutia Valenzuela – Brigard & Urrutia; Ana Rodríguez Polanía – Brigard & Urrutia; Nicolás Alonso Escobar – Brigard & Urrutia; Luis Carlos Neira – Norton Rose Fulbright; Pablo Jaramillo V. – Norton Rose Fulbright; Carolina Jaramillo – Norton Rose Fulbright; Norberto Quintana – Holland & Knight; Carlos Meza – Holland & Knight;

Law Firms: Brigard & Urrutia; Norton Rose Fulbright; Holland & Knight;

Clients: Proparco SA; Financiera de Desarrollo Nacional (FDN); Sociedad Operadora de Transporte Masivo de Cartagena – Sotramac S.A.S.; Banco de Comercio Exterior de Colombia S.A. Bancóldex; Scania Colombia S.A.S.;

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Author: Ambrogio Visconti