The Western Santiago Metropolitan Hospital (former Felix Bulnes), is assessing information regarding the potential impact from the situation at Astaldi, its parent company, the SPV said in a market release.
The Astaldi-controlled SPV said in the filing that the company is up to date with its current obligations and that it expects to finish the construction of the project according to schedule.
Two sources briefed said that they don’t expect significant negative effect due to credit conditions.
A third source said that the creditors are closely monitoring the situation.
Astaldi did provide guarantees to gather the funding of the project, according to the filing. However, the hospital construction is near completion, and once operations starts so will the cash flow of the project, a source said.
In case there is an extreme situation, banks are analyzing to take provisions to make sure that the construction is finalized, a source said
The project involves a new 120,000 m2 hospital with a 15-year operations period.
The project was awarded on 9 June 2014 to Astaldi Group, and it reached financial close on 27 April 2016 with bank loan funding for 262.37m. The loans have a 12-year tenor and an interest rate of 5%. Itaú CorpBanca provided USD 98.25m, while Santander USD 98.25m and BBVA Chile USD 65.5m. BBVA Chile was acquired by Scotiabank, in a transaction that closed in 2018.
Astaldi currently holds 51% of the project, the Italian developer sold 49% of the project to Meridiam Infrastructure North America II in January 2017 for an undisclosed amount.
Astaldi filed for bankruptcy at late September, as previously reported. The company said on 28 September that its failure to sell the stake in the Bosphorus Bridge has “required the adjustment of [its] entire capital and financial strengthening plan”.