Sacyr said it has signed two bridge loans worth USD 110m to advance construction of respective road projects in Colombia.
The Spanish builder, through the SPV Concesionaria Vial Montes de María, agreed to a USD 50m bridge facility to fund the Puerta de Hierro – Palmar de Varela y Carreto – Cruz del Viso road. BTG Pactual was a mandated lead arranger, while Banco Pichincha Panamá and CIFI (Corporación Interamericana para el Financiamiento de Infraestructura) also participated in the deal.
Meanwhile, Sacyr’s SPV Concesionaria Vial Unión del Sur signed a USD 60m bridge loan to fund works between the Pedregal and Catambuco sections of the Rumichaca Pasto project.
JP Morgan and Santander provided the facility.
Sacyr is backing both transactions with availability payments from the Colombian government, agreed in the 25-year PPP concession contracts signed with the national infrastructure agency (ANI) in 2015.
The Puerta de Hierro – Palmar de Varela y Carreto – Cruz del Viso highway stretches over 196km connecting the departments of Sucre, Bolívar and Atlántico. The project is estimated to cost USD 163m, according to InfraDeals.
The USD 800m Rumichaca-Pasto road project runs over 80km between the Nariño and Cauca departments. The project includes adding a second lane to existing road.