UPDATED: This story was updated on 2 February to include a final loan amount.
The SPV behind the 90km Costa Arauco (former Ruta 160) toll road in Chile has signed a UF 7.15m (USD 318m) recap loan to refinance the project.
Two sources familiar said the SPV had signed an up to 20-year credit facility with two banks, BancoEstado and Itaú Corpbanca, on Wednesday.
Acciona financed the road with a USD 214m credit facility that closed in December 2010 with BBVA, BancoEstado and Itaú. It won a 40-year PPP contract in April 2008 to design, finance, build, operate and maintain the road.
Spanish developer Globalvia paid USD 217m to the project’s original owner, Acciona, at the end of last year.
The sponsor will use proceeds to refinance previous debt associated with the construction of the road, and the acquisition completed last year.
The loan is backed by availability payments from the government.
Baraona Fischer Spiess was the legal advisor to the lenders, while Morales & Besa serves as legal counsel to the sponsors.
The 90km motorway connected the towns of Coronel and Tres Pinos, in Los Álamos in the Bío-Bío Region.
On 22 January, the concessionaire announced a change of name for the SPV – to Sociedad Concesionaria Autopista Costa Arauco, from Sociedad Concesionaria Acciona Concesiones Ruta 160.