Spanish builder Sacyr is talking to a group of banks to raise a USD 640m loan to fund the Pamplona-Cúcuta highway in Colombia, according to three sources briefed on the situation.
Sacyr fully controls the SPV Unión Vial Río Pamplonita, which is requesting the seven-year mini-perm. The USD-denominated transaction will be structured to secure COP-denominated availability payments from the Colombian government and will include a call spread mechanism to hedge for FX volatility.
The sponsor mandated Deutsche Bank and JP Morgan to lead negotiations. International commercial banks and development institutions such as Colombian lender FDN are evaluating the transaction, added the same sources.
Sacyr signed the concession contract for the 4G road in July 2017, after winning the auction launched by the national infrastructure agency (ANI).