Sacyr markets minority stake in Colombian portfolio

12 February 2020 - 12:00 am UTC

Sacyr is marketing a minority stake in its Colombian concessions to investors, said two sources familiar with situation.

The Spanish developer sent teasers to a handful of investors pitching them the opportunity to acquire a minority stake in the assets in the company’s Colombian portfolio, similar to the 49% stake sale that they realized for their Chilean holdco in June 2019.

The sources did not know whether Sacyr has mandated a financial advisor yet.

Between 2015 and 2017 Sacyr won four highway concessions under Colombia’s 4G road program; Autopista al Mar 1, Puerta del Hierro-Palmar de Varela y Carreto-Cruz del Viso, Rumichaca-Pasto and the retender of Pamplona-Cúcuta.

However, Sacyr has mainly closed short-term financing package for three of those highways and secured a longer-than 10-year financing for the Autopista al Mar 1 highway.

Closing at least short-term financing for the projects made it viable to seek an equity partner for the portfolio and the latest financial close of a 2.5-year, USD 185m loan for Puerta del Hierro in December 2019 facilitated the outreach to investors, according to the first source.

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