Sacyr readies funding for Colombian 4G highway

06 March 2020 - 12:00 am UTC

Spanish builder Sacyr is soon to sign an approximately USD 550m miniperm facility to fund construction of the Pamplona-Cúcuta highway in Colombia, said two sources briefed on the situation.

Deutsche Bank and JP Morgan are joint lead arrangers on the dual-tranche, multi-currency facility and will contribute to the USD-denominated tranche alongside Bank of China, ICBC, Spanish development lender Instituto de Crédito Oficial (ICO), MetLife, MUFG and Société Générale.

Colombian development lender FDN will participate in the COP-denominated portion. In December, FDN had announced that it approved COP 245bn (USD 73.3m at the time) to support the highway.

Jones Day is serving as legal advisor to the sponsor, while Milbank is advising the lenders.

The deal will be backed by government contractual payments called Vigencias Futuras, for the equivalent of roughly 70% percent of the cash flow, and the remainder from tolls revenue. The contracted vigencias futuras payments are split into 65% denominated in local currency and 35% denominated in US Dollars.

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