Sacyr signs loan for Colombian road with nine lenders

18 March 2020 - 12:00 am UTC

Spanish builder Sacyr has signed a USD 520m miniperm facility with nine lenders to fund the 62.2 Km Cúcuta-Pamplona 4G road in Colombia, according to an 18 March press release.

Deutsche Bank and JP Morgan were joint lead arrangers for the transaction, which included a USD-denominated tranche and a COP-denominated portion.

The leading banks contributed to the USD facility as well as Bank of China, ICBC, Spanish development lender Instituto de Crédito Oficial (ICO), MetLife, MUFG and Société Générale.

Local development bank FDN provided the remaining funds in local Pesos.

The deal is 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.

Jones Day served as international legal advisor to the sponsor, while Posse, Herrera & Ruiz was the local legal counsel.

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