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Clifford Chance advises on complex debt refinancing for strategic port in Cartagena, Colombia

6 April 2023

Clifford Chance advises on complex debt refinancing for strategic port in Cartagena, Colombia

Leading international law firm Clifford Chance has advised the lenders, led by Macquarie Bank Limited, on a US$120 million senior secured term loan facility provided to Pipeline Investment Limited (Bermuda), a wholly-owned subsidiary of Frontera Energy Corporation (FEC). The loan will be used to refinance existing debt of Sociedad Portuaria Puerto Bahía S.A., the FEC subsidiary that developed and operates Puerto Bahia, a strategic port facility located in Baru, Cartagena, Colombia.

The term loan facility consists of a complex structure with several obligors in multiple jurisdictions, including Colombia, Bermuda, BVI and the Bahamas. The facility includes variable- and fixed-rate tranches and provides for an accordion mechanism to increase the commitment by up to US$30 million to allow the development of certain port-related projects.

The Clifford Chance team comprised partner Hugo Triaca, counsel Alberto Haito, foreign law clerk Adriana Cabal and attorney David Rondon.

Clifford Chance advises on many landmark transactions in the Latin American market, recently advising the lenders on the financing of the US$672.4 million Antioquia Port project in Colombia.