Clifford Chance

Clifford Chance advises on the financing of the Perimetral Oriental de Cundinamarca Toll Road in Colombia

Project represents the Firm's latest round of work in support of the 4G program

Leading international law firm Clifford Chance has acted as New York counsel to the Inter-American Development Bank (IDB) in the approximately $465 million multi-source and multi-currency financing of the Perimetral Oriental de Cundinamarca toll road that closed on May 24, 2016. The project is part of Colombia's multi-billion dollar 4G program.

The complex financing consists of a US$156 million senior dollar credit facility provided by IDB and a US$870 billion senior Colombian peso facility provided by FDN, Bancolombia, S.A. and Banco Corpbanca Colombia S.A, as well as a US$45 billion subordinated Colombian peso liquidity facility provided by FDN. 

The Clifford Chance team advising on the deal was led by partner Fabricio Longhin and included associates Jessica Springsteen, Lauran Smith and Robert Richardson, all in Washington, D.C.

The project's sponsors and shareholders are Shikun & Binui VT AG and Colombiana Inversiones Infraestructuras S.A.S., which own the project through special purpose company Perimetral Oriental de Bogotá S.A.S. 

The 154-km Perimetral Oriental de Cundinamarca toll road skirts the city of Bogotá and stretches from the Department of Boyacá to the Department of Meta.  The financing will be used to add five kilometers of new roadway and to expand and improve the existing roadway, as well as to build footbridges, new intersections and other infrastructure.

Clifford Chance has wide-ranging experience advising on toll road transactions in Latin America, and the firm is uniquely experienced in guiding clients through the various financing structures and regulatory frameworks involved in long-term concessions in Latin America. Clifford Chance has been at the forefront of the Colombian 4G program, having acted in more 4G project financings than any other international law firm.  In addition to Perimetral Oriental de Cundinamarca, other toll road projects that the firm has advised on include Pacifico Tres, Costera, Perimetral, Alto Magdalena, Conexión NortePacifico 2, Mar 1 and Rio Magdalena 2.

Clifford Chance ranked No. 1 in the Latin America project finance league table for both deal volume and deal value at the end of 2015 and its Project Finance practice is ranked Band 1 by Chambers Latin America. Additionally, the firm was named the best Latin America Law Firm in 2015 by IJGlobal and was awarded Project Finance