Clifford Chance

Clifford Chance advises on Colombia's Concesión Autopista Conexión Pacífico 2 Toll Road

Clifford Chance advises on Colombia's Concesión Autopista Conexión Pacífico 2 Toll Road

Leading international law firm Clifford Chance has acted as New York counsel to Itaú Unibanco S.A., New York Branch and Banco de Crédito del Perú in the approximately US$425 million multi-source and multi-currency financing of the "Concesión Autopista Conexión Pacífico 2" toll road project in Colombia that closed on September 6, 2016.

The project consists of constructing, improving, and operating approximately 98 kilometers of toll roads located in the region of Antioquia, Colombia.

The financing consists of a US$250 million senior dollar credit facility provided by Itaú Unibanco S.A., New York Branch and Banco de Crédito del Perú and a US$510 billion senior Colombian peso facility provided by Banco Davivienda S.A. and Banco de Bogotá S.A.

The project's sponsors are Odinsa S.A. and Construcciones el Cóndor, both Colombian companies, which own the project through special purpose company Concesión La Pintada S.A.S.

Led by partner Fabricio Longhin, the Clifford Chance team included associates Alberto Haito, Jessica Springsteen and Lauran Smith – all in the Firm's Washington, DC office.

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 Pacifico 2, other toll road projects that the firm has advised on include Perimetral Oriental de Cundinamarca, Pacifico Tres, Costera, Alto Magdalena and Conexión Norte.

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 Team of the Year by IFLR and Latin America Law Firm of the Year by Infrastructure Investor.