Clifford Chance

Clifford Chance advises on US$350 million financing to develop Peruvian Red Vial No. 4 toll road project

Leading international law firm Clifford Chance has advised Sumitomo Mitsui Banking Corporation (SMBC), Credicorp Capital Servicios Financieros, Banco de Crédito del Perú, Banco Santander, S.A., Itaú Corpbanca New York Branch, IDB Invest, Crédit Agricole Corporate and Investment Bank and ING Bank N.V., Dublin Branch, in connection with a US$350 million senior secured financing to Autopista del Norte S.A.C., a subsidiary of Aleatica. The Firm also advised SMBC on its participation agreement with Peruvian Development Bank, COFIDE.

The funds will be used to refinance the existing facility provided to the Autopista del Norte to develop the Red Vial No. 4 toll road project in Peru, and to finance certain expansion works. The transaction closed on August 13, 2020.

The Red Vial toll road project is a 25-year concession which connects Pativilca and Puerto Salaverry along the Peruvian coast.

A multi-disciplinary Clifford Chance team across the New York and Washington, DC offices advised on this transaction as follows:

• New York counsel to Senior Lenders and Hedge Providers: partner Fabricio Longhin and associates Alberto Haito, Pablo Fekete, Rossmery Romero and Lauran Smith (currently seconded to IDB) in Washington, DC and counsel Greg Kahn and associate Edwin Ramirez-Holms in New York.
• New York counsel to SMBC in connection with the participation agreement with COFIDE: partner Mark Pesso and associate Roberto Ristorucci in New York.