Clifford Chance advises on COP2.2 billon refinancing for Conexión Norte toll road in Colombia
August 23, 2024
- Alberto Haito, Adriana Cabal Gutierrez, Avrohom Gelber, Wei Bin Tan, Darren Littlejohn, Andrew Des Rault,
- Washington D.C., New York
Clifford Chance advises on COP2.2 billon refinancing for Conexión Norte toll road in Colombia
Global law firm Clifford Chance has advised Allianz Capital Partners, BCP - Banco de Crédito del Perú, Sumitomo Mitsui Banking Corporation, Bancolombia S.A., Blackrock Fondo de Deuda, and Financiera de Desarrollo Nacional, in connection with the COP2.2 billion (US$550 million) refinancing of the Conexión Norte 4G toll road project in Colombia.
The refinancing involved a US dollar loan facility tranche, a Colombian peso loan facility tranche, a US dollar stand-by letter of credit facility tranche, a Colombian peso stand-by letter of credit facility tranche and a private notes issuance under Rule 4(a)2. The proceeds will be used to partially repay the initial financing of the Conexión Norte toll road in 2016.
The Clifford Chance team was led by counsel Alberto Haito in Washington, DC and law clerk Adriana Cabal in New York, with assistance from partner Avrohom Gelber and associate Wei Bin Tan on tax related matters and partner Darren Littlejohn and associates Andrew Des Rault and Grace Mayes on derivatives related matters.
Two units of the 145 km toll road began operations in January 2023 and July 2024, respectively. The project aims to improve mobility between southwestern and central Colombia and connect the country's interior with ports along the Caribbean coast.
Haito commented, "This refinancing underscores the strong support from both local and international banks for Colombia's infrastructure development and illustrates Clifford Chance's continued commitment to financing infrastructure projects in Latin America."
Clifford Chance advises on many infrastructure financing transactions in Colombia, including on the 2016 financing of Conexión Norte. The firm has also advised on the Troncales 5G, the Bogotá-Girardot, the Pamplona-Cúcuta, the Rumichaca-Pasto and the Ruta al Sur toll road projects.