Pasto-Rumichaca 4G toll road reaches FC

Concesionaria Vial Union del Sur – a consortium comprising Sacyr (60%) and Herdoiza Crespo (40%) – has reached financial close on the COP2.3 trillion ($740 million) 80 km Pasto-Rumichaca 4G toll road in Colombia.

JP Morgan and Banco Santander led the $375 million eight-year commercial tranche, taking $65 million each. ICO took $50 million; SMBC, Metlife and MUFG $45 million each; and Credit Agricole and Bank of China $30 million each. OPIC is also providing a $250 million eight-year loan for the scheme. FDN approved a COP150 billion loan at the end of March but it is unclear if the facility has been finalised. Milbank provided lender counsel to all participants.

Planned investment over the full 25-year life of the PPP concession is around $1 billion. Initial works have been funded by the sponsors and a $60 million bridge loan from Santander.