Metro de Panama closes US $ 2 billion financing for line 3
Metro de Panama has secured US $ 2 billion in financing for Line 3 of the urban monorail transport system. The $ 2.8 billion project is expected to be completed in four years. It will be built by HPH Joint Venture, a consortium of Korean contractors comprising Hyundai Engineering & Construction and Posco Engineering & Construction.
The line will run for approximately 24.5 kilometers from the Albrook terminal station, which is interconnected with line 1, to the Ciudad del Futuro terminal station, in the Arraijan district, western Panama. There will be a total of 14 stations.
The main mandated arrangers were Citibank, BNP Paribas, Crédit Agricole, Mizuho, Santander, SMBC and Export-Import Bank of Korea (Kexim). The Korea Trade Insurance Corporation (KSure) provided coverage for the project. The main arrangers included Banco Nacional de Panama, KEB Hana Bank, BBVA and Banistmo. The lenders were advised by Milbank.
“We continue to see tremendous transport infrastructure activity in Latin America, with new funding across the region,” comments Dan Bartfeld, head of Milbank’s global energy and infrastructure project finance group. “We look forward to playing a leading role in many of them, whether they are funded by 144A bonds, private placements, bank loans or ECA / multilateral funding. “
Financing of toll roads
In another transport sector financing, a complex set of loans and bonds in local currency and US dollars was used for a road project in Colombia.
The proceeds from the US $ 746 million financing will be used to develop 153 kilometers of toll motorways connecting the Colombian departments of Antioquia and Santander, which have been awarded to Autopista Rio Magdalena SAS by the Colombian government as part of its fourth generation (4G) toll motorway program. .
The project is sponsored by Spain-based concessionaire company Aleatica SAU, a holding company of IFM Global Infrastructure Fund.
According to Latham & Watkins, the financing is the first to include a combination of US dollar and Colombian peso denominated loans, Unidad de Valor Real (UVR) inflation-indexed loans, and interest rate and currency hedges. , all in a single financing structure. .
Latham & Watkins represented several parties. Goldman Sachs was the sole global coordinator, sole bookrunner, initial buyer and supplier of commitments in PA Autopista Rio Magdalena’s offering of 915 billion pesos (US $ 248 million) of serial bonds A secured at 6.05% maturing in 2036 (adjusted for UVR).
A US $ 200 million credit facility featured Banco Santander as senior arranger, bookrunner, underwriter and mandated lender. SMBC and Crédit Agricole Corporate and Investment Bank (CACIB) as mandated principal arranger and lender, ICO as arranger and principal lender, and BCP and Siemens Financial Services as arranger and lender.
Goldman Sachs and Banco Santander acted as co-underwriters, co-arrangers, co-bookrunners and co-syndication agents, while Bancolombia and FDN acted as lenders in the 825 billion peso (224 million of US dollars) of a local double-tranche agreement. credit facility.
Goldman Sachs was the sole underwriter, sole arranger, sole bookrunner and sole agent of syndication, and Fondo de Deuda Senior para Infraestructura en Colombia CAF-AM Ashmore I, as lender, in the 278 billion pesos (US $ 75 million) tranche indexed to the UVRs of a two-tranche local credit.
The financing also included interest rate and currency hedges provided by Goldman Sachs, Banco Santander, SMBC and CACIB.