FC for Colombian road

Colombian financial development institution FDN has reached financial close for the Ruta al Mar road and is preparing the Bogotá-Girardot scheme.

Ruta al Mar will have $488m (COP 1.4trl) finance, of which a 27.17% will be provided by the FDN through a long-term loan of $132m (COP 400bn) and also through the acquisition of $15m (COP 45bn) of bonds.  

Local banks will finance 19.02%, Ashmore CAF will contribute with 18.74% and the international capital market will be used to finance 35.46% through the acquisition of UVR bonds.   

Goldman Sachs structured the bond issue and announced the intention of different investors to acquire the bonds with a maturity of 26.2 years and a coupon of 6.75%.   

The 493km route will allow the connection of the departments of Antioquia, Córdoba, Sucre and Bolívar. Works will involve the construction of 112.2km of road, the rehabilitation and improvement of 225.9km, and the operation and maintenance of 154.5km.   

Meanwhile, the FDN has also approved $165m (COP 500bn) of senior debt for the Bogotá-Girardot road awarded to concessionaire Concesión Vía 40 Express, comprising Vinci and Conconcreto.

Awarded in August 2016, this financing will be part of the financial close of the project which is expected in the first quarter of 2018.    

The project includes the rehabilitation of 145km of road and the construction of 65km of third carriageway between the Sibaté variant and the Melgar Portal of the Sumapaz Tunnel.