Crédit Agricole CIB continues supporting strategic Colombian infrastructure
Colombia’s Fourth Generation Toll Road Project, Autopista Rio Magdalena S.A.S., sponsored by Aleatica S.A.U. (“Aleatica”), infrastructure arm of IFM Global Infrastructure Fund (“IFM”), was granted a non-recourse financing of approximately COP 2.8 trillion (USD 740 million equivalent) to fund the construction, rehabilitation and improvement of approximately 153 km of roads in the departments of Antioquia and Santander. The Project is the last and essential component of a group of concessions designed to streamline the interconnection of Medellin (second largest city in Colombia) to the rest of the country.
The financing was structured as a multi-currency loan / bond hybrid format mirroring the asset’s long-term revenue profile. The 144A/RegS Notes achieved a “BBB-” and “Baa3” rating (each on the global scale) by Fitch and Moody’s, respectively. The transaction was well received by the market and attracted a diverse group of reputable international and local creditors.
Crédit Agricole CIB participated in the transaction as Mandated Lead Arranger and Hedge Provider, thereby reconfirming the Bank’s leadership in the Colombian infrastructure sector and demonstrating continued support to its strategic clients, Aleatica and IFM.
“The closing of Autopista Rio Magdalena is another showcase of Crédit Agricole CIB's leadership in financing infrastructure projects for our clients across the globe. I would like to thank all the teams involved on closing this strategically important transaction for one of key clients in the fast growing Colombian infrastructure market.”
Matthew Norman, Global Head of Infrastructure
“This complex non-recourse financing evidences once again Crédit Agricole CIB's strong technical capabilities across products and solid track-record in Colombia’s infrastructure sector put at the service of the needs of our strategic clients.”
Mathieu Rousson, Managing Director, Project Finance Latin America
“We are very proud to announce to the market the financial closing of this transaction. Since we opened our rep. office in Colombia (April 2018), this is the first time that our Bank approves a 14-year loan; this shows the commitment of Crédit Agricole CIB with Colombia and its 4G Concession framework promoted and supported by ANI (National Infrastructure Agency).”
Juan Carlos Alvarez, Senior Country Officer for Colombia