Milbank LLP advised Citibank, N.A., The Export-Import Bank of Korea (KEXIM), The Korea Trade Insurance Corporation (KSure) and the other mandated lead arrangers and lead arrangers, in connection with the $2 billion financing for Metro de Panama S.A.’s Metro Line 3 Project. The project is sponsored by a consortium of Korean contractors including Hyundai Engineering & Construction, POSCO Engineering & Construction and Hyundai Engineering.
The mandated lead arrangers for the financing included Citibank, N.A., BNP Paribas, Crédit Agricole, Mizuho, Santander, and SMBC, and the lead arrangers included Banco Nacional de Panama, KEB Hana Bank, BBVA and Banistmo.
The 24.5km project will run from Albrook to Ciudad del Futuro, carrying approximately 160,000 passengers daily. The line will reduce average travel times during peak hours from 1h 30min to 45 minutes and will have 14 stations.
The Milbank deal team was led by New York-based partner Alec Borisoff, along with Jeeseon Ahn, Olivia Scandura, John Kim, and Kat Hannah, together with support from Seoul-based partner David Gartside and special counsel Brian Youn. Additional support for the financing was provided by special counsel Jeffrey Susskind and Nicolas Ocampo.
Mr. Borisoff said: “We are very pleased to have worked closely with the banks and export credit agencies on this important infrastructure project that will improve mobility in Panama and contribute to the strengthening of the economy in the area.”
Mr. Bartfeld, head of Milbank’s Global Project Energy and Infrastructure Finance Group added: “We are continuing to see tremendous activity in the Latin America transportation infrastructure space, with new financings throughout the region. We look forward to having a lead role in many of these, regardless of whether they are financed through 144A bonds, private placements, bank loans or ECA/multilateral financings.”
Milbank continues to have the lead legal role in many of the most significant Latin American power, energy and infrastructure matters and regularly advises clients on a wide range of securities, financing and acquisition matters. Milbank has advised on a number of transportation infrastructure projects across the Americas including the Pacífico 1 Toll Road Holdco Financing, 144A Social Project Bond for Puerta de Hierro Toll Road in Colombia, Star America in Cathcart Rail’s Acquisition of Appalachian Railcar Services, the Expansion Financing for Lima Airport, GIC in the Successful Joint Acquisition of Red de Carreteras de Occidente and the Pamplona-Cúcuta Toll Road Project, among others. The firm was recently recognized as “Global Legal Adviser of the Year” and “Latin America International Legal Adviser of the Year” by IJGlobal and “Latin America Legal Advisor of the Year” by Proximo.
