Milbank represented a subsidiary of Corporación Financiera Colombiana S.A. – Corficolombiana in connection with a $150 million term loan facility provided to a shareholder of Concesionaria Vial del Pacífico S.A.S. The facility will be used to finance the construction of the Pacífico 1 Toll Road, a highway system connecting Medellín and the Pacific Coast of Colombia. Expected to be fully complete in August 2023, the Pacífico 1 Toll Road project consists of 46km of roadways, a 4.1km tunnel, a 1.5km tunnel and 63 bridges.
The Milbank team was led by Global Project, Energy and Infrastructure Finance partner Jaime E. Ramirez with support from associates Mimi Powell, Natalia Rodriguez Pastrana, Cathy Zhu, and Megha Kalbag.
Mr. Ramirez noted, “We congratulate Corficolombiana and the Pacifico 1 team on this great milestone. This marks yet another successful 4G financing for the team, and we are honored to continue to support the development and growth of Colombia’s 4G program and infrastructure platform.”
Milbank’s Latin America practice has received global recognition from industry publications – particularly in the transportation infrastructure space. Milbank is a leader in the Colombian 4G toll road space, having advised on over ten other 4G toll road financings, including Pamplona-Cúcuta, Puerta de Hierro and Pasto Rumichaca, as well as the original financing for the Pacífico 1 Toll Road, Alto Magdalena and its refinancing (named “Best Local Currency Financing” by LatinFinance), Conexión Norte (named “Best Road Financing” by LatinFinance), and Pacífico 3 (named “Best Road Financing” and “Best Infrastructure Financing – Andes” by LatinFinance, “Latam P3 Deal of the Year” by PFI and “Latin America Roads Deal of the Year” by IJGlobal).
