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The National Infrastructure Agency (ANI) of Colombia has announced that concessionaires of two road projects have raised financing during the last days.

The concessionaire of the Cartagena-Barranquilla and Prosperidad bypass project issued bonds with a value of US$263 million. Goldman Sachs acted as bond arranger in the transaction. The total project financing raised now stands at US$499 million.

US dollar denominated bonds had a coupon of 6.75% and a yield of 7.00%, while the peso-denominated bonds had a coupon of 6.25% and a yield of 6.875%. The issue was 2x oversubscribed and was split 50%-50% between local and foreign investors.

As we reported in early May, FDN confirmed its participation in the road project as lender providing US$71 million. We also informed in August 2015 that Goldman Sachs was involved in the financing of the project.

The Cartagena-Barranquilla corridor project involves the design, construction, financing, operation and improvement of the new road. The term of the concession contract will be 26 years. The project was awarded in summer of 2014 to a consortium composed of Colombia's Mario Alberto Huertas Cotes and Costa Rica's Constructora Meco.

The project is divided in two sections. The first section is located in the route 90 A (Cartagena - Barranquilla). Between the departments of Bolívar and Atlántico, the highway will have a length of around 110 km. While the second section includes the construction of a dual carriageway with a length of about 37 km, between the municipalities of Malambo and Puerto Colombia.

The concessionaire of the Transversal del Sisga road PPP project has also achieved financial closure by a COP630 billion (US$213 million) financing package committed by Banco CorpBanca Colombia SA, Banco Davivienda SA and the Private Capital Fund "Senior Debt Fund for Infrastructure in Colombia CAF-AM Ashmore I". 

This project involves the upgrade and maintenance of a 137 km road between Sisga and Aguaclara. It involves, among others, the rehabilitation of 38 bridges and 15 tunnels. The concession period will be 27 years, 4 years for construction works and the remaining 23 years for operation and maintenance. The project was awarded in May 2015 to the consortium composed by: KMA Construcciones SA (40%), Ortiz Construcciones y Proyectos (40%) and Obresca (20%).

Transversal del Sisgaroad is part of the second wave of 4G highway projects, which includes a total of 9 concessions. 4G involves the construction of about 8,000km of roads, including 1,200km of four-lane highways, with the majority of projects to be carried out as PPPs.