LATAM countries your role covers: Colombia, Peru, Chile, Mexico, Brazil, Paraguay and Uruguay

Could you please share the most significant cases or transactions in the LATAM region that you or your legal team have recently been involved in?

The year of 2023 was a very productive year for Sacyr in the region, reaching financings for more than €800mn in two significant transactions.

First, in Brazil, we worked on financing through a long-term loan and bank guarantees for the 204 kms “RSC-287” toll road in Rio Grande do Sul, amounting to €170mn. Second, in Colombia, on the refinancing through a social bond (US$400mn) and a multi-tranche loan (US$77mn), in addition to a COP loan (US$165mn), amounting to €642mn.

Special features of this refinancing included Moody’s ESG Solutions social certification, the biggest social bond in LATAM to its date for a 4G Colombian project and the first private placement in the US of a 4G Colombian project.

Lastly, recognitions of this refinancing include: Bonds, Loans and ESC Capital Market 2023 “Structured Financing of the year in Latin America” and; Proximo Latin American Awards 2023 “LATAM PPP Deal of the Year”.

What are your organisations plans in the LATAM region over the next 12 months and how will your legal expertise help to achieve these plans?

For Sacyr, LATAM is a strategic market given the high presence in infrastructure projects, 2024-2025 presents an expanded pipeline focused mainly but not limited to in (i) Colombia, with the execution and finance of the Buenaventura -Loboguerrero-Buga and Canal del Dique projects; (ii) Perú, with execution and finance of the Anillo Vial Periférico project, (iii) Paraguay with the bid process for Ruta 1 and (iv) Chile.

What specific challenges have you encountered when managing legal issues related to Latin American markets from a European perspective, and how has your team addressed these challenges?

The most recurrent challenge is to align our corporate instructions and policies to the live market needs, as this later is constantly evolving, and our mission is to be able to rapidly adapt to customer, financing entities and partner’s needs to maintain ourselves updated and be proactive in our transactions.