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Posse Herrera Ruiz

Barranquilla, Colombia

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Deals

CONCESIONARIA VIAL UNIÓN DEL SUR S.A.S., SACYR CONCESIONES COLOMBIA S.A.S.; SUDAMERICANA INTEGRAL DE CONSTRUCCIONES SUDINCO COLOMBIA S.A.S.

Colombian legal counsel to Concesionaria Vial Unión del Sur S.A.S., as concessionaire, Sacyr Concesiones Colombia S.A.S. and Sudamericana Integral de Construcciones Sudinco Colombia S.A.S., as sponsors in the long term refinancing of the 4G toll road project Rumichaca-Pasto, reaching US$ 800 million, with a complex structure that involves a multi segment bank loan for US$ 278 million, another loan in Colombian pesos equivalent to US$ 260 million and a social bond for US$ 262 million.

This operation is an alternative financing instrument, which, in addition to the senior financing, involves liquidity instruments that will maintain the cash flows, thus ensuring the project’s operation and maintenance for 20 years.

The Colombian banking entities FDN, Bancolombia, Davivienda and UPI and the international JPMorgan Chase Bank, Sumitomo Mitsui Banking Corporation, Société Générale, MUFG Bank, Ltd., N.A, Crédit Agricole Corporate and Investment Bank and Siemens Financial Services, Inc., have participated in the financing.

Goldman Sachs and JP Morgan were the structurers and bookrunners for the issuance. IDB Invest (IDB Group) was the anchor investor and has subscribed the equivalent to US$ 135 million. Furthermore, it also assisted in the design of the methodological framework to obtain the social bond label.

ENERFLEX LTD.

Legal counsel to Enerflex Ltd. and its Colombian subsidiary, Enerflex Colombian Compression Services Colombia S.A.S., in the obtaining of financing through Enerflex Ltd.’s private offering of U.S.$625 million aggregate principal amount of 9.00% senior secured notes due 2027.

Enerflex Ltd. used the proceeds of such offering (along with a credit facility) to refinance certain indebtedness related to the acquisition of Exterran Corporation, a leader in natural gas processing and treatment and compression products and services, that closed on October 13.

The offering was an inaugural 144A/Reg. S high‑yield senior secured notes made by Enerflex Ltd. and is being guaranteed by its subsidiaries around the world, including Enerflex Colombian Compression Services Colombia S.A.S. incorporated in Colombia.

GRUPO ORBIS

Continued to advice Grupo Orbis is accomplishing the closing of the sale of Grupo Orbis to Akzo Nobel. The closing required a reorganization of Grupo Orbis to exclude certain lines of business and several regulatory authorizations.

CEMEX LATAM HOLDINGS S.A.

Legal counsel of Cemex Latam Holdings S.A. regarding the tender offer for the cancellation of ordinary shares, approved by the General Shareholders’ Meeting and submitted for authorization by CEMEX España, S.A. to the Colombian Financial Superintendency.

ODINSA S.A.

Local counsel of Odinsa S.A. regarding the structuring and implementation of an investment platform in toll-road assets with regional scope that contemplates the creation of a private equity fund as business entity for a strategic alliance between Odinsa and Macquarie Asset Management.

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Team Services

Posse Herrera Ruiz regularly represents local and international financial institutions, borrowers, arrangers, lenders and participants, in their establishment in Colombia, in the largest syndicated loans granted by national and international financial institutions to the private sector. Our clients include local and international commercial banks, multilateral and export credit agencies, investment banks, financial corporations and pension funds.