BANKING AND FINANCE

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Posse Herrera Ruiz

Barranquilla, Colombia

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Deals

PUERTO BAHÍA COLOMBIA DE URABA S.A.; PUERTO ANTIOQUIA HOLDINGS S.A.S.; AGRÍCOLA SANTAMARÍA S.A.S.; CMA-CGM S.A.; C.I. TROPICAL S.A.S.; C.I. UNIÓN DE BANANEROS DE URABÁ S.A.; EIFFAGE S.A.; PIO S.A.S.; PUERTOS INVERSIONES Y OBRAS S.A.S.; SOCIEDAD DE COMERCIALIZACIÓN INTERNACIONAL BANAFRUT S.A. AND TERMOTECNICA COINDUSTRIAL S.A.S.

Legal counsel to Agrícola Santamaría S.A.S., CMA-CGM S.A., C.I. Tropical S.A.S., C.I. Unión de Bananeros de Urabá S.A., Eiffage S.A., Pio S.A.S. Puertos Inversiones y Obras S.A.S., Sociedad de Comercialización Internacional Banafrut S.A. and Termotecnica Coindustrial S.A.S., as sponsors, and Puerto Bahía Colombia de Urabá S.A. as concessionaire, in the closing for the senior loan disbursement by Inter-American Investment Corporation, Inter-American Development Bank, China Co-Financing Fund for Latin America and the Caribbean, Banco de Comercio Exterior de Colombia S.A. Banco Davivienda S.A. and Financiera de Desarrollo Nacional S.A. and the mezzanine loan disbursement by Global Infrastructure Partners pursuant to which the sponsors and the concessionaire will develop the Puerto Antioquia Project.

Posse Herrera Ruiz also acted as Colombian legal counsel to Agrícola Santamaría S.A.S., CMA-CGM S.A., C.I. Tropical S.A.S., C.I. Unión de Bananeros de Urabá S.A., Eiffage S.A., Pio S.A.S. Puertos Inversiones y Obras S.A.S., Sociedad de Comercialización Internacional Banafrut S.A. and Termotecnica Coindustrial S.A.S., in the transactions leading to the effective initial investment in the Puerto Antioquia project pursuant to a previously announced investment agreement involving, among other actions, the entry as shareholders in the Puerto Antioquia project and the execution of the relevant shareholders’ agreement.

CHINA DEVELOPMENT BANK

Legal counsel to China Development Bank Shenzhen Branch in the financing granted to Partners Telecom Colombia S.A.S. (WOM) and Avantel S.A.S. in Reorganization for the maintenance and development of mobile telecommunication networks in Colombia.

The financing was structured through a facility agreement under the laws of London for USD 200 million and involved a complex security package mainly governed by Colombian law.

CONCESIÓN LA PINTADA S.A.S. , ODINSA S.A. , WEST VALLEY JL HOLDCO LIMITED

Legal counsel to Concesión La Pintada S.A.S and its sponsor Odinsa S.A. and West Valley JL Holdco Limited in the peso refinancing of its Project Autopista Conexión Pacífico 2, granted under the Concession Agreement No. 006 of 2014 part of the second group of the fourth (4th) Generation Toll Road Concession Projects known as 4G.

The refinancing of the existing peso indebtedness of Project Pacífico 2 provides for a peso credit agreement governed by the laws of Colombia, with peso term loan commitments for an amount of COP 840 billion and a revolving liquidity credit agreement governed by the laws of Colombia for an amount of COP 150 billion.

Banco Davivienda S.A. and Bancolombia S.A. acted as peso Lenders. Compartimento A del fondo de capital privado denominado FCP Deuda Infraestructura II Sura – Credicorp Capital and Compartimento Liquidez I del fondo de capital privado denominado FCP 4G | Credicorp Capital – Sura Asset Management acted as liquidity lenders. Cititrust Colombia S.A. Sociedad Fiduciaria acted as Administrative Agent.

BANCO J.P. MORGAN COLOMBIA S.A.

Advised with the adjustment from NY law and the structuring of the receivables purchase agreement to perform factoring and confirming operations in Colombia through a completely digital platform where the suppliers upload their invoices and the Bank will automatically or manually accept and pay the agreed value of the receivable.

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.

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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.

Awards and Recognition

Law Firm of the Year: Latin America 2022

Financing Innovation of the Year 2022 - Rumichaca Pasto 4G Toll Road Financing

Infrastructure Financing of the year 2022 - Andean Region: Rumichaca Pasto 4G Toll Road

LatinFinance Project & Infrastructure Finance Awards recognize the best of the past twelve months in Latin America infrastructure finance and investment, and your participation in a winning transaction is testament to the expertise, creativity, and perseverance of your team

Meet the team