Holland & Knight Transportation Financing Deal Recognized at IJGlobal Americas Awards 2023

BOGOTÁ (March 19, 2024) – The refinancing of the Transversal del Sisga road project in Colombia, a landmark deal where Holland & Knight attorneys played a key role, was named the "Latin America Transport Deal of the Year – Roads" at the IJGlobal Americas Awards 2023. The IJGlobal Awards recognize infrastructure and energy deals that closed in the 2023 calendar year across the globe and the organizations that made them happen. The awards ceremony was held on March 14 in New York.

Maria Juliana Saa, partner and leader of the Holland & Knight Project Finance Practice in Bogotá, and Associate Maria Elvira Borrero led the representation of Financiera de Desarrollo Nacional (FDN) as liquidity lender in the US$225 million refinancing of the Transversal del Sisga project. The Transversal del Sisga project is being developed by the Transversal del Sisga Concession, which is comprised of shareholders KMA Construcciones and Grupo Ortiz.

The refinancing structure included four senior debt tranches (maturing one after the other) provided by FDN, Blackrock debt fund and Ashmore debt fund, as well as the liquidity line provided by FDN. The proceeds of the financing were used to repay the original debt of the project, and a dividend recap to the sponsors for their equity investments in other concessions in Colombia.

The project scope includes the expansion and maintenance of 137 kilometers (km) of highways in the departments of Boyacá, Casanare and Cundinamarca with two toll stations.

According to Ms. Saa, "the refinancing was key for the mobility of the area, since the road will allow hours of travel savings for local residents."