Maria Juliana Saa

Overview

Maria Juliana Saa Hoyos is an attorney in Holland & Knight's Bogotá office. Ms. Saa Hoyos focuses her practice on the areas of corporate services, financial law, capital markets and commercial law.

Ms. Saa Hoyos advises banks, development finance organizations and non-traditional lenders. She has experience working on credit facilities for multiple clients – including Financiera de Desarrollo Nacional S.A. (FDN), Bancolombia S.A., IDB Invest, CIFI Latam S.A., Newfoundland Capital Management, Partners for Growth, UPI Union para la Infraestructura, Banco Davivienda S.A., Banco de Bogotá S.A., Banco de Occidente S.A., Banco Santander S.A., J.P. Morgan Securities LLC, Mitsubishi UFJ Financial Group (MUFG) and Sumitomo Mitsui Banking Corp. (SMBC), among others – in Latin American cross-border financings. Ms. Saa Hoyos is also involved in important financial transactions in Colombia, including project finance, the design and structuring of new financial products and standard market products such as mutual funds and private funds. She has extensive experience in drafting, negotiating and reviewing contracts, including credit agreements, share purchase agreements and other corporate documents.

Prior to joining Holland & Knight, Ms. Saa Hoyos practiced as an associate in a law firm in Colombia and as a legal director for a brokerage firm.

Representative Experience

Currently advises Bancolombia S.A., Corporación Financiera Internacional (IFC), BID Invest, Banco de Desarrollo de América Latina y el Caribe (CAF), J.P. Morgan Securities LLC, Sumitomo Mitsui Banking Corporation (SMBC), Mitsubishi UFJ Financial Group (MUFG) and Financiera de Desarrollo Nacional (FDN) as senior lenders in the Troncales del Magdalena highway projects (1 and 2); the projects reached a financial closing of approximately US$1 billion on April 5, 2024, and the first disbursement is expected for August and September 2024
Currently advises senior lenders in the Accesos Norte II project, part of the fifth generation (5G) infrastructure program of the Colombian government
Advised the Inter-American Investment Corporation and Banco Industrial as lenders of Xochi, a private toll road project financing in Guatemala
Advised FDN as a liquidity facility provider for the refinancing of the long-term debt granted to Transversal del Sisga project
Advised Gestor Profesional – Unidos por la Infraestructura in the structuring and negotiation of a liquidity facility granted by Compartment A of the private equity fund FCP Deuda Infraestructura II Sura-Credicorp Capital to credit the debt service reserve, as well as operation and maintenance accounts in the refinancing granted to Rumichaca-Pasto project
Advised under Colombian law FDN, SMBC and China Development Bank (CDB) as senior lenders in the US$650 million financing granted to the Mar 2 project, which is part of Colombia's 4G road infrastructure plan; the financing included two tranches: 1) one granted by FDN for CO$500 billion and 2) another granted by SMBC and CDB for US$501.7 million; the Mar 2 project is a 254 kilometer (km) highway in Antioquia, Colombia, that includes the construction of 11 tunnels and 59 bridges
Advised under Colombian law Infrared Capital Partners Limited, a global investment manager focused on infrastructure and real estate, on the sale and purchase agreement to acquire a 50 percent equity interest in the Concesionaria Ruta al Mar SPV, which was awarded with a 34-year concession for the design, construction, financing, operation and maintenance of a highway in Colombia; the remaining 50 percent of the equity is held by Construcciones El Condor S.A., the engineering, procurement and construction (EPC) contractor for the project; the project is a 491 km road that is being developed as a private initiative project under the Colombian government's 4G highway program; the purpose of the private initiative is to develop a fast and efficient primary route connecting two important economic centers in Colombia; Holland & Knight's advice included the negotiation of the sale and purchase documents as well as the financing documents on behalf of Infrared; the financing includes two tranches of secured debt: a more than CO$681 billion tranche and a second tranche structured through the issuance of a US$522 million bond under Rule 114A
Advised FDN under Colombian law and under New York law as provider of a liquidity facility in the framework of the financing of Pacífico 3 project, part of the 4G road infrastructure program in Colombia; this was the first 4G financing to achieve financial close, the first transaction with a liquidity facility provided by the FDN and one of the first international project bond issued in Colombia; the final structure, arranged by Goldman Sachs & Co., comprised five tranches of secured debt: 1) a CO$600 billion tranche, 2) a 1.302 million Unit of Real Value (UVR) tranche, 3) a US$260.4 million bond under Rule 144A/RegS, 4) a nearly CO$397 million bond issued under Rule 144A/RegS and 5) a CO$217.5 billion liquidity facility; LatinFinance awarded this transaction with the "Best Road Financing" and "Best Infrastructure Financing" for the Andes region in 2016 and recognized Holland & Knight for its work
Advised FDN under Colombian law and under New York law as provider of a liquidity facility in the framework of the financing of project CosteraCartagena-Barranquilla, part of the 4G road infrastructure program in Colombia; the financing includes four tranches of secured debt: 1) a CO$835 billion tranche, 2) a US$150.8 million bond under Rule 144A/RegS, 3) a CO$327 billion bond under Rule 144A/RegS and 4) a CO$217.5 billion liquidity facility
Advised FDN under Colombian and New York law as provider of a liquidity facility in the framework of the financing of Alto Magdalena project, part of the 4G road infrastructure program in Colombia; the financing includes three tranches of secured debt: 1) a CO$686 billion tranche, 2) a US$136 million tranche and 3) a CO$115 billion liquidity line
Advised FDN under Colombian and New York law as provider of a liquidity facility in the framework of the financing of Perimetral Oriental de Bogotá project, a perimeter road corridor in eastern Cundinamarca, part of the 4G road infrastructure program in Colombia; the financing includes three tranches of secured debt: 1) a CO$870 billion tranche, 2) a US$1.456 billion tranche and 3) a liquidity facility of CO$45 billion
Advised FDN under Colombian and New York law as provider of a liquidity facility as part of the financing of Conexión Norte project, part of the 4G road infrastructure program in Colombia; the financing includes three tranches of secured debt: 1) a CO$520 billion tranche, 2) a US$80 billion tranche and 3) a liquidity facility of CO$250 million
Advised FDN under Colombian and New York law as provider of a liquidity facility as part of financing the Ruta del Cacao project, part of the 4G road infrastructure program in Colombia; the financing includes three tranches of secured debt: 1) a more than CO$1.1 billion tranche, 2) a UVR tranche for CO$585 billion and 3) a liquidity facility of CO$105 billion
Advised FDN under Colombian law as provider of liquidity facility in the framework of the financing of the Transversal del Sisga project, part of the program of 4G road infrastructure program in Colombia; the financing includes two tranches of secured debt: a CO$393.2 billion tranche and a liquidity facility of CO$50 billion

Advised Green Yellow Colombia S.A.S. on its latest financing round from Banco Santander S.A., which consisted of a US$35 million green loan for an energy efficiency portfolio with Grupo Éxito in Colombia; the funds will be used to finance 59 greenfield and brownfield projects within the Retrofit portfolio that encompasses the modernization of several of Grupo Éxito's distribution centers through a "Utility as a Service" solution
Advised Bancolombia S.A. on the CO$126 billion financing granted to Sol de las Ciénagas S.A.S. E.S.P., a subsidiary of Canadian Energy, for the construction of a 50 megawatts (MW) solar power plant in the city of Barranquilla, Colombia; the project includes a complex contractual structure comprised of a separate supply and construction agreement that required a thorough risk assessment and detailed capital commitments in order to adequately insulate the lender from construction risks
Advised Allianz Global Investors U.S. LLC as lead investor, J.P. Morgan Securities LLC as placement agent, JPMorgan Chase Bank, N.A. as lender under a letter of credit (LC) facility, and the purchasers under the private placement of securities issued under New York law by Desarrollo Eléctrico Suria S.A.S. E.S.P., including the note purchase agreement for US$45.8 million and the LC facility for US$1.7 million; the debt granted was used to refinance existing debt related to two power transmission lines developed and owned by the issuer; the transaction was the first bond issuance of the issuer and it sponsor, Grupo Ethuss, as well as the first Latin American investment made with funds managed by Allianz Global Investors U.S. LLC.; the transaction is an innovative long-term financing solution in Colombia, with Allianz Global Investors U.S. LLC acting as the sole institutional investor, providing financing lower cost than other similar 144A or Reg S transactions
Advised Banco Santander S.A. in the refinancing of US$31.7 million of the debt granted to Termomorichal, a subsidiary of Grupo Ethuss, which operates a thermal power plant in Colombia
Advised Banco Santander S.A. and Banco Davivienda S.A. in the refinancing of a power project that will expand its capex, developed by Petroeléctrica de los Llanos, a subsidiary of Grupo Ethuss, for CO$148 billion; the credit facility was used to finance the costs and expenses related to the restructuring of the credit facility, pay additional debt contracted with Banco Davivienda S.A. and make a cash-out; the disbursement was made in dollars, so the line of credit granted by Banco Santander S.A. was structured as a synthetic loan with an embedded derivative
Advised Bancolombia S.A. in the refinancing of the debt of five small hydroelectric plants operated by the LAREIF Group; the refinancing consisted of a new line of credit of CO$275 billion and the reprofiling of a leasing contract for CO$75 billion; Grupo LAREIF operated eight power generation plants, all of which are run-of-river hydroelectric plants located in the Department of Antioquia; the plants have been incorporated to Colombia's National Interconnected System (SIN) since July 2007; five plants obtained debt refinancing from Bancolombia S.A., namely: Caruquia (Santa Rosa de Osos), Guanaquitas (Gómez Plata), Barroso (Salgar), Popal (Cocorná) and CH San Miguel (Cocorná)
Advised Banco Santander S.A., Banco Davivienda S.A. and Itaú Corpbanca Colombia S.A. as senior lenders in connection with the financing of the electric transmission line located in the department of Atlántico, part of the Colombian Regional Transmission System to be developed by Ortiz Construcciones y Proyectos A. through the SPV Energía de Colombia STR S.A.S. E.S.P.
Advised MUFG Bank Ltd. (MUFG) – Japan's largest bank – as senior lender in the US$163.5 million financing for the La Virginia - Nueva Esperanza transmission line project, which will cross the departments of Risaralda, Cundinamarca, Tolima, Quindío and Valle del Cauca in Colombia and benefit more than 2 million homes; MUFG acted as lead arranger, administrative agent, foreign collateral agent and hedging provider in the transaction; the transaction represents the first financing of a power transmission line project in Colombia exclusively involving foreign banks
Advised Financiera de Desarrollo Nacional S.A. (FDN) and Banco Davivienda S.A. on the Bosques de los Llanos 1 solar energy project, which was one of the first non-conventional renewable energy projects to achieve financial closure in Colombia through a project finance scheme; the project is being developed in the region of Puerto Gaitán, Meta, where Trina Solar – a Chinese manufacturer – will supply more than 67 million photovoltaic (PV) modules and generate 27.2 MW
Advised Banco Davivienda S.A. in connection with the New York law aspects of the project financing of the power transmission line operated by Elecnorte S.A.
Advised Stoneway Group/Araucaria Energy, an energy sponsor operating in Argentina, as issuer of a US$500 million project bond issued under Rule 144A/Regulation S; the deal, one of the first greenfield power generation project bond issues in Argentina in more than 25 years, was underwritten by Jefferies and Seaport Global; in addition to the project bond itself, the transaction also included a related US$115 million loan from Siemens Finance to fund capital in the structure (Siemens is the EPC contractor for the four financed projects), as well as additional capital provided by sponsor SoEnergy International Inc.

Currently advises the Inter-American Investment Corporation as lenders for the construction and operation of a hospital in Ecuador
Currently advising a development finance institution (DFI) acting as senior lender that will provide the financing required for the construction, commissioning and operation of a tertiary hospital in Ecuador

Currently advises a Colombian buyer in an acquisition financing to be granted by two private debt funds in Colombia
Advised the different creditors (including Bancolombia, Banco de Bogotá, Banco de Occidente, Itaú Corpbanca Colombia S.A.) of Construcciones El Condor S.A. in the reprofiling of the company's debt for approximately CO$500 billion
Advised Fondo de Capital Privado Credicorp Capital Deuda Privada I in the CO$55 billion corporate financing granted to Interaseo S.A.S. E.S.P., a public services Colombian company affiliate, to Grupo Ethuss
Advised Bank United Ltd., a commercial bank domiciled in Trinidad and Tobago, in an acquisition finance of a Colombian company
Advised Banco de Crédito del Perú in a US$10 million corporate financing granted to Interaseo S.A.S. E.S.P., a public services Colombian company affiliate, to Grupo Ethuss
Advised under Colombian law Grupo Helm in the US$20 million financing granted to Construcciones El Condor S.A. for the financing of its working capital, secured with the rights to future flows of some of the borrower's concessions
Advised under Colombian law Itaú Corpbanca Colombia S.A. in the US$1.7 million financing granted to the management of a subsidiary of Summum Projects (PetroTiger) for a management buy-out by means of which the management of this company acquired 100 percent of the same
Advised Itaú Corpbanca Colombia S.A. under Colombian law in an CO$37.5 billion acquisition finance for the acquisition of 100 percent of the food manufacturing company Ascender S.A. by the private equity fund Aqua Capital; the loan proceeds were disbursed to an SPV designed for the acquisition purposes of Ascender S.A., and the shares of the target company were pledged in favor of the lender
Advised Bancolombia S.A. as lender in a CO$235 billion financing transaction granted to Terranum private equity fund; the transaction included multiple tranches for the refinancing of existing debt and for the development and expansion of a CEDIS Sodimac distribution center near the city of Bogotá, Colombia; the trust that owns the CEDIS Sodimac distribution center was modified in order to serve as collateral for the lender
Advised Itaú Corpbanca Colombia S.A. and Banco Davivienda S.A. in a CO$188 billion corporate financing granted to Interaseo S.A.S. E.S.P.
Advised Bancolombia S.A. in the CO$292 billion bridge loan granted to Construcciones El Condor S.A. to refinance existing debt, among others
Advised Bancolombia S.A., Banco de Occidente S.A., Itaú Corpbanca Colombia S.A. and Banco Davivienda S.A. in a CO$148 billion syndicated secured loan granted to Redcol Holding S.A.S., a reputable company in the education sector in Colombia to, among others, grow inorganically through the acquisition of new schools
Advised Tecnoglass under Colombian and New York law in the approximately US$300 million financing granted by BBVA USA to, among others, refinance its existing debt; the deal was awarded the 2021 "Deal of the Year" by Bonds and Loans LatinAmerica
Advised under Colombian and New York law JPMorgan Chase and a group of 14 lenders in a US$200 million syndicated unsecured loan granted to Promigas S.A. and Gases del Pacífico S.A.C.

Credentials

Education

Universidad de los Andes, Specialization, Financial Legislation
Universidad de los Andes, Specialization, International Business Law
Universidad de los Andes, J.D.

Bar Admissions/Licenses

Colombia

Honors & Awards

Chambers Global – The World's Leading Lawyers for Business guide, Colombia: Banking & Finance (Up & Coming), 2023, 2024
The Best Lawyers in Colombia, Banking and Finance Law, 2024
Chambers Latin America – Latin America's Leading Lawyers for Business guide, Colombia: Banking & Finance, 2023, 2024
The Legal 500 Latin America, Next Generation Partner, Banking and Finance, 2023, 2024
IFLR1000, The Guide to the World's Leading Financial Law Firms, Rising Star Partner, Banking and Finance, 2023
The Legal 500 Latin America, Rising Star, Banking and Finance, 2021, 2022
The Legal 500 Latin America, Banking and Finance, 2019
Best Road Financing, Project & Infrastructure Awards, LatinFinance, 2016, 2017
Best Local Currency Finance, Project & Infrastructure Awards, LatinFinance, 2017
Best Infrastructure Financing for the Andes Region, Project & Infrastructure Awards, LatinFinance, 2016
Deal of the Year, Project Finance, Latin Lawyer, 2016