Astris Finance is pleased to announce the closing of a USD 475m financing transaction for the Ferrocarril Central Rail Track PPP Project (the “Project”) sponsored by Sacyr Concesiones, NGE Concessions, Saceem and Berkes (the “Sponsors”).

Following up on Astris’ role as exclusive financial advisor for the USD 860m senior debt package in October 2019 and the USD 75m mezzanine debt in June 2020, Astris advised the Sponsors in (a) structuring and placing a financing package to fund new investments and replace a piece of the initial financing; and (b) extending the maturity and reprofiling part of the existing senior debt (together, the “Refinancing”).

The Project consists of the design, construction, financing, rehabilitation, and maintenance of a 273 km railroad between the cities of Montevideo and Paso de los Toros, Uruguay, under a 19.25-year PPP contract. Construction works are progressing, and COD is expected to take place in H1 2023.

The Refinancing package consists of:

1. The structuring and issuance of a USD 250m private placement subscribed by Allianz GI under a B Bond facility to support the construction of the Project and refinance a portion of the initial financing;

2. The refinancing of USD 175m of IDB and IDB Invest Loans to extend the maturity of existing facilities and match the B Bond repayment profile;

3. The refinancing of a USD 50m B loan provided by Intesa San Paolo.

With this Refinancing, Allianz GI joins the IDB, the IDB Invest, SMBC, Intesa, CAF, CAF-AM and GIP to provide more than USD 1bn of multi-tranche financing to the Project in aggregate.