October 2024 - Astris congratulates its clients for the closing of a USD 111m financing package for the Ferrocarril Central Rail Track PPP Project in Uruguay

Washington DC, October 2024. Astris Finance is pleased to announce the closing of a US$ 111m financing transaction for the Ferrocarril Central Rail Track PPP Project (the “Project”) sponsored by Sacyr Concesiones, NGE Concessions (subsidiary of French construction group NGE), Saceem and Berkes (the “Sponsors”).

Following up on Astris’ role as exclusive financial advisor for the cumulated raise of US$ 1,410m debt package, Astris advised the Sponsors in structuring and placing a US$ 111m financing package to fund an extension of the construction works and optimize the maturity of part of the existing senior debt (together, the “Financing”).

The Project, now in operation, 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 20.25-year PPP contract.

The Financing package consists of:

1.       The structuring and issuance of a US$ 65m private placement subscribed by Allianz Capital Partners under a new B Bond facility to support the Project costs

2.       The structuring and issuance of a UI 300m (c. US$ 46m) subscribed by CAFAM to support the Project costs

3.       The partial extension of existing IDB Invest Loan and existing Allianz B Bond to extend the maturity of existing facilities

With this financing, lenders have provided more than US$ 1.5 bn of multi-tranche financing to the Project in aggregate.

This financing represents another key milestone in our long-standing partnership with the Sponsors and exemplifies how Astris collaborates with its sponsor clients throughout their projects' life cycle, maximizing value at every stage.

July 2024 - Astris congratulates its client Metro de Lima Línea 2 for the successful refinancing of the US$ 256m ECA-covered financing tranche.

Bogotá, August 2024 - Astris Finance is pleased to announce the closing of the refinancing of a US$ 256m ECA-covered financing (the “Guaranteed Loan Facility” or “GLF”) via an amendment and restatement of the existing facility for its client Metro de Lima Línea 2 (“MLL2”) and its shareholders (Iridium, FCC, Hitachi, WeBuild, and COSAPI). The GLF, a critical component of the financing package for the construction of Line 2 of the Lima’s metro system (the “Project”), is part of a c. US$ 2.5bn debt package we raised back in 2015 as advisors to the Consortium. MLL2 continues to be one of the largest and most ambitious infrastructure projects ever awarded as a P3 in Peru, and in Latin America.

The Project consists of 35 kilometers of tunnels for metro transportation between Ate and Callao; it is projected to serve 1.2m users per day and will be fully completed in 2028. According to the former Minister of Transport and Communications, José Gallardo Ku, the quality of life of Peruvian residents will be very positively impacted by the construction of the Project as it is slated to generate benefits to the country of more than US$ 20bn in time savings for users. In line with the size of the Project, its construction is a cornerstone for the development of the country and stands as the most important and highest priority infrastructure project for the Peruvian government.   

Astris has had an extensive history with the MLL2 project: we  successfully advised MLL2 in 2014 as bid stage advisor; once the project was awarded, we raised a comprehensive financing package, closed in 2015, which includes: a) 144A Bond (US$ 1,155m); b) ECA-covered tranche (US$ 800m); c) Revolving Credit Facility (US$ 105m); d) VAT Financing (US$ 30m); and e) IDB Facility (US$ 450m). The long-term financing of the project was structured as a securitization of RPI-CAOs which represent unconditional, irrevocable obligations of the Government of Peru (“GoP”), that are delivered by the GoP to MLL2 in lieu of payment.

Astris was mandated to refinance the GLF before the expiration of its availability period (July 31, 2024), with the timely extension of this RPI-CAO backed tranche being of paramount importance for the completion of the works.  The refinancing creates significant value for MLL2 by (i) preserving very attractive pricing conditions and (ii) adding flexibility to the structure that may be used to raise additional funding in the future.

This transaction is a good example of how Astris works with its sponsor clients throughout the life cycle of their projects, leaving no stone unturned to find creative solutions to optimize value at each stage.

December 2023 - Astris Advises ACS on the Sale of a Stake in a Tollroad in Texas

Washington DC, December 2023 - Astris Finance is pleased to have advised its client ACS for the successful sale of 56.8% of SH-288 toll-road in Houston, Texas. Astris Finance extends its heartfelt congratulations to ACS and Abertis for the completion of that transaction. The SH-288 is one of the most important and visible assets in Texas and a prime acquisition for Abertis, consolidating the group's presence in the US.

This achievement further strengthens Astris track record in the US and underscores our commitment to delivering exceptional value and excellence on a global scale. Astris is currently mandated in 4 important transactions in the US infrastructure sector.

June 2023 - Astris advises VINCI Highways and Conconcreto on a c. USD 575 Mn financing for the Via 40 Express tollroad project in Colombia

Bogotá, June 2023 - Astris Finance (“Astris”) is pleased to announce that the Via 40 Express toll road project in Colombia reached financial close in Q2 2023: this is the second largest financing ever completed in Colombia in the toll road sector, and marks a successful milestone in our 10-year long relationship with VINCI Highways and Conconcreto in Colombia. In tightening liquidity conditions, the financing of Via 40 Express rests on an innovative cross-currency tranche which speaks to our firm’s ability to design innovative financing products for our clients’ most challenging endeavors.
 
Via 40 Express is a 142 km brownfield 4G Private Initiative toll road concession project in Colombia. The sponsors of the Project are VINCI Highways and Conconcreto (collectively, the “Sponsors”) with a participation of 75% and 25% respectively. Via 40 Express is one of the principal corridors in the country being the main road leading from Bogotá to the southwest of the country, eventually connecting with the port of Buenaventura. The project is subject to 100% traffic risk, with no availability payments and/or traffic support from the Government.

Astris has been working on the Project since the bid stage process (2016).  In February 2021 Astris closed a non-recourse Bridge Loan for Via 40 Express, and this transaction successfully refinanced the Bridge Loan and provided sufficient funding to finalize construction of the Project.

During the financing process, which dealt with challenging circumstances including the Odebrecht scandals in Colombia, the COVID-19 pandemic and the recent inflationary/interest rate environment, Astris, the Sponsors and Via 40 Express explored all possible financing options, including international capital markets under rule 144A, multilaterals, local banks, local debt funds and international commercial banks. The final financing structure included a total non-recourse financing package of COP 2,602 million (USD 575 million) split as follows:

• short term financing: COP 827 million (USD 183 million) COP denominated 5-year revolving facility with an innovative borrowing base structure to finance trapped toll road income during construction period (this facility was partially funded by international lenders using a synthetic COP structure);

• long term financing: COP 1,775 million (USD 392 million) financed with local commercial banks, FDN and local debt funds with 12, 15 and 20 years tenors respectively.

This project marks a very important closing for VINCI Highways, being its first long term transaction in Colombia and one of the biggest toll road financings in the country. Closing was completed just after VINCI Highways completed the purchase of a 25% stake in the SPV from Conconcreto and a 100% stake in the EPC. 

Astris acted as exclusive financial advisor to Via 40 Express. So far this year, Astris has reached financial close on 4 financing and M&A transactions in Colombia.

December 2022 - Astris advises VINCI in connection with the acquisition of a majority stake in Entrevias road concession in Brazil

São Paulo, December 2022 – Astris advises VINCI Concessions SAS in connection with the acquisition of a majority stake in Entrevias road concession in Brazil

Astris Finance congratulates its client VINCI Concessions SAS (“VINCI”), a leading global long term infrastructure investor, on the acquisition of 55% stake in Entrevias, a brownfield road concession located in the state of São Paulo, Brazil from the previous controlling shareholder, Patria.

The transaction, which was signed on December 1, marks the debut of VINCI in the road sector in Brazil. Patria will retain a 45% stake in the asset.

The Entrevias road concession is 570km long and crosses São Paulo State from north to south; there were around 30 million transactions in 2021.

”We are very pleased to have advised VINCI in connection with this partnership. The transaction is a milestone for VINCI in the Brazilian road sector and establishes a platform which will allow our client to further expand its business in Brazil.” said Daniel Uzueli, Astris’s Head of Brazil.

Astris acted as exclusive financial advisor to Vinci. Astris has a long-standing global relationship with Vinci: in the past 10 years, we have advised Vinci and its affiliates on as many transactions across the Americas, Europe and Southeast Asia.

This landmark transaction further demonstrates Astris’ premier position in the Brazilian infrastructure and energy advisory market, where we are currently advising on seven transactions across a variety of sectors.

June 2022 - Astris congratulates its clients for the closing of a USD 475m financing package for the Ferrocarril Central Rail Track PPP Project in Uruguay.

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.

May 2022 – Astris Finance Congratulates its Client Puerto Bahia Colombia de Uraba (PBCU) on the Successful Closing of a USD 765 Million Port Project in Colombia

Astris Finance is delighted to announce the closing, first disbursment and start of construction for the emblematic Puerto Antioquia project, a US $765 million port complex, for which the first stone was laid on April 23 in Uraba, Colombia. Since 2015, Astris has advised PBCU, the project company, as well as its Sponsors, supporting the entire development of the project, coordinating the contractual and financial equity structuring and raising fully non-recourse senior and mezzanine project financing as well as third party equity.
 
The Sponsor group includes PiO S.A.S., the initial project developer; CI Uniban, CI Tropical, CI Banafrut, Grupo Santamaria, four of the largest tropical fruit cooperatives in the region, who will be port users; CMA CGM, one of the world's leading shipping lines, who will act as port operator; Groupe Eiffage and Termotecnica Coindustrial, who joined forces to act as EPC contractor; and UPLI, an infrastructure fund managed by SURA and Credicorp.
 
On the financing front, Astris raised a total of USD 523.7 million of project finance debt made up of two tranches:

• US $393.7 million of senior debt from IDB Invest, FDN, Davivienda and Bancoldex; and

• US $130.0 million of mezzanine debt from Global Infrastructure Partners.

The project consists of a multipurpose port in the Gulf of Uraba, located in the Department of Antioquia, Colombia. The complex will feature a 38-hectare onshore facility connected to an offshore docking platform by a 3.8-km viaduct. In its first phase of construction, it is designed to accommodate an annual throughput of 660,000 TEUs, 1.5 million tons of dry bulk, 1.1 million tons of general cargo, and 60,000 vehicles.
 
As the first major greenfield port to be built in the Uraba region, Puerto Antioquia is poised to transform the logistics landscape of northern Colombia and enhance the competitiveness of the Colombian industry. The project will also contribute to the economic and social development of the Uraba region by bringing employment and responsible investment, compliant with the highest environmental and social standards.

Operations are scheduled to start in 2025: when Puerto Antioquia opens for business, it will be the port on the Atlantic closest to a perimeter representing 75% of the country's GDP and connected to the region of Medellin by world-class road infrastructure following the completion of the Mar 1 and Mar 2 4G toll road projects.
 
Astris Finance is proud to have led the structuring of one of our most exciting and challenging transactions in our 22 years of existence so far. It is an honor to participate in a project that is certain to have a lasting economic and social impact on the beautiful region of Uraba. We are very grateful for the active participation of the most important stakeholders in the region: the local communities around the project, the banana farming cooperatives, the municipal governments of Apartado and Turbo, the department of Antioquia, as well as the various central government line ministries and agencies. We wish the project and its stakeholders a very bright future.

June 2020 - Ferrocarril Central Project in Uruguay Complements USD 860m Senior Financing with USD 75m Second Lien Financing

Astris Finance is pleased to announce the closing and first disbursement of a USD 75m second-lien mezzanine facility for the Ferrocarril Central project in Uruguay, sponsored by Sacyr, NGE, Saceem, and Berkes (the “Sponsors”).

Following up on Astris’ role as exclusive financial advisor for the 860m senior debt package in October 2019, Astris advised the Sponsors on the closing of the subordinated tranche with the Interamerican Development Bank and Global Infrastructure Partners (GIP).  The term loan consists of a USD 7.5m A-loan from IDB Invest and a USD 67.5m B-loan from GIP. It is IDB Invest’s first subordinated A-B loan structure for an infrastructure investment in Latin America.

The mezzanine debt is provided at the project company level under a second lien structure, a relatively rare structure for subordinated debt investments in Latin America which are more commonly placed at HoldCo level. The successful closing of this facility illustrates Astris’ expertise in working across complex, multi-lender and multi-sponsor environments to maximize value for project sponsors and provide enhanced liquidity for key infrastructure assets in Latin America.

The project began construction in 2019, and despite COVID-19 challenges on both the project execution and the financing, Astris and Sponsors were able to execute the closing during construction with an international group of lenders and advisors, a testament to the dedication and creativity of all parties involved. 

The Ferrocarril Central project consists of the design, construction, financing, rehabilitation and maintenance of a 273 km railroad under an 18-year PPP contract. The Project will connect a new, world-class eucalyptus pulp mill to be built in the central region of Paso de los Toros by Finnish firm UPM, a world leader in environmentally responsible pulp products, with the port of Montevideo. The project is expected to play a vital role in the economic development of Uruguay.

November 2019 - Ferrocarril Central Project in Uruguay Closes USD 860m Dual Currency Senior Financing Package.

November 2019 - Astris Finance is pleased to announce the closing and first disbursement of the USD 860m senior debt package for the Ferrocarril Central project (the “Project”) sponsored by Sacyr (Spain), NGE (France), SACEEM (Uruguay) and Berkes (Uruguay) (the “Sponsors”). Astris acted as exclusive financial advisor to the Sponsors from bid stage to first disbursement.

The Project consists of the design, construction, financing, rehabilitation and maintenance of a 273 km railroad under an 18-year PPP contract. The Project will connect a new, world-class eucalyptus pulp mill to be built in the central region of Paso de los Toros by Finnish firm UPM, a world leader in environmentally responsible pulp products, with the port of Montevideo. The pulp mill and the connected infrastructure will require an investment in excess of USD 3 billion, one of the largest private investments ever in Uruguay. The Ferrocarril Central Project itself costs more than USD 1 billion.

Astris was mandated by the Sponsors in January 2018. We worked with the Sponsor team to put together a comprehensive financing strategy, looking at every potentially available source of long-term liquidity. The bid was submitted in May 2018 and the PPP contract with the Ministry of Transportation and Public Works was signed in May 2019. The senior debt package was signed on 21 October 2019.

The senior debt package consists of three facilities with an aggregate amount of USD 860m and a door-to-door maturity of 17 years:

• A USD 300m A loan provided by IDB Invest, coupled with a USD 160 m B loan provided by SMBC and Intesa San Paolo;

• A USD 85m parallel loan from regional development lender CAF; and

• A local currency loan of UI 2,700m (i.e. USD 315m equivalent) provided by a dedicated fund raised and managed by CAF-AM, the asset management arm of CAF.

Fabrice Henry, CEO of Astris Finance, stated: “This project illustrates one of the situations in which Astris excels: working hand in hand with the Sponsor team throughout the Project development cycle to identify, structure and close a complex, multi-tranche financing. In doing so, we focus on a dual objective: maximizing sponsor value while minimizing execution risk. We are very happy we were able to close such an innovative project finance package in such a tight timeframe. We are thankful for the great collaboration with all stakeholders including the Sponsors, the lenders and the Government. We wish them all the best in the construction of this vital Project.”

November 2018 - Astris Closes the Senior Financing for the Arriaga-Tapachula Road Project in Mexico

Astris Finance is pleased to announce the successful closing of a MXN 3,000m (USD 160m) facility to finance the Arriaga-Tapachula highway conservation project. The project consists in the construction, modernization and maintenance of a 487 km road in the state of Chiapas. The project was awarded to a Consortium of local companies: Grupo Indi, Idinsa, Supra and Constructora Cañeros in May 2018. The non-recourse, 9.5 year door-to-door senior debt facility was signed with local lender Banorte, which also provided a MXN 538m (USD 28.8) VAT facility.

Astris Finance acted as sole financial advisor to the Consortium during the bid stage, and through the selection of the sole arranger and the structuring and closing of the bank facility.

March 2018 - Senior financing closes for Sacyr's Road Project in Mexico

Astris Finance is pleased to announce the successful closing of a MXN 1,970.6 Mn (USD 103.5 Mn) facility to finance the Pirámides – Tulancingo – Pachuca highway conservation project. The Project consist in the construction, modernization and maintenance of a 183 km road between the states of Mexico and Hidalgo and was awarded to a Consortium led by Sacyr Concesiones México in July 2017. The non-recourse financing is a 9.4 year door-to-door senior debt facility provided by Banco Interacciones.

Astris Finance acted as sole financial advisor to the Consortium during the bid stage, and through the selection of the sole Arranger and the structuring and closing of the bank facility.

July 2017 - Sponsor advised by Astris is awarded a USD 224 Mn road PPP contract in Mexico

We are pleased to announce that Sacyr Concesiones, advised by Astris, was awarded the Piramides – Tulancingo – Pachuca highway conservation project, which covers 183 km between the states of Mexico and Hidalgo.

The SCT received a total of ten bids for the USD 224 Mn PPP regarding the modernization and maintenance of the highway over the next ten years. The project is among four conservation tenders launched by the Mexican government in the first half of 2017.

Astris will now work with Sacyr in the debt financing of the project, which is expected to close before the end of the year.

August 2016 - Consortium advised by Astris is awarded US$ 600m road project in Colombia

Vinci Concessions and Conconcreto, advised by Astris, logged the winning bid for the construction, operation and maintenance of the Bogota-Girardot toll road project in Colombia, initially developed as a private initiative. Astris will now continue working with the consortium on the financing of the project, slated to close in H2 2017. Astris has been advising the consortium in Colombia since 2013, where Astris has been almost continuously working since 2010. Execution of the mandate is coordinated between our offices in Bogota, Paris and Washington DC. 

June 2016 - Astris to act as buy-side financial advisor in connection with the possible acquisition of a minority stake in a Toll Road asset in Indonesia

Astris has been retained by a leading transportation developer and operator to assist on the preliminary due diligence and on the structuring of a bid offer in connection with an operating toll road asset.