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Costa Rica’S Autopistas del Sol Issues Landmark Project Bonds

The San Jose-Calera or Ruta 27 is operated by Autopistas del Sol (Globalvia) under a concession contract that runs to 2033

QMONEY – Two international law firms, Jones Day (US) and BLP (UK), have helped Autopistas del Sol (Globalvia), concessionaire of the Ruta 27 toll road, become the first Costa Rican infrastructure operator to issue project bonds, in a US$351 million dual offering that breaks new ground for project finance in the country.

Citigroup was sole global coordinator and bookrunner and hired the New York and Madrid offices of Clifford Chance LLP, as well as Consortium Legal (Costa Rica). Consortium was also counsel to the local structuring agent, Banco CMB.

The public offering of up to US$374 million dollars was authorized by the Superintendencia General de Valores (Sugeval) – Costa Rica’s General Superintendence of Securities, on Friday, April 5.

Last month, Globalvia said the proceeds from the placement of the bonds will be used to repay the outstanding balances of a bank loan and associated expenses, to distribute dividends, and to cancel financial instruments related to the credit.

Carlos González, Director of Administration and Finance of Autopistas del Sol S.A., indicated that the funding will also be used to return capital to its shareholders.

Autopistas del Sol has a concession contract with the government to operate the San José-Caldera, or Ruta 27 until 2033.

Sources: La Nacion; Latin Lawyer