Sacyr Issues First Social Bond for an Infrastructure Project in Latin America

May 07, 2021

New York – Paul Hastings LLP, a leading global law firm, represented Sacyr in connection with the issuance of COP$760,000,000,000 (approximately US$209 million) of its 4.1% senior secured UVR indexed notes due 2045 issued by Patrimonio Autónomo Montes de María.  The notes are the joint and several obligation of the issuer and Sociedad Concesionaria Vial Montes de María S.A.S., a subsidiary of Sacyr Concesiones Colombia S.A.S. and the concessionaire of the “Puerta de Hierro – Palmar de Varela y Carreto – Cruz del Viso” toll road awarded to Sacyr as part of the Colombian Government’s 4G Program. The issuance is the first social bond tied to an infrastructure project in Latin America.

The Concessionaire has developed a social bond framework in line with the Social Bond Principles administered by the ICMA (International Capital Markets Association) confirmed by V.E., an independent third party appointed to conduct environmental, social and governance research and analysis. Among other factors, V.E.’s analysis assesses the positive impact that the project will bring to the nearby communities to the project’s influence area by means of the funds obtained through the issuance.

The transaction, which closed on April 29, 2021, is the first Rule 144A/Regulation S infrastructure project bond in Latin America guaranteed (subject to certain conditions) by the United States International Development Finance Corporation (DFC). BTG Pactual and Santander acted as the initial purchasers.

Latin America practice partners Bob Kartheiser and Cathleen McLaughlin led the Paul Hastings team, which also included associates Alex Herman, Thomas Sines, Juan Martín Estrada, Inho Ko, Anna Barbosa, and law clerk Carolina Gonzalez.

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