Global law firm White & Case LLP has advised IDB Invest, as anchor investor, in the US$262 million equivalent social bonds issued by the concessionaire of the Rumichaca-Pasto 4G project, an 83km highway located in the Department of Nariño near the border between Colombia and Ecuador.
The bonds constituted part of an US$800 million refinancing of the project that included USD and COP denominated bank loans and a liquidity facility, and were categorized as social bonds after an analysis by Moody's ESG Solutions that evaluated the positive impact of the financing on surrounding communities.
The financing marks IDB Invest's first investment in securities issued pursuant to Rule 144A and Regulation S.
The White & Case team was led by partners Sean Goldstein (Miami) and John Anderson (Sao Paulo) and included associates Valentina Castillo (Washington, DC) and Victoria Xie (New York).
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