Global law firm White & Case LLP has advised Sacyr Concesiones S.L. and Ocho A S.A. on the approximately US$220 million financing for sections (tramos) 1.1, 1.2, 6 and 7, Variante de Oviedo, Ypacaraí Urbano and Variante de Caacupé of the 2 and 7 Road Project in Paraguay ("the Project").
The financing combines a securitization of government receivables that vest upon the completion of certain construction milestones and a US private placement of notes under Section 4(a)(2) of the Securities Act of 1933. The financing breaks new ground in that it includes a private placement listed on DTC where a multilateral agency is the only holder of the notes to fully support advances to a project company. The Inter-American Development Bank and Inter-American Investment Corporation acted as purchasers.
The Project is a strategic development priority for Paraguay and in line with the Paraguayan government’s objective to improve the efficiency and quality of the country’s infrastructure.
The White & Case team was led by partners Thomas Pate and Bibiana Jaimes, and included counsel Mårten Olsson and associate Ami Shin (all in New York), counsel Julio Peralta (Madrid), and associate Angeles Femenia (Mexico City).
White & Case previously advised Sacyr Concesiones S.L. and Ocho A S.A. on the financing for the design, construction, operation and maintenance of the first sections (tramos) of the same 2 and 7 Road Project in Paraguay in October of 2019.
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