Puerto Antioquia’s $674 Million Project

Cuatrecasas and Clifford Chance advised Bancóldex, Davivienda, FDN, BID, BID Invest and the China-LAC Cooperation Fund on granting financing for the construction, operation and maintenance of the multipurpose port terminal in the Puerto Antioquia project, located in the Gulf of Urabá (Antioquia). Herbert Smith Freehills has advised the project company and sponsors. Alston & Bird and Brigard & Urrutia advised Citibank. Posse Herrera Ruiz advised the sponsors. Gómez-Pinzón Abogados advised Agrícola Santamaría S.A.S. and C.I. Unión de Bananeros S.A. UH Abogados advised C.I. Tropical S.A.S. and Sociedad de Comercialización Internacional Banafrut S.A. Willkie Farr & Gallagher advised CMA-CGM S.A. Gide Loyrette Nouel advised Eiffage. Baker & McKenzie advised Infraestructura y Energía UPI. Dentons advised Pio S.A.S.

Construction work for Puerto Antioquia—one of the most important projects in Colombia in recent years—will start this January. With a financial investment of approximately USD 674 million, the project will promote the Urabá region with the aim of transforming it into one of the country’s leading hubs for competitiveness and foreign trade.

This region has a privileged location, reducing the distance between production centers and exporters by 350 km. The transaction’s closure implies the creation of over 1,600 jobs during the construction of the port and over 17,000 indirect jobs, thus substantially increasing employment opportunities in the area.

The project closed on April 2022.

Agrícola Santamaría S.A.S., CMA-CGM S.A., C.I. Tropical S.A.S., C.I. Unión de Bananeros de Urabá S.A., Eiffage S.A., Pio S.A.S. Puertos Inversiones y Obras S.A.S., Sociedad de Comercialización Internacional Banafrut S.A. and Termotecnica Coindustrial S.A.S. acted as sponsors in the closing for the senior loan disbursement by Inter-American Investment Corporation, Inter-American Development Bank, China Co-Financing Fund for Latin America and the Caribbean, Banco de Comercio Exterior de Colombia S.A. Banco Davivienda S.A. and Financiera de Desarrollo Nacional S.A. and the mezzanine loan disbursement by Global Infrastructure Partners pursuant to which the sponsors will develop the Puerto Antioquia Project.

Astris Finance acted as financial advisor for the transaction.

The Cuatrecasas team advising on the project was made up of lawyers Manuel Quinche (Picture), Juan Carlos Puentes, Natalia Arango, Andrés Herrera, Angie Gómez, Sofía Esguerra and Gabriela Forero.

The Clifford Chance team included partners Lori Bean and Alberto Haito, with Julian Vallejo and Joyce Moore.

The Herbert Smith Freehills team, which advised on all financing and construction aspects of the project, was led by partners Michaël Armandou and Edward Dougherty, with support from associates Lina Velez, Sebastian Celis and Sebastián Celis Rodríguez in New York and Pauline Verrier and Geoffroy Postel in Paris.

The in-house team to Puerto Antioquia included David Escobar and Emilia Arango.

The in-house team to Infraestructura y Energía UPI S.A.C. included Andrés Alvarado.

The in-house team to Termotecnica Coindustrial S.A.S included Andrés Alvarado.

Alston & Bird advised Citibank with Bradley Johnson and Daniel Jouppi.

Brigard & Urrutia’s team included Carlos Urrutia and Santiago Jaramillo, Juan Pablo Tello and Ana Ortiz.

The Posse Herrera Ruiz team comprised of Gabriel Sánchez, Mariana Posse, Jesús Albarrán, Alejandro González, Susana Gómez, Lucero Gómez and Alejandro Fernández.

The Gómez-Pinzón Abogados team comprised of Adriana Moreno, Juan Pablo Caicedo, Catalina Prieto, Paola Valderrama, Isabela Hoyos and Andrés Eduardo Gómez.

The in-house team to Unión de Bananeros S.A. included Marcela Estrada.

The UH Abogados team included Carlos Henao.

The Willkie Farr & Gallagher team advising CMA-CGM included Anette Perón, Marion Bellemin and Liza Scemama.

The in-house team included Thierry Lemaire and Manon Marichez.

The Gide Loyrette Nouel team included Alexis Pailleret, Marie Bouvet and Chloé Bouhours.

The Baker & McKenzie team included Ricardo Trejos, Sebastian Boada, Nathalia Cardoso, Fernando Sam, María Montejo and Paula Melendro.

The Dentons team Pablo Jaramillo, Laura Streubel and Ana Maria Barrios.

Involved fees earner: Bradley Johnson – Alston & Bird LLP; Daniel Jouppi – Alston & Bird LLP; Sebastian Boada Morales – Baker McKenzie; Nathalia Cardoso – Baker McKenzie; Paula Melendro – Baker McKenzie; María Montejo Torres – Baker McKenzie; Fernando Sam Chec – Baker McKenzie; Ricardo Trejos Robledo – Baker McKenzie; Santiago Jaramillo Martínez – Brigard Urrutia; Juan Pablo Tello – Brigard Urrutia; Carlos Urrutia Valenzuela – Brigard Urrutia; Lori Ann Bean – Clifford Chance; Alberto Haito – Clifford Chance; Julian Hurtado Vallejo – Clifford Chance; Natalia Arango – Cuatrecasas; Sofía Esguerra de Pombo – Cuatrecasas; Gabriela Forero – Cuatrecasas; Angie Gómez – Cuatrecasas; Andrés Herrera – Cuatrecasas; Juan Carlos Puentes – Cuatrecasas; Manuel Quinche – Cuatrecasas; Ana Maria Barrios – Dentons – Cárdenas & Cárdenas; Pablo Jaramillo Valencia – Dentons – Cárdenas & Cárdenas; Laura Streubel – Dentons – Cárdenas & Cárdenas; Chloé Bouhours – Gide Loyrette Nouel; Marie Bouvet-Guiramand – Gide Loyrette Nouel; Alexis Pailleret – Gide Loyrette Nouel; Juan Pablo Caicedo de Castro – Gómez-Pinzón; Andrés Eduardo Gómez Campiño – Gómez-Pinzón; Isabela Hoyos González – Gómez-Pinzón; Adriana Moreno Marquéz – Gómez-Pinzón; Catalina Prieto – Gómez-Pinzón; Paola Valderrama Ortiz – Gómez-Pinzón; Michaël Armandou – Herbert Smith Freehills; Edward Dougherty – Herbert Smith Freehills; Lina Velez – Herbert Smith Freehills; Jesús Albarrán – Posse Herrera Ruiz; Alejandro Fernandez – Posse Herrera Ruiz; Lucero Gómez – Posse Herrera Ruiz; Susana Gómez – Posse Herrera Ruiz; Alejandro González – Posse Herrera Ruiz; Mariana Posse – Posse Herrera Ruiz; Gabriel Sánchez – Posse Herrera Ruiz; Carlos Fernando Henao – UH Abogados; Marion Bellemin – Willkie Farr & Gallagher; Annette Péron – Willkie Farr & Gallagher; Liza Scemama – Willkie Farr & Gallagher;

Law Firms: Alston & Bird LLP; Baker McKenzie; Brigard Urrutia; Clifford Chance; Cuatrecasas; Dentons – Cárdenas & Cárdenas; Gide Loyrette Nouel; Gómez-Pinzón; Herbert Smith Freehills; Posse Herrera Ruiz; UH Abogados; Willkie Farr & Gallagher;

Clients: Agrícola Santamaría S.A.S.; Banco Davivienda S.A.; Bancóldex; BID Invest; C.I. Tropical S.A.S.; China-Latin America Industrial Cooperation Investment Fund; Citibank; Cititrust Colombia S.A.; CMA CGM S.A.; CMA Terminals; Eiffage; Eiffage S.A.; Financiera de Desarrollo Nacional (FDN); Infraestructura y Energía UPI S.A.C.; Inter-American Development Bank; PIO S.A.S. ; Puerto Antioquia SAS; Puerto Bahía Colombia de Urabá S.A.; Sociedad de Comercialización Internacional Banafrut S.A.; Unión de Bananeros de Urabá S.A.;