Sacyr Concesiones S.L. and Ocho A S.A.’s $220 Million Financing for Road Project in Paraguay

White & Case has advised Sacyr Concesiones S.L. and Ocho A S.A. on the matter.

Sacyr Concesiones S.L. and Ocho A S.A. closed 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 (Picture) 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). 

Involved fees earner: Angeles Femenia – White & Case; Bibiana Jaimes – White & Case; Mårten Olsson – White & Case; Thomas Pate – White & Case; Julio Peralta – White & Case; Ami Shin – White & Case;

Law Firms: White & Case;

Clients: Ocho A; SACYR Concesiones, S.L.U.;