Odinsa provides USD260 million refinancing for Road PPP project in Colombia

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Odinsa provides USD260 million refinancing for Road PPP project in Colombia

Odinsa, the concessionaire for Pacifico 2 road concession, has successfully refinanced the debt for the project. The company signed the credit agreement for US$260 million with Itaú, SMBC, BNP Paribas, and CDPQ Revenu Fixe Inc. This refinancing will help achieve efficiencies and improve the leverage and cost conditions of the project.

Pacifico 2 road project has achieved 99.8% of work progress. Construction works are expected to be finished by the third quarter of 2021. The road comprises 96.5 kilometers in the sections between Primavera - La Pintada and La Pintada - Bolombolo that will facilitate the strategic connection between the northern departments of Colombia such as Antioquia, Coffee Axis (Eje Cafetero), and Pacific/Chocó region (el Pacífico).

Marc Cormier, Vice President Executive and Head of Fixed Income at CDPQ, said: "Pacífico 2 is a transformative project for Colombia that not only encourages the efficient circulation of people and goods from the production centers to the ports, but also enhances national economic activity".

This significant progress of the work and the positive results of the project in terms of mobility, operation and social and environmental management, added to the support Odinsa and its parent company Grupo Argos gave the transaction a seal of confidence in the banking market, allowing a positive response and the achievement of favorable conditions for the success of the process.

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