Cuatrecasas advised Concesionaria Ruta Bogotá Norte S.A.S. and its shareholders Ashmore Colombia, OHLA Group and Grupo Ethuss Colombia on securing COP 1.2 trillion (US$361 million) in financing from MUFG Bank, JP Morgan Securities and Financiera de Desarrollo Nacional (FDN) for the Accesos Norte Fase II infrastructure project in Bogotá, Colombia.

The Accesos Norte Fase II project covers the development and upgrading of 17.96 kilometres of a key road corridor connecting Bogotá with municipalities in northern Cundinamarca. The works include extending and upgrading Autopista Norte between Streets 191 and 245, adding two new mixed-traffic lanes in each direction, improving the existing roadway, upgrading sections of Carrera Séptima and the Sopó perimeter road, and constructing a dedicated TransMilenio bus rapid transit carriageway with passing lanes at planned new stations. The project will also include new pedestrian and cycling infrastructure.

The transaction is notable for its complexity, involving the structuring and completion of syndicated financing for a 5G infrastructure project backed by several local and international financial institutions, each subject to distinct credit, regulatory and contractual requirements, as well as various licensing and permitting processes. The financing structure had to accommodate these differing requirements while addressing the specific regulatory considerations associated with the project.

Cuatrecasas advised Concesionaria Ruta Bogotá Norte and its shareholders through a team led by partners Manuel Quinche and Natalia Arango, with support from Finance lawyers Valentina Bocanegra, María Alejandra Martínez and Isabel Ocampo, and Corporate and M&A lawyer Alejandro Manrique. The team advising TMF Colombia was led by partner Juan Carlos Puentes, with support from Finance lawyers Camila Orrego, Valeria Pombo and Pablo Amorocho.