Astris Finance announced the closing and first disbursement of a US$ 75 million second-lien mezzanine facility for the Ferrocarril Central project in Uruguay, sponsored by Sacyr, NGE, Saceem, and Berkes. The mezzanine debt is provided at the project company level under a second lien structure, a relatively rare structure for subordinated debt investments in Latin America which are more commonly placed at HoldCo level.

The project began construction in 2019, and despite COVID-19 challenges on both the project execution and the financing, Astris and Sponsors were able to execute the closing during construction with an international group of lenders and advisors, a testament to the dedication and creativity of all parties involved. 

The Ferrocarril Central project consists of the design, construction, financing, rehabilitation, and maintenance of a 273 km railroad under an 18-year PPP contract. The Project will connect a new, world-class eucalyptus pulp mill to be built in the central region of Paso de los Toros by Finnish firm UPM, a world leader in environmentally responsible pulp products, with the port of Montevideo. The project is expected to play a vital role in the economic development of Uruguay.