FERRERE advised Fondo CAF-AM, Corporación Andina de Fomento (CAF), the Inter-American Investment Corporation (IDB Invest) and Allianz Capital Partners, an investor group focusing on infrastructure and energy, on granting an additional loan for USD 110 million for the Central Railway (Ferrocarril Central) infrastructure project.
The project is administered by the Grupo Vial Central consortium, consisting of the Uruguayan construction companies SACEEM and Berkes, the Spanish company Sacyr and the French company NGE. The initiative includes rehabilitation and maintenance of 273 kilometers of rail track connecting the port of Montevideo with the city of Paso de los Toros in central Uruguay, the site of a new pulp mill of the Finish-origin paper manufacturer UPM. Total project disbursement is estimated at USD 1.1 billion, which is the biggest investment in public infrastructure in Uruguay’s history.
FERRERE’s advice consisted of negotiating and drafting the modifications to the project, financial and guarantee documents, as well as assistance on specific Uruguayan legal matters for authorizing the loan. The work included coordination with Ignacio Imas, Laura Berkman and Gonzalo Soriano, legal team leaders at IDB Invest, CAF-AM and CAF, respectively.
At FERRERE, the team was led by Banking and Finance partner Sebastián Ramos, with the support of partner Gonzalo Secco and the practitioners Lucía Olloniego and Andrés Buero.