At Globalvia we have achieved an importante milestone with the successful refinancing of our Chilean subsidiary, Vespucio Norte, for $1 billion. The team at Sociedad Concesionaria Vespucio Norte Express S.A., together with its shareholders, has successfully completed a significant $1 billion refinancing transaction with the goal of optimizing the company’s debt profile and strengthening its financial strength.
The transaction, which constitutes the largest debt management financial transaction in recent years in the local market, was structured into two major components, on the one hand, the sale of a bond totaling $680.9 million. On the other, the signing of a loan with Banco BCI and Banco Itaú for $318.6 million.
With the money obtained through the issuance of the AA-rated bond granted by Feller and Fitch, the company paid in advance the bonds it had issued and, in addition, with the loan funds the current loans of both the company and its parent company, and other general expenses related to this financial operation have been covered. Key milestones in the success of this transaction included obtaining AVN bondholders’ consent to prepay, confirming the new issue’s ratings with Feller and Fitch, securing the transaction’s liquidity with a backstop facility, and issuing the bond in the local capital market.
The transaction involved Banco BCI and Banco Itaú as structuring agents, placement agents, and underwriters. This milestone marks an important strategic advance for Vespucio Norte Express, reflecting the market and investor confidence in the company’s management and future prospects.