The long-term project financing used to fund the Pamplona-Cúcuta fourth-generation dual carriageway highway in Colombia was chosen by the editors of Project Finance International (PFI) as recipient of their "Americas Transport Deal of the Year" for 2020. Jones Day represented sponsor Sacyr Concesiones S.L., concessionaire Unión Vial Río Pamplonita S.A.S., and borrower Fideicomiso Unión Vial Río Pamplonita S.A.S. in the $451.5 million financing of the $525 million project, which consisted of a U.S. Dollar tranche and Colombian Peso debt tranches. The financing was provided by a syndicate of major financial institutions led by Deutsche Bank AG, New York Branch, and JPMorgan Chase Bank, N.A.
PFI noted that although transportation financings may have felt the effects of the COVID-19 pandemic more acutely than other sector financings, there was a significant interest in the market in the Pamplona-Cúcuta financing and that the deal's "robust hedging strategy" protected both the Firm's clients and the lender banks from significant exposure to currency fluctuations in the Colombian Peso.
Richard Puttré and Elba Bermúdez, Financial Markets attorneys resident in the Miami Office, led the Jones Day team advising the sponsors, which included lawyers from the Firm's Madrid, Miami, London, New York, and Paris offices.