Clifford Chance

Clifford Chance advises IDB Invest on largest B-bond to finance railroad project in Uruguay

Leading international law firm Clifford Chance has advised IDB Invest, CAF, CAF-AM, Intesa, SMBC and Allianz as lenders in connection with the US$250 million senior facility through a fixed rate B-bond for the Central Railroad Line Project in Uruguay. The proceeds will be used to refinance existing debt and improve the project's overall financing terms and conditions.

This is the largest B-bond structured by IDB Invest. The project aims to enhance the connectivity and integration in the interior of Uruguay with its capital, Montevideo and is expected to contribute to four of the United Nations Sustainable Development Goals.

Partner Jessica Springsteen commented, "We are delighted to bring our extensive infrastructure experience in Latin America to support our longtime client IDB Invest on its largest ever B-bond. Clifford Chance is proud to support on transactions that promote sustainable infrastructure in the region."

Working with Springsteen was a cross-border team, including:

• Washington, DC: special legal consultant Patricio Abal, associates Trevor Nichols and Lauran Smith
• New York: partner Jonathan Zonis and law clerk Joyce Moore
• Madrid: partner José Guardo and abogado Antonio Sánchez-Cirujano

Clifford Chance advises on many landmark infrastructure transactions in the Latin American market, having recently advised on the largest infrastructure project-related social bond in Latin America, as well as the financing for the first line of the Bogota metro, Colombia's largest infrastructure project.