Ruta del Sol Gets Funds

Ruta del Sol has received a project finance syndicated loan for $763m equivalent in Colombian pesos from a group of lenders, via la Corporacion Financiera Colombiana, says the bank. Of the total, $605m equivalent is in the form of a 10-year loan, with a 4-year grace period, of which $70m will be in US dollars. Some $158m will be for working capital, with a 1-year maturity. All financing was provided by local banks, with Bancolombia giving 29%, Banco de Bogota 27%, Davivienda 19%, Banco de Occidente 10%, Banco Popular 8%, Helm Bank 4% and Banco AV Villas 3%. Proceeds will go towards building the 528km second phase of the Ruta del Sol highway. Work on the project will start in Q1 2011 and is expected to be finished by Q1 2016.