KUALA LUMPUR, July 15 -- Global Infrastructure Partners (GIP) has announced that its credit fund, GIP Spectrum Fund, L.P., along with its affiliates (GIP Spectrum) previously closed on a US$67.5 million participation in an aggregate US$75 million Second Lien Term Loan investment (the Term Loan) in Grupo Via Central S.A. (GVC). (US$1 =RM4.263)
GVC was established by Sacyr, NGE, Saceem and Berkes (the Sponsors), to design, construct, rehabilitate and maintain a 273-kilometre freight railroad connecting central Uruguay to the capital port city of Montevideo (Ferrocarril Central or the Project).
The Project is underpinned by availability payments via a Public Private Partnership contract between GVC and the Government of Uruguay (GoU) through the Ministry of Transport and Public Works.
Proceeds from the Term Loan, together with a first lien senior bank term loan, advance payments from the GoU and common equity from the Sponsors will fund the Project construction of approximately US$1.1 billion.
According to a statement, Ferrocarril Central is expected to operate in the third quarter of 2022.
The Project will allow movement of various cargo (forestry, agriculture, containers, fuel) and pulp from a greenfield 2.1 Mtpa eucalyptus pulp mill under construction in Paso de los Toros.
The Project was awarded to GVC in June last year under an availability-based concession backed by the GoU (Baa2 / BBB) for a period of 18 years, out of which approximately 3.25 years will be the construction and rehabilitation of the railroad line and 14.75 years for maintenance.
-- BERNAMA
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