AWARDS: BEST INFRASTRUCTURE FINANCING: CENTRAL AMERICA

AWARDS: BEST INFRASTRUCTURE FINANCING: CENTRAL AMERICA

Corporate & Sovereign Strategy Central America Costa Rica

AUTOPISTAS DEL SOL When Autopistas del Sol, a toll road concessionaire owned by Spain’s Globalvia, sought financing for the Ruta 27 toll road in Costa Rica in 2007, it relied on loans from Spain’s Bankia and the Central American Bank for Economic Integration (CABEI). In May this year, encouraged by favorable market conditions, the company grabbed chance to refinance its debt at lower rates and diversify its funding sources. Autopistas del Sol issued a $300 million amortizing bond, with a final maturity in 2030, and the equivalent of $50.8 million in 10-year notes in Costa Rica’s capital markets. The toll road operator had intended to raise as much $104 million from local bonds, but solid

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