October 3, 2018
Colombia’s La Pintada knew it would likely face reluctance from local lenders when it sought funding for the Pacífico II toll road concession, but it probably did not know how difficult things would get as a corruption scandal brough the project finance market to a halt.
The concessionaire, which had six shareholders when it won the contract, had hired Bancolombia to help it find a foreign lender to finance project.
“From the beginning, we knew we had to find a bank that could syndicate a loan internationally,” says El Cóndor CFO Alejandro Correa.
Brazil’s Itaú BBA won the mandate and steered La Pintada down a bumpy road to financial close.
“When the consortium was larger, it was har
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