PPU advises BBV, The Bank of Nova Scotia, Banco Santander and Clifford Capital on $304 million financing for the expansion of the Port of Aguadulce  

April 19, 2024

Philippi Prietocarrizosa Ferrero DU & Uría (Colombia) advised the lenders Banco Bilbao Vizcaya Argentaria Colombia S.A., The Bank of Nova Scotia, ING Capital LLC, Banco Santander, S.A. and Clifford Capital PTE. LTD. in a USD 304,000,000 loan to Sociedad Puerto Industrial Aguadulce S.A., a port company in Buenaventura, Colombia, sponsored by PSA International and International Container Terminal Services (ICTSI).

The funds will be used for the operational expansion of the multi-purpose port of Aguadulce in Buenaventura, Colombia.

The transaction was led by PPU Colombia partner Carlos Padilla and his team, which included Daniela Mejia, Ana Gabriela Franco, Daniel Stand, Daniel Vargas and Tomas Velasquez.

Padilla commented: "A challenging but rewarding transaction involving multiple jurisdictions. We are proud to have contributed to the completion of another deal that will boost the Colombian economy. The expansion of Puerto Industrial Aguadulce will undoubtedly strengthen the local economy and trade. Congratulations to all the teams involved.
 
Value of the operation
USD 304,000,000
 
Jurisdictions involved      
Colombia, United States, Singapore and Spain
 
Law firms involved
Clifford Chance LLP, acting as international legal advisers to the lenders;
Linklaters LLP, acting as international legal advisers to the sponsors;
Brigard Urrutia, acting as local counsel to the sponsors; and
Philippi Prietocarrizosa Ferrero DU & Uría, acting as local counsel to the lenders.