A road concessionaire in Colombia plans to roll out a Ps47 billion (US$17.7 million) securitization of toll revenues and other fees to refinance short-term loans. The seven-year deal will revamp the debt profile of Concesion Vial de Cartagena, which owes Ps31.6 billion (US$11.9 million) to the financial sector and Ps12 billion (US$4.5 million) to suppliers, according to a report by Fitch Ratings affiliate Duff & Phelps. Correval is sole lead on the multi-tranche transaction. Duff has rated a Ps35 billion (US$13 million) senior piece AAA' on the national scale. Mezzanine and junior pieces - each for Ps6 billion (US$2.3 million) - have ratings of BBB' and CCC', respectively. These series will end up with the originator, according to Mateo Leon, an analyst at Duff & Phelps.
The concessionaire operates a 22-kilometer road that links ports in the Caribbean city of Cartagena with an access road. Collateral includes fees paid by industrial users of the road and by surrounding municipalities, in addition to toll flows.
The shareholders of Concesion Vial de Cartagena are all local players: Alvarez & Collins, Valores y Contratos, KMC Ingenieros, Proyectos, and Mauricio Gerlein.