Tauil & Chequer Advogados (T&C), in association with Mayer Brown, advised Concessionária Rodovias do Triângulo SPE S.A. (concessionaire of the Triângulo Mineiro Concession, Lot 1) and Concessionária Rodovias do Sul de Minas SPE S.A. (concessionaire of the Sul de Minas Concession, Lot 2), on separate project finance deals. The concessionaires were established through a joint venture between Equipav Rodovias, a company of the Equipav Group, and investment vehicles managed and administered by Perfin Administração de Recursos.
The financing was structured simultaneously via the first issue of debentures of each concessionaire, valued at US$ 174 million (R$ 900 million), with the Triângulo Mineiro issuance worth US$ 135 (R$ 700 million) and the Sul de Minas issuance worth US$ 38.6 million (R$ 200 million).
The structuring of the project finance and debentures distribution were executed by banks Itaú BBA, Banco ABC Brasil and Santander, for the Triângulo Mineiro issuance, and by banks Santander and Daycoval for the Sul de Minas issuance.
The concessionaires were the winning bidders of the auction of the toll roads of Lot 1 (Triângulo Mineiro - 627.4 km) and Lot 2 (Sul de Minas - 454.3 km), as part of the Highway Concession Program of the State of Minas Gerais. The net funds from both issuances will be designated for initial costs and investments linked to the respective concession.
The T&C team was led by partner Luis Montes and included associate Beatriz Lavigne from the Banking & Finance practice.