Vespucio Sur tollroad places US$143mn in bonds

- Monday, November 15, 2004

Vespucio Sur tollroad places US$143mn in bonds

Chilean tollroad Vespucio Sur has sold some US$143mn in bonds, Vespucio said in a filing to the country's securities regulator (SVS) Monday.

The bonds were issued in the country's inflation-indexed currency the UF and correspond to sub-series A1; XL Capital Assurance guaranteed the bonds.

In the same filing, the tollroad announced it formalized a financing agreement for an open credit line with Spanish investment fund Instituto de Crédito Oficial for up to US$115mn. The first funds will be disbursed in January.

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The US$500mn-plus concession project entails upgrading the southern section of capital Santiago's Américo Vespucio beltway and is scheduled for an end-2005 finish.

Spanish consortium Autopistas Metropolitanas, led by Sacyr and Necso, won the 30-year concession to upgrade and operate the stretch in 2001.

The project entails a 24km stretch between Route 78 (Autopista del Sol), the highway to Region V San Antonio port, and the Avenida Grecia thoroughfare in eastern Santiago. Works, which started in September 2003, include 38 split-level junctions, service roads, rainwater collectors and pedestrian bridges.