Norton Rose Fulbright closes Lima Metro Line 2 securitization and ECA-backed credit facility financing

Global Press release - Business August 13, 2021

Norton Rose Fulbright's São Paulo, New York, Washington DC, Amsterdam and Milan offices recently represented the syndicate of lenders including Cassa Depositi e Prestiti, KfW IPEX-Bank, Société Générale, Banco Santander and Instituto de Crédito Oficial E.P.E. – ICO in connection with a US$811 million syndicated credit facility backed by the Italian export credit Agency SACE S.p.A, involving the securitization of Peruvian government-backed payment rights known as "RPI-CAOs" for the extension of Lima Metro Line 2. The sponsor team consisted of a consortium including Metro de Lima Línea 2 S.A., Iridium, Vialia, Cosapi, Webuild and Hitachi Rail.

The export credit agency-backed syndicated loan involved a securitization of RPI-CAOs and will be used to finance the development and construction of the Lima Metro Line 2 and is the largest RPI-CAO deal ever financed under a credit facility financing structure in Peru.

Daniel Spencer (São Paulo) led the Norton Rose Fulbright deal team, which also included Cameron Dumans Royse (São Paulo), Kenneth Hansen (New York), Kim Caine (Washington DC), Arturo Sferruzza (Milan), Bart Le Blanc (Amsterdam) and Joris Ravelli (Amsterdam).