Vouga Abogados assisted Tape Pora S.A. in a new bond issue, entirely acquired by local investors, to partially finance the works related to the concession for the construction, duplication and adaptation of Route No. 7 “Gaspar Rodríguez de Francia” in the area between Pastoreo and Minga Guazú. The total amount of the bonds placed on this occasion amounts to 65,000 million guaraníes (about US$ 10 million).
The issuer and the bondholders have entered into purchase agreements for bonds issued and placed by the concessionaire through the Bolsa de Valores y Productos de Asunción S.A. (BVPASA), under the Global Issuance Program PEG04.
To ensure payment to investors, the concessionaire constituted an administration and source of payment trust through which it has transferred to the trust the surpluses of the administration and payment trust constituted in 2017, called Tape Pora 02, whose autonomous patrimony is constituted by the toll collection rights on the concessioned section of Route 7.
The incorporation of the new management and payment source trust named Tape Pora 04 implies a subordination of debt service by priority of payment of the bonds under the PEG02 Global Issuance Program as well as the bonds under the PEG03 Global Issuance Program, in relation to the bonds issued under the PEG04 Global Issuance Program.
The parties involved in the transaction were:
Tape Porã S.A. - Concessionaire, Issuer and Trustor.
Banco Atlas S.A.E.C.A. - Trustee.
BASA CASA DE BOLSA SOCIEDAD ANONIMA - Investor and Beneficiary The Vouga Abogados team involved in the transaction was led by Cynthia Fatecha (Partner - Banking & Finance) and Carlos Vouga Z. (Partner - Banking & Finance).
To learn more about this transaction or if you have any questions related to Banking & Finance, please contact Cynthia Fatecha (cfatecha@vouga.com.py), Carlos Vouga Z. (cvouga@vouga.com.py), Georg Birbaumer (gbirbaumer@vouga.com.py) or Lorena Salcedo (lsalcedo@vouga.com.py)
