Delta Solar Acquisition

Astris Finance is pleased to announce the successful financial closing for the US$200 Mn Circuito Interior PPP project (the “Project”). Astris was hired by “Operadora y Mantenedora del Circuito Interior” – OMCI a consortium led by Grupo Indi, and Hermes Infraestructura to act as financial advisor. OMCI was awarded the Project through a national public tender by Mexico City’s Government.

The Project consists in a) maintenance of the existing infrastructure and b) the design, construction, and maintenance of 3 bridges, 2 underpasses and other necessary road adjustments to improve traffic in the urban beltway and reduce travel time by up to 60%. Circuito Interior is one of Mexico City’s most important urban beltways, with a 42 km extension.

Both the Project and financing structure were divided in two phases. For the first phase, which consisted in the construction of two bridges, a lane confinement and maintenance of the existing infrastructure, Astris assisted OMCI in securing a MX$ 480 Mn Bridge Loan with Banco Interacciones. The second phase encompasses the remaining road improvements and maintenance of the existing infrastructure. OMCI raised a MX$ 2,012 Mn senior secured facility with Banco Interacciones complemented by a MX$ 248 Mn subordinated facility.

A key characteristic of this Project is that Mexico City’s payment obligation is backed by the PPS trust which gets funding from the remaining cash flow from the Mexico’s City Master Trust. The Master Trust is used by the Mexican City to serve its senior debt and is funded by Federal transfers.

Astris Finance acted as the exclusive mandated financial advisor to OMCI through the initial bid preparation & modelling, structuring, marketing, negotiating, placement, due diligence and documentation process of the transaction.

This is the fourth non-recourse project financing closed by Astris Finance in Mexico in the last 3 years and a clear example of Astris’ capabilities and added value to sponsors participating in the infrastructure and energy sectors.