25 05 2016

Felix Bulnes Hospital upgrades under a public-private partnership (PPP) scheme

Morales & Besa advised the lenders Banco Santander (Chile), Itaú Corpbanca and Banco Bilbao Vizcaya Argentaria (Chile), in the financing worth US$265 million for a credit package to upgrade one of the few hospitals in Chile under a public-private partnership (PPP) scheme, the concession is controlled by Italian construction group Astaldi.


The deal consisted of a US$256 million loan on top of a US$9 million credit facility, which will offset the project’s value-added tax obligations.
Astaldi concession vehicle Sociedad Concesionaria Metropolitana de Salud will use the proceeds to overhaul the 532-bed Felix Bulnes Hospital in northwest Santiago. Felix Bulnes was severely damaged in 2010 when Chile was hit by 8.8 magnitude earthquake. Astaldi made a winning bid worth US$321 million to upgrade the hospital in 2014. Chile has one of the most active PPP programmes in Latin America with more than 100 projects under development. However, most PPP initiatives target core infrastructure, such as toll roads and bridges, rather than hospitals. Morales & Besa advised Banco Santander (Chile), Itaú Corpbanca and Banco Bilbao Vizcaya Argentaria with a team including Alfonso De Urruticoechea V., Nicole Ubal D. and Sofía Duralde M. Baraona Abogados acted in Chile for Astaldi. International legal advisors to the lenders were DLA Piper and Grimaldi Law. Involved fees earner: Nicole Ubal - Morales & Besa; Sofía Duralde - Morales & Besa; Alfonso De Urruticoechea - Morales & Besa;

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