Scania, Natixis, and Bonus Announce $126 million Financings in First Sustainable US Private Placements to Finance Concessions for TransMilenio
Scania Colombia, Natixis, and Bonus today announced the completion of USD 126 million US Private Placements (“USPP”) to finance three separate concessions for the supply of clean transportation solutions for TransMilenio, the public transportation authority for the District of Bogota, Colombia. This marks the first time that a USPP issuance is used to finance the supply of buses under the TransMilenio framework.
The concessions call for the delivery of 534 gas-fired buses and 167 Euro VI diesel buses to replace the ageing zonal fleet of the TransMilenio system, where more than 25 percent of the fleet was more than 10 years old. These new, cleaner buses will have a fleet average emissions intensity of 50 gCO2 per passenger-km or less.
“We are very proud of this unique financial solution that was tailor-made for these concessions” said Juan Carlos Ocampo, CEO of Scania Colombia. “This transaction demonstrates Scania’s commitment to providing sustainable solutions in the various communities in which we operate. It is a pleasure to work with and have the confidence of high-caliber investors as we continue to mobilize capital to expand clean transportation solutions across Latin America.”
The notes were issued by Gran Americas Usme Provision SAS, Gmasivo 10 SAS and Gmasivo 16 SAS, as supply concessionaires to finance the acquisition of the bus fleet from Scania. Natixis acted as Sole Placement Agent for the notes, in addition to acting as Sole Sustainability Coordinator, and LC Issuing Bank; Natixis and Bonus acted as Joint Structuring Agents and Joint Rating Advisors of the notes. While each financing is independent from one another, the financing package was structured to generate documentation synergies between Gran Americas Usme (owned by Grupo Express) and the two Gmasivo concessions (owned by Grupo Emasivo), both regional operators of transportation assets and concessions in Latin America. Each financing combined the USPP with a debt service reserve Letter of Credit and a cross-currency hedge designed to isolate the issuers from FX volatility risk and align the currency under the liabilities with the revenue stream.
The bond was issued under the Sustainability Bond Framework, which recognizes the favorable environmental and social impact of the buses for the District of Bogota. The bond met the criteria for certification by the Climate Bond Standard Board on behalf of the Climate Bonds Initiative and received a positive assessment from ISS-ESG on their alignment to the Green Bond Principles, Social Bond Principles and Sustainability Bond Guidelines.
“This represents both our first US Private Placement for an Issuer in Colombia and our first financing of a TransMilenio-backed concession. At Natixis, we are committed to dedicating time to complex transactions and structure tailor-made solutions, as well as demonstrate our strong US capital markets placement capabilities and industry experience in Latin America,” said Aitor Alava, Managing Director at Natixis in New York. “Natixis’ Green & Sustainable Hub also advised the concessionaires throughout the sustainability framework review, which will serve as a template to issue further green bonds and loans by other concessionaires in the future for low-carbon buses.”
“This transaction constitutes a milestone in our track record of providing innovative financial solutions to our clients and remarks our commitment to continuously seek for optimal alternatives in the green and sustainable space,” said Camilo Baptiste, partner at Bonus. This operation adds to other financings and securitizations that the firm has performed recently, including several issues in the local capital markets in Colombia for financing infrastructure projects.
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Groupe BPCE is the second-largest banking group in France. Through its 100,000 staff, the group serves 35 million customers – individuals, professionals, companies, investors and local government bodies – around the world. It operates in the retail banking and insurance fields in France via its two major networks, Banque Populaire and Caisse d’Epargne, along with Banque Palatine and Oney. It also pursues its activities worldwide with the asset & wealth management services provided by Natixis Investment Managers and the wholesale banking expertise of Natixis Corporate & Investment Banking. The Group's financial strength is recognized by four credit rating agencies with the following senior preferred LT ratings: Moody's (A1, stable outlook), Standard & Poor's (A, stable outlook), Fitch (AA-, negative outlook) and R&I (A+, stable outlook).
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