Content area
Abstract
Autopistas del Sol's recent $350.75 million offering is the first structured bond from Costa Rica incorporating a dual international and local tranche. The company is also the first Costa Rican infrastructure operator to go down the project bond route. The bonds were issued to refinance the Ruta 27 toll road in Costa Rica, and enabled the company to release some much needed liquidity. Cristina Alfaro, general counsel of Citi Costa Rica who structured the deal, said the local issuance is a key milestone in the Costa Rica capital markets. The offering was innovative in many respects. Not only was it the first time that a successful dual listing of international and domestic bonds had been issued simultaneously, it also was the first project bond to be issued from a non-investment grade Central American country.