Scania, Natixis, and Bonus announce $126M Financings in first Sustainable US Private Placements to finance Concessions for TransMilenio

NEW YORK and BOGOTA, Colombia, Nov. 10, 2021 /PRNewswire/ -- 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.

About Scania
Scania is a world-leading provider of transport solutions, including trucks and buses for heavy transport applications combined with an extensive product-related service offering. Scania offers vehicle financing, insurance and rental services to enable our customers to focus on their core business. Scania is also a leading provider of industrial and marine engines. With 50,000 employees in about 100 countries, its sales and service network are strategically placed where its customers need them, no matter where they operate. Research and development activities are mainly concentrated in Sweden. Production takes place in Europe and Latin America with facilities for global interchange of both components and complete vehicles. In addition, Scania operates regional product centers in Africa, Asia and Eurasia. Scania is part of TRATON GROUP. Under this umbrella the brands Scania, MAN and Volkswagen Caminhões e Önibus work closely together with the aim to turn TRATON GROUP and its brands into a Global Champion.

About Natixis
Natixis is a French multinational financial services firm specialized in asset & wealth management, corporate & investment banking, insurance and payments. A subsidiary of Groupe BPCE, the second-largest banking group in France through its two retail banking networks, Banque Populaire and Caisse d'Epargne, Natixis counts over 16,000 employees across 36 countries. Its clients include corporations, financial institutions, sovereign and supranational organizations, as well as the customers of Groupe BPCE's networks. Natixis has a solid financial base with a CET1 capital under Basel 3⁽¹⁾ of €12.4 billion, a Basel 3 CET1 Ratio⁽¹⁾ of 11.5% and quality long-term ratings (Standard & Poor's: A / Moody's: A1 / Fitch Ratings: A+). 
(1) Based on CRR-CRD4 rules as reported on June 26, 2013, including the Danish compromise - without phase-in.
Figures as of 30 June 2021

About Bonus
Bonus is a top local financial advisor and asset manager, and a leader in the infrastructure industry in Colombia. With a track record that extends for more than sixteen years, the firm has specialized in structuring and financing infrastructure projects, leading several sustainability bonds issued in the capital markets.

Press contacts

Natixis
Meredith Zaritheny
Prosek Partners
+1 646.818.251
[email protected]

SOURCE Natixis CIB