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Carlos Loumiet
and John Haley AM Holt
Dealmakers: Carlos Loumiet and John Haley
The Deal: The Broad and Cassel partners represented an Honduran company, Autopistas del Atlantico, or
ADASA, in obtaining a $145 million loan for the construction and operation of the Corredor Turistico toll road
in the northern region of the country. The financing closed Oct. 30.
The lenders included JPMorgan Chase Bank, Banco Financiera Comercial Hondurena and Corporacion
Interamericana para el Financiamiento de Infraestructura.
Details: The toll road is Honduras' first public-private partnership infrastructure project.
ADASA won the concession to build and operate the nearly 200-mile toll road, rehabilitate and expand existing
roads and improve two bridges between inland San Pedro Sula and La Ceiba on the Atlantic coast. The project
is expected to be completed in about two years.
ADASA is a special-purpose company sponsored by two construction companies, Colombia-based Grodco and
Honduran partner Profesionales de la Construccion.
The 30-year toll road concession agreement is between ADASA and the Honduran government. Toll revenues
will support the road's operations, and the government will make up any shortfalls if road use is lower than
projected.
The Multilateral Investment Guarantee Agency, or MIGA, an arm of the World Bank, provided political risk
credit enhancement insurance.
Loumiet and Haley came to the transaction as a result of their representation of Grodco on road projects for
more than 10 years.

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The 20 months it took to complete the deal was not inordinate since it's the first such public-private project in
the country, Loumiet said.
"There was a big learning curve in Honduras on how these projects work, as well as on the types of conditions
imposed by international lenders in financings such as these," he said. "Like almost anything else you do for the
first time, it takes longer."
While there have been public-private partnerships in South American countries such as Peru and Colombia,
there have been very few in Central America, Haley said.
"That is why we think this could be a valuable precedent because it shows you can do a long-term public-
private partnership in the region if you structure it properly for the international financial markets," he said.
As a result, this deal could open the door to others that would help Latin American countries build badly needed
infrastructure and bolster their economies.
The attorneys put together the transaction and made sure the toll road concession was properly in place to obtain
financing, negotiated with lenders on the terms of the financing, handled documentation and worked with
attorneys representing the government, lenders and MIGA.
While there were many details and issues that had to be addressed to the satisfaction of the lenders, "the most
challenging aspect of this transaction was it being the first of its kind in the country," Loumiet said.
The toll road will serve commuter traffic between San Pedro Sula and El Progreso, agricultural and industrial
traffic along the Atlantic coast and tourist traffic headed to Tela and La Ceiba, according to MIGA.
The financing is the latest example of Miami's importance as a financial and legal center for Latin America,
Loumiet and Haley said.
"Both Carlos and I are seeing Miami continuing to mature and develop as a financial and legal market center for
financing in Central and South America, and we are very proud to contribute to that development," Haley said.
Comment: "Now that it has been shown that you can do a long-term infrastructure project in the Central
American region attracting international financing, hopefully there will be others," Loumiet said.
Background: Loumiet and Haley are partners in Broad and Cassel's Miami office and members of the firm's
corporate and securities practice group.