DLA Piper has advised the Metro de Lima Linea 2 consortium on the US$1.15 billion bond financing for the construction of the first underground metro line in Lima, Peru.

Lima Metro Line 2 Finance Limited issued Series 2015-1 Senior Secured Notes  to US and international investors pursuant to Rule 144 and Regulation S. This is the largest  securitization to date in Peru's history of RPI-CAOs, as the governmental payment rights are known.. The project is also the largest in a series of infrastructure projects awarded by Peru with compensation mechanisms through RPI-CAOs or similar payment rights that represent unconditional and irrevocable obligations of the Peruvian Government.

The deal will finance a portion of the total $5.3 billion project under a concession awarded by the Government of Peru  to the Metro de Lima Linea 2 consortium. The project is currently one of the largest infrastructure projects globally and will have a significant beneficial impact on the residents of Peru’s capital. 

The Metro de Lima Linea 2 consortium comprises Salini Impregilo S.p.A., Iridium Concesiones de Infraestructuras, S.A., Vialia Sociedad Gestora de Concesiones de Infraestructuras, S.L.U., Ansaldo STS S.p.A., AnsaldoBreda S.p.A. and COSAPI S.A.

The financing follows on from DLA Piper advising the consortium on its winning bid for the design, financing and construction of the project, as well as the operation and maintenance of the subway line.

The DLA Piper team was led by partners Christopher C. Paci (New York), Francesco Ferrari (Milan), and Ugo Domenico Calò (Milan) with partners Mario D'Ovidio (Milan), Cesar Herrero (Madrid), Gerald Rokoff (New York), Marc A. Horwitz (Chicago), Antonio Tomassini (Milan), Christian Montinari (Milan) and associates Witold Jurewicz (New York), Bradley Phipps (Chicago), Riccardo Pagotto (Milan), Carlotta Benigni (Milan) and Michele Parlangeli (Milan) and trainee Antonio Izzi (Milan).