King & Spalding advised Sacyr Concesiones S.L. on the approximately US$708 million project refinancing in connection with the Pamplona-Cúcuta 4G highway in Colombia. The refinancing included an approximately US$400 million social bond, a US$165 million multi-tranche bank loan, another bank loan in Colombian pesos, equivalent to US$77m, and a US$66 million reserve LC facility to backstop debt service and operation and maintenance reserve requirements. This is the largest social bond to date in Latin America linked to an infrastructure project. JPMorgan and Santander structured the refinancing. Participating in the transaction were Banco Santander, JPMorgan Chase Bank, N.A., Instituto de Crédito Oficial E.P.E. (ICO), MUFG Bank, Ltd., MetLife, Allianz Life Insurance, Inter-American Investment Corporation (IDB Invest), BlackRock, Financiera de Desarrollo Nacional (FDN), and Banco Latinoamericano de Comercio Exterior, S.A. (Bladex). Pamplona-Cúcuta will improve road connectivity in Colombia, in particular along the border with Venezuela, promoting the social and economic development of the northeastern region of Colombia. Lead lawyers were Fradyn Suárez (MIA) and Jessica Mendoza (MIA) and included Veronica Orantes (MIA). Conrad Axelrod (NYC) advised on Investment Company Act matters. Jennifer Neilsson (CHI) advised on ERISA matters. John Sweet (NYC) advised on tax matters. Brandon Dalling (NYC) and Marisa Sotomayor (NYC) advised on opinion matters. Osahon Omoregie (NYC) advised on hedging matters. Additional assistance was provided by Eric Backman (DEN) and Joel Brand (DEN).