Gia Closes USD 184m Honduras Civic Center Refinancing

Gia Closes USD 184m Honduras Civic Center Refinancing 


Desarrolladora y Operadora de Infraestructura de Honduras (DOIH), a wholly owned subsidiary of Mexican developer Constructora y Edificadora GIA+A (GIA) has successfully closed a financial restructuring deal covering the project debt of the Government Civic Center project in Honduras, according to a company spokesperson.

Jorge Moguel, GIA’s head of concessions for Central America and Colombia, said that DOIH has obtained a dual-tranche 22.5-year financing in USD and Lempiras (HNL) for the equivalent amount of USD 184m.

The proceeds will be used to refinance existing debt, to cover additional costs requirements and for the repayment of subordinated debt provided by the sponsor during the construction period. The financing includes a separate tranche as well to finance some outstanding payments from the government related to force majeure costs incurred during the COVID-19 outbreak that are currently under discussion.

The lenders participating in the transaction included local pension funds INJUMPEMP, INPREMA, IPM and IHSS, as well as commercial lenders Banco Lafise, Banco Ficohsa, Banco de Occidente, Banco Atlantida and Banrural.

This successful refinancing reflects the status of the project that started full operations in 2021. “The quality of the concession contract demonstrates GIA’s ability to deliver large infrastructure projects in a complex environment,” said Moguel.

Atlantico Capital acted as financial advisor to GIA, with Local law firm Garcia & Bodan acting as counsel to the borrower.



Nathaniel Felton

Nathaniel Felton is a Vice President at Atlantico Capital. He has 10+ years of experience in the financial markets both in investment and private banking.

Prior to joining Atlantico Capital in 2015, he worked as an investment-banking associate at INTL FCStone securities Inc. (“INTL”), based in Miami as part of the project finance unit. Prior to INTL, he was an associate at Morgan Stanley Private Global Wealth Management based in New York, and was a credit analyst at Dexia Asset Management based in Paris, France.

Nathaniel holds a BA in Business Administration from the American University of Paris and, holds a Masters of Science in Finance from the Zicklin School of Business at Baruch College. He is fluent in English, Spanish, and French.

Marcos Martinez

Marcos Martinez is a Vice President at Atlantico Capital. He has +8 years of experience in investment banking export finance, structured finance, M&A and international trade.

Before joining Atlantico Capital in 2015, he worked as a Financial Analyst at the Structured Trade and Export Finance Department of Santander Bank.

Marcos is a CFA® Charterholder. He holds a Masters degree in International Business Administration from Menendez Pelayo International University and a Masters Degree in Business Strategy from Francisco de Vitoria University. He also holds a Bachelor of Science in Business Administration from Francisco de Vitoria University. He is fluent in English and Spanish.