Panama: $250 million Issuance for Expansion of Northern Corridor

The 6% rate paid on the ten year term issuance is higher than that offered in issuances that were made to finance the purchase of the North and South corridors.

Friday, March 28, 2014

The National Highway Company has turned to the stock market in order to fund the expansion of the northern corridor road, having succeeded in raising funds for the northern and southern sections.

"The proceeds from the issuance will be used primarily to repay a line of credit ($92.1 million) for the completion of the extension and a stretch between Gonzalillo and Pedregal ($73.9 million), improvement in technology platforms and a new toll system ($ 15.5 million) and for the creation of a reserve account for debt services ($25 million), among other things."

More on this topic

Panama: Trust for Northern Corridor

September 2012

The Trust ENA Norte is to issue bonds worth $600 million maturing in 2028, in order to finance the purchase of the Northern Corridor from the Mexican company PYCSA.

From Resolution 118 of the Cabinet Council of Panama:

A favorable outcome was given and authorization approved for Empresa Nacional de Autopista, S.A.

Northern Corridor Finally Purchased

June 2012

It has been announced that the purchase of the highway from the Mexican company PYCSA by the Panamanian State will be completed in July and funded by issuing bonds.

Negotiations for the purchase of the Northern Corridor from PYCSA should conclude in July with payment of 80% of the shares, said Rigoberto Effio, administrative and financial manager of the Empresa Nacional de Autopistas (ENA).

Panama to Buy Northern Highway for $650 million

March 2012

The purchase of the highway from the Mexican company Pycsa comes after the $420 million acquisition of the Southern Highway.

The government will buy the Northern Highway (Corredor Norte) for $650 million, given in concession to Mexican company Proyectos y Construcciones (Pycsa).

Panama: Sale of Corredor Sur Signed for $420 million

August 2011

The government has signed a contract for the acquisition of 100% of the shares of the road called ‘Corredor Sur’ from the company ICA.

The transaction was made between the State National Highway Company (ENA) and Ingenieros Civiles y Asociados (ICA), and consists of $25 million in equity and issuing $395 million in bond debt.

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