The company Aeropuerto Internacional de Tocumen has been authorized to issue securities in the local and international market for an amount of up to $1.275 billion.
A statement from the Presidency of Panama reports that "... Through Executive Decree authorization has been give to the corporation called Aeropuerto Internacional de Tocumen, S.A. (AITSA) to make one or more issues of securities in the local capital market and / or in the International Capital Markets in the amount of up to 1.275 million dollars to finance investment programs totaling up to 625 million balboas and the remaining amount for operations to manage existing debt (650 million dollars). "
The airport administrators are negotiating with Citi to structure and launch the second issuance in no more than two months in order to complete financing for the expansion of the terminal.
The aim is to sell on the international market the entire issue before the end of this year, and simultaneously negotiate with the holders of bonds of the first issue to extend their maturity periods, improving debt conditions so that the final tranche of funding of the South Terminal will be complete.
The concessionaire of the airport in Panama City is preparing a fundraising program to finance part of the expansion of the terminal, the total cost of which now stands at $850 million.
Initially the total cost of the project was $789 million, but due to the fact that the cost now amounts to $850 million, Tocumen, SA "... is structuring and designing its economic capacity, financial operation and fund raising program to cope with the expansion of the airport."