Arias, Fábrega & Fábrega advised Citigroup Global Markets Inc., acting as Sole Initial Purchaser of the international offering by Tocumen International Airport of its US$575 million secured bonds due 2036, the largest cross-border bond issuance by an entity wholly-owned by the Panamanian government.

1. ARIFA advised in the amendment by Aeropuerto Internacional de Tocumen, S.A. of its existing US$650 million 5.75% Secured Notes due 2023, and
2. in the international offering by Tocumen of US$575 million of senior secured Regulation S / Rule 144A notes due 2036 (the "New Notes"), related to the construction of the new South Terminal. The New Notes were publically offered in Panama, and are listed on the Panamanian and Luxembourg stock exchanges.

It is the largest cross-border bond issuance by an entity wholly-owned by the Panamanian government, and required significant amendments to Tocumen's existing US$650 million secured publically-offered Notes and the related trust agreement and other security documents.