Since day one, Arias, Fábrega & Fábrega has been an active part of the various transactions related to the construction of the new South Terminal of Tocumen International Airport, a project involving the first time that a corporation wholly owned by the Republic of Panama has issued a 144A Reg S notes.

This year, ARIFA has acted as Panama counsel to Citigroup Global Markets as sole initial purchaser in Tocumen International Airport­ (AITSA)’s two (2) new international offerings to continue its expansion and improvement plan.

• US$225 million debt bond issuance (May, 2018). The placement of the debt issued by the airport has a maturity of 30 years, with a rate of 6%.
• US$650.00 million debt bond issuance (November, 2018)

Revenues from the bonds issued will be used to purchase land for the construction of a third runway, funds for supplementary projects, bidding for new projects and the payment of ongoing projects, such as the start of the Phase 1 project of the new Multimodal Cargo Logistics Zone, among others.

Background information

• ARIFA advised in the US$575 million international secured bond offering by Tocumen International Airport, the largest cross-border bond issuance by an entity wholly-owned by the Panamanian government. (2016)
  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. ARIFA advised Citigroup Global Markets Inc., acting as Sole Initial Purchaser of the international offering by Tocumen International Airport of its US$575 million senior secured Regulation S / Rule 144A notes due 2036, related to the construction of the new South Terminal. The Notes were publically offered in Panama, and were listed on the Panamanian and Luxembourg stock exchanges.

ARIFA advised Banco General, The Bank of Nova Scotia and Global Bank, as arrangers, in connection with a US$150 million factoring facility agreement with Construtora Norberto Odebrecht, providing financing for completing the construction of the new South Terminal of Tocumen International Airport. (2015)