Tocumen prepares new bond issue

Tocumen International Airport

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To obtain the financing needed to complete the expansion of the South Terminal, the Tocumen International Airport administration expects to reissue debentures.

Tocumen International Airport

Tocumen International Airport, the hub of the Americas.

The delays that have occurred in the work due to changes in the original project design, prevent the administration from beginning to raise funds for the concession of the new “duty free” area, so they have announced that they will need to issue a new bond debt to complete the financing. It is estimated that the amount will be for more than $650 million.

Joseph Fidanque III, manager of Tocumen, S.A., said that “The financial plan left by the last administration is not feasible, because it was based on the tender for commercial or duty free areas in the south terminal, but these spaces will not be ready before 2017. “No one will invest in something that will not useable for three years.

“The previous government was hoping to get $500 million, and those funds would have been paid to the Brazilian company Norberto Odebrecht for the international tender it won for $679 million. But after two years of construction, the final cost of the work is hovering around $800 million, after the government requested modifications to the original design on the grounds that the building was not functional for today’s airport needs,” he said.

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