Capital Markets Law Firm in Panama
Alcogal advised Tocumen International Airport, as issuer, in a tender offer / consent solicitation of US$225 million and a 144A / RegS offering to be registered with the Panamanian Securities Market and the Panamanian Stock Exchange. Alcogal is a well established Capital Markets Law Firm in Panama having assisted in many of the leading Capital Market transactions.
This significant transaction involved a long-term financing whose proceeds will be used to continue the expansion of Tocumen International Airport, the country´s main airport located in Panama city.
The transaction closed in May 2018.
Partner Arturo Gerbaud, along with associates Rafael Marquínez and Rita de la Guardia, were in charge of this transaction.
Use of revenue from bond issue
Revenue from the new bond issue 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 construction of new fuel tanks and supply system, Sub Electric Station, electric backup generator for Terminal 2, repair of pavements and taxiways in Tocumen and Panama Pacifico Airport, car parking in T2. the start of the Phase 1 project of the new Multimodal Cargo Logistics Zone, scanner and x-ray security systems, furniture or equipment, new computer systems and technology, among others.
Airport Masterplan
The Tocumen international airport expansion project was conceived to meet the demand generated by the economic growth Panama has experienced over the past decade. The new terminal No. 2 includes a new terminal building, an access road and a new 70m-tall control tower.
The masterplan for the expansion of Tocumen International Airport is planned to increase capacity from 5.8 to 18 million passengers a year by 2022, establishing an important new hub for the Americas.
Airport Design
The new terminal is designed to reflect the Panamanian landscape, evoking a unique sense of place to welcome visitors to the country and removing the anonymity of the international hub experience for transit passengers.
Openings in the roof will allow natural light and the curved design has been carefully balanced to minimize walking distances while extending to accommodate a large number of aircraft stands.
The terminal building will be 26m tall and have 80,0000m2 of constructed area and 20 boarding gates. Following the completion of the expansion works, Tocumen airport will have an area of 148,000m2 and 54 boarding gates and eight remote gates, and will cover an area greater than 200,000m2. The new building’s first floor will be arranged for the arrival of passengers, customs offices, migration and car rental.
On the second level, which will handle departures, there will be 50 counters for issuing boarding passes, ten security checkpoints and a tax-free commercial area of more than 10,000m2 with waiting rooms and wide corridors. The mezzanine levels will house the VIP lounges, food courts and airline offices.
For more information about our practice as Capital Markets Law Firm in Panama, contact us.
