Panama City airport plans bonds for terminal expansion

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Panama City's Tocumen International airport plans to issue $650 million in corporate bonds to finance its south terminal expansion project.

The debt is scheduled to launch this month but may be delayed, says a local lender. Panama-based Prival Bank is bookrunner of the debt.

Ground was broken by contractor Odebrecht on the about $670 million south terminal project earlier this year. Construction is scheduled to take up to 48 months with the facility opening in 2016 or 2017.

When completed the expansion will add at least 20 gates to the airport's 34, as well as a new control tower and additional taxiways.

Tocumen is the main hub for Copa Airlines.