ENA firms up Corredor Norte purchase from PYCSA

The government of Panama-owned Empresa Nacional de Autopista (ENA) has agreed to buy the 14km Corredor Norte toll road from PYCSA for $650 million. It will finance the acquisition with a 144A regulation S bond issue and equity, the same structure it used for the $420 million Corredor Sur deal last year. Global Bank and HSBC are managing the sale, which is expected to launch in May or June.

ENA said that it wanted to buy 51% of the toll road for $280 million in March 2011. However, it decided to buy the highway outright and build an additional 9km section in May that year. PYCSA won the 30-year concession for the road in 1997. Corredor Norte connects Albrook to Altamira outside Panama City.