At least three people in Panama have died and four are missing as Hurricane Otto churns toward eastern Central America, Panamanian President Juan Carlos said.

By early Wednesday, the center of the Category 1 storm was 140 miles north of Panama City. Otto was moving west-northwest at 5 mph, packing maximum sustained winds of 75 mph.

Otto could become a Category 2 storm before making landfall near the Costa Rica-Nicaragua border around noon ET Thursday. Rainfall in the region could exceed 10-15 inches, producing life-threatening flash flooding and landslides. Hurricane warnings have been issued for parts of both countries.