Grupo Aeroportuario del Pacífico Draws Down a Major Credit Facility
Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (NYSE: PAC; BMV: GAP) has made a significant move to bolster its financial stability. Recently, the company accessed a credit facility amounting to Ps. 3,375 million through Banco Nacional de México, marking an important milestone in its strategic financial planning.
Details of the Credit Facility
This credit facility, structured with a five-year term, will incur interest at a variable rate of TIIE-28 plus an additional 54 basis points, payable on a monthly basis. The maturity date for principal repayment is set for five years later, ensuring the company has ample time to manage and utilize these funds effectively.
Use of Proceeds
The financial resources acquired through this credit will primarily be allocated towards repaying existing loans. Specifically, Grupo Aeroportuario del Pacífico plans to settle Ps. 2,500 million with Banamex, and another Ps. 875 million with BBVA. This strategic debt management is anticipated to enhance the company's financial flexibility.
About Grupo Aeroportuario del Pacífico
Operating a network of twelve airports in Mexico's Pacific region, Grupo Aeroportuario del Pacífico connects major urban centers and popular tourist destinations. The airports encompass key cities such as Guadalajara and Tijuana, along with renowned tourist hotspots like Puerto Vallarta and Los Cabos. Since its listing on the stock market in February 2006, GAP has emerged as a leader in airport management.
Strategic Acquisitions and Operations
In the past, Grupo Aeroportuario del Pacífico has successfully expanded its operational footprint beyond Mexican borders. The acquisition of Desarrollo de Concessioner Aeroportuarias in 2015 has facilitated a strategic presence in Jamaica, notably through controlling Sangster International Airport. Furthermore, a concession agreement for Norman Manley International Airport was secured in October 2019, showcasing the company's ambition for international growth.
Commitment to Ethical Standards
In line with compliance and corporate governance, Grupo Aeroportuario del Pacífico has instituted a whistleblower program. This initiative allows individuals to report suspected misconduct securely and anonymously, reflecting the company’s dedication to ethical business practices.
Contact Information for Stakeholders
For any inquiries regarding investor relations or social responsibility, stakeholders can connect with the dedicated officers. Alejandra Soto serves as the Investor Relations and Social Responsibility Officer, reachable at asoto@aeropuertosgap.com.mx. Gisela Murillo is also available for investor concerns at gmurillo@aeropuertosgap.com.mx or by phone at +52 33 3880 1100 ext. 20294.
Frequently Asked Questions
What is the purpose of GAP’s recent credit facility?
The recent credit facility will be utilized mainly to repay existing loans and enhance GAP’s financial stability.
How does the interest rate for GAP's credit facility work?
GAP's credit facility has a variable interest rate of TIIE-28 plus 54 basis points, payable monthly.
What airports does Grupo Aeroportuario del Pacífico operate?
GAP operates 12 airports across Mexico, including those in Guadalajara, Tijuana, Puerto Vallarta, and Los Cabos.
How does the whistleblower program function?
The whistleblower program allows for anonymous reporting of potential misconduct or violations to ensure ethical business operations.
Who can I contact for investor relations information?
Alejandra Soto and Gisela Murillo are the primary contacts for investor relations, available via their respective email addresses.
