GAP Successfully Issues Bond Certificates to Boost Growth
Grupo Aeroportuario del Pacífico's Recent Bond Issuance
Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (NYSE:PAC; BMV:GAP) has achieved a significant milestone by successfully issuing long-term bond certificates in Mexico. This issuance amounts to 56,481,343 bond certificates, which are valued at Ps. 5,648,134,300, marking a notable contribution to the company's financing strategy.
Details of the Bond Certificates
The bond certificates, known as Certificados Bursátiles, were issued at a nominal value of Ps. 100 each, with a maturity extending to five years. This issuance attracted considerable investor interest, resulting in an impressive over-subscription of 1.2 times the original amount. The bond will pay interest every 28 days, tied to a variable rate that incorporates TIIE-28 plus 60 basis points.
Usage of Proceeds
The funds raised from this issuance will primarily be directed toward repaying existing bond certificates issued under the ticker symbol “GAP 15,” which matures in early 2025. In addition to debt servicing, these proceeds will also be allocated to vital capital investments outlined in the Master Development Program aimed at enhancing airport operations across Mexico.
Company Growth and Investments
Grupo Aeroportuario del Pacífico operates an extensive network of 12 airports in Mexico’s Pacific region, including key cities such as Guadalajara and Tijuana, as well as popular tourism hubs including Puerto Vallarta and Los Cabos. The company’s strategic investments have positioned it as a leader in the airport sector.
A Look at Historical Context and Future Plans
Since its listing on the New York Stock Exchange in 2006 under the ticker symbol “PAC,” GAP has expanded through strategic acquisitions, including operations in Jamaica. The company's focus remains on fostering growth and improving airport services to cater to increasing passenger traffic.
Commitment to Transparency and Integrity
In adherence to the Sarbanes-Oxley Act, GAP has established a whistleblower program, ensuring that stakeholders can confidentially report any unethical practices. This initiative underscores the company’s dedication to transparency and corporate governance.
Frequently Asked Questions
What is the total amount raised from the bond issuance?
The total amount raised from the bond issuance is Ps. 5,648,134,300.
What is the maturity period for the newly issued bonds?
The maturity period for the newly issued bonds is five years, due on August 30, 2029.
What will the proceeds from the bond be used for?
The proceeds will be used to repay existing bonds and finance capital investments under GAP's Master Development Program.
What are the credit ratings for the new bond issuance?
The bond issuance has received credit ratings of “Aaa.mx” by Moody’s and “MxAAA” by S&P.
How can stakeholders report unethical practices within GAP?
Stakeholders can report issues through the whistleblower program at 800 04 ETICA (38422) or by visiting the dedicated website.
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