Grupo Aeroportuario del Pacífico's Recent Bond Issuance
Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (NYSE:PAC; BMV:GAP) has reached an important milestone by successfully issuing long-term bond certificates in Mexico. This issuance consists of 56,481,343 bond certificates, valued at Ps. 5,648,134,300, which significantly contributes to the company's financing strategy.
Details of the Bond Certificates
The bond certificates, referred to as Certificados Bursátiles, were issued at a nominal value of Ps. 100 each and come with a maturity period of five years. This issuance garnered substantial interest from investors, leading to an impressive over-subscription of 1.2 times the initial amount. The bonds will pay interest every 28 days, based on a variable rate that includes TIIE-28 plus 60 basis points.
Usage of Proceeds
The proceeds from this bond issuance will primarily be used to repay existing bond certificates issued under the ticker symbol “GAP 15,” which is set to mature in early 2025. Besides servicing the debt, these funds will also support essential capital investments as part of the Master Development Program, aimed at improving airport operations throughout Mexico.
Company Growth and Investments
Grupo Aeroportuario del Pacífico manages an extensive network of 12 airports in Mexico’s Pacific region, covering major cities like Guadalajara and Tijuana, as well as popular tourist destinations such as Puerto Vallarta and Los Cabos. The company's strategic investments have established 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 grown through strategic acquisitions, including operations in Jamaica. The company remains focused on fostering growth and enhancing airport services to accommodate the rising number of passengers.
Commitment to Transparency and Integrity
In compliance with the Sarbanes-Oxley Act, GAP has implemented a whistleblower program that allows stakeholders to confidentially report any unethical practices. This initiative highlights the company’s commitment to transparency and good 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.
