Grupo Aeroportuario del Pacífico Completes Successful Bond Issuance
Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (GAP), has successfully wrapped up the issuance of 60 million long-term bond certificates amounting to Ps. 6.0 billion. This significant venture was conducted in Mexico, showcasing the company’s commitment to enhancing its financing capabilities and furthering its development initiatives.
Details of the Bond Certificates Issuance
This issuance comprised two distinct tranches that offered investors a favorable environment while ensuring the company secures the needed funding. Notably, the first tranche included 30 million certificates identified by the ticker symbol “GAP 25,” each with a nominal value of Ps. 100, culminating in a total value of Ps. 3.0 billion. The interest on these certificates is positioned as a variable rate, linked to TIIE funding, plus an additional 50 basis points. The principal is slated for repayment by February 1, 2028, with options available for early amortization.
Subsequent Tranche Details
The second tranche reaffirmed investor confidence where another 30 million certificates accumulated an equivalent value of Ps. 3.0 billion, reflective of the first reopening of the “GAP22-2” debt certificates originally issued in the past. These certificates promise a fixed interest rate of 9.67% payable biannually, with maturity set for March 4, 2032. The strategic pricing at Ps. 101.026277 means that new investors will gain entry to a performing asset while also respecting existing bondholders' interests.
Credit Ratings and Investor Confidence
Highlighting the strength and reliability of this issuance, both Moody’s and S&P have assigned their highest credit ratings of “Aaa.mx” and “mxAAA” respectively. Such recognition from these respected ratings agencies underscores GAP’s robust financial health and its effective management strategies. The stable outlook reflects the company’s resilience and ability to navigate economic fluctuations effectively.
Use of Proceeds from the Bond Issuance
The capital raised from this issuance is earmarked for several crucial undertakings. A significant portion of the funds will focus on redeeming existing bond certificates such as “GAP 20” and “GAP 21,” thus managing the company’s debt profile efficiently. Additionally, the remaining amount will directly contribute to various investment projects under the company’s Master Development Program for the next fiscal year, ensuring continued growth and modernization of facilities across its network of airports.
About Grupo Aeroportuario del Pacífico
Grupo Aeroportuario del Pacífico operates a vital network of 12 airports across Mexico’s Pacific corridor. This includes major metropolises such as Guadalajara and Tijuana, along with popular tourist destinations such as Puerto Vallarta and Los Cabos. The expansion and successful management of these airports have been pivotal in enhancing transportation efficiency and tourism, contributing greatly to the local economies.
Commitment to Transparency and Ethics
GAP has established a robust ethical framework, implementing a whistleblower program in accordance with the Sarbanes-Oxley Act. This program empowers employees and stakeholders to confidentially report unethical behavior. The commitment to integrity and transparency reflects the company’s core values and its anticipation of earning the trust of investors and the community alike.
Frequently Asked Questions
What is the total amount raised from the bond issuance?
The total amount raised is Ps. 6.0 billion through the issuance of 60 million long-term bond certificates.
What are the ticker symbols for these bond certificates?
The bond certificates are identified by the ticker symbols “GAP 25” and “GAP22-2.”
How often will interest be paid on these bonds?
Interest on the certificates will be paid at different intervals; for “GAP 25,” it is payable every 28 days, and for “GAP22-2,” it is every 182 days.
What is the intended use of the funds from this issuance?
The proceeds will primarily be used to pay off existing debt certificates and to invest in the Master Development Program for the upcoming fiscal year.
What airports does Grupo Aeroportuario del Pacífico manage?
GAP operates 12 airports, including major cities and tourist destinations on the Pacific coast of Mexico, enhancing travel and commerce in the region.
