Grupo Aeroportuario del Pacífico Achieves Successful Bond Issuance
Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (NYSE:PAC; BMV:GAP) recently made headlines with its successful issuance of long-term bond certificates totaling Ps. 8.5 billion. This significant move is a testament to the company's strong position in the market and its ability to attract investor interest.
Details of the Bond Certificates Issued
The bond issuance, carried out efficiently, included two separate tranches. The certificates were highly sought after, indicating robust demand, as shown by an oversubscription rate of nearly 2 times the planned amount. This high level of interest reflects confidence in Grupo Aeroportuario del Pacífico’s business model and growth strategies.
First Tranche: GAP 25-2
The first tranche consisted of 40.5 million certificates, designated under the ticker symbol “GAP 25-2.” These certificates are set to mature in three years and have a nominal value of Ps. 100 each, amounting to a total of Ps. 4.05 billion. They will pay interest every 28 days at a variable rate based on TIIE funding plus an additional 48 basis points. The principal amount will be repaid at maturity, with an option available for early amortization.
Second Tranche: GAP 25-3
The second tranche included 44.5 million certificates under the ticker symbol “GAP 25-3.” These certificates have a longer maturity period of six years and a nominal value of Ps. 100 each, leading to a total of Ps. 4.45 billion. Interest on this tranche will be fixed at 9.02%, payable biannually, with principal repayment at maturity.
Credit Ratings and Financial Implications
The bond certificates have received remarkably high credit ratings: “Aaa.mx” from Moody’s and “mxAAA” from S&P, both reflecting stability on a national scale. Such ratings are crucial, as they enhance investor confidence and could lead to lower borrowing costs for the company in future endeavors.
Proceeds from this bond issuance will be strategically allocated to finance significant capital investments and repay a Ps. 1.5 billion loan with Banco Santander, S.A., which is due in the near future.
About Grupo Aeroportuario del Pacífico
Grupo Aeroportuario del Pacífico operates a network of 12 airports across Mexico’s Pacific region. These include major hubs in Guadalajara and Tijuana, alongside popular tourist locations like Puerto Vallarta and Los Cabos. The company has a noteworthy footprint in the aviation industry, also expanding internationally with ownership interests in airports outside of Mexico.
Since being listed on the New York Stock Exchange in February 2006, Grupo Aeroportuario del Pacífico has firmly established itself, enhancing both its operational capabilities and its market presence.
International Ventures and Growth
In 2015, GAP made a strategic acquisition by obtaining 100% of Desarrollo de Concessioner Aeroportuarias, which operates Sangster International Airport in Jamaica. This was a significant step in broadening its operational portfolio. Moreover, in 2018, the company entered a concession agreement for the operation of Norman Manley International Airport in Kingston, further solidifying its international reach.
Corporate Social Responsibility and Ethics
GAP is committed to ethical business practices and transparency. The implementation of a whistleblower program ensures that any suspected violations can be reported confidentially, demonstrating the company’s dedication to maintaining high standards of conduct.
For any inquiries, GAP offers direct communication channels through their Investor Relations team. Interested parties can contact Alejandra Soto at asoto@aeropuertosgap.com.mx or Gisela Murillo at gmurillo@aeropuertosgap.com.mx. Additional information can also be gathered via their established hotline and websites, ensuring accessibility for all stakeholders.
Frequently Asked Questions
What is the total amount raised through the bond issuance?
The total amount raised through the issuance of bond certificates is Ps. 8.5 billion.
How many tranches were involved in this bond issuance?
The bond issuance consisted of two tranches.
What are the ticker symbols for the issued bonds?
The ticker symbols for the issued bonds are “GAP 25-2” and “GAP 25-3”.
What will the proceeds be used for?
The proceeds from the bond issuance will be used to finance capital investments and repay a loan with Banco Santander.
How many airports does Grupo Aeroportuario del Pacífico operate?
Grupo Aeroportuario del Pacífico operates 12 airports in Mexico's Pacific region.
