Grupo Aeroportuario del Pacifico Announces Drawdown of Ps. 3,375 Million Credit Facility
- Successful refinancing of existing debt through a new credit facility
- No fees associated with the new credit facility
- Extended debt maturity to 2030, improving debt structure
- Consolidated multiple loans into a single facility, potentially simplifying debt management
- Variable interest rate exposure could lead to higher costs if rates increase
- Total debt level remains unchanged as new facility only refinances existing debt
Insights
PAC restructures debt with new Ps. 3,375M credit facility at TIIE-28+54bps, consolidating existing loans without increasing total debt.
Grupo Aeroportuario del Pacífico has executed a strategic debt refinancing by drawing down a
The transaction is effectively debt-neutral for PAC's balance sheet, as the proceeds are being used entirely to repay existing loans:
The lack of fees and the relatively tight spread of only 54 basis points over the reference rate suggests PAC was able to negotiate favorable terms, likely reflecting the company's strong credit profile as the operator of 12 key Mexican airports and two Jamaican airports. The bullet structure provides PAC with enhanced near-term financial flexibility by deferring principal repayments until maturity.
This refinancing aligns with prudent treasury management practices, potentially reducing fragmentation in PAC's debt profile by consolidating obligations with a single lender. The move may also be timed to lock in relatively favorable terms in the current interest rate environment before potential volatility.
GUADALAJARA, Mexico, May 30, 2025 (GLOBE NEWSWIRE) -- Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (NYSE: PAC; BMV: GAP) (“the Company” or “GAP”) announces that today it drew down a credit facility with Banco Nacional de México, S.A. (“Banamex”) for Ps. 3,375 million, with a five-year term. Interest will be payable monthly at a variable rate of TIIE-28 (Funding) plus 54 basis points, without fees and principal payment on May 30, 2030,
The proceeds from this credit will be used to repay existing bank loans currently held with Banamex of Ps. 2,500 million and BBVA of Ps. 875 million.
Company Description
Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (GAP) operates 12 airports throughout Mexico’s Pacific region, including the major cities of Guadalajara and Tijuana, the four tourist destinations of Puerto Vallarta, Los Cabos, La Paz and Manzanillo, and six other mid-sized cities: Hermosillo, Guanajuato, Morelia, Aguascalientes, Mexicali, and Los Mochis. In February 2006, GAP’s shares were listed on the New York Stock Exchange under the ticker symbol “PAC” and on the Mexican Stock Exchange under the ticker symbol “GAP”. In April 2015, GAP acquired
| This press release may contain forward-looking statements. These statements are statements that are not historical facts and are based on management’s current view and estimates of future economic circumstances, industry conditions, company performance, and financial results. The words “anticipates”, “believes”, “estimates”, “expects”, “plans” and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations, and the factors or trends affecting financial condition, liquidity, or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends, or results will occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations. |
In accordance with Section 806 of the Sarbanes-Oxley Act of 2002 and Article 42 of the “Ley del Mercado de Valores”, GAP has implemented a “whistleblower” program, which allows complainants to anonymously and confidentially report suspected activities that involve criminal conduct or violations. The telephone number in Mexico, facilitated by a third party responsible for collecting these complaints, is 800 04 ETICA (38422) or WhatsApp +52 55 6538 5504. The website is www.lineadedenunciagap.com or by email at denuncia@lineadedenunciagap.com. GAP’s Audit Committee will be notified of all complaints for immediate investigation.
| Alejandra Soto, Investor Relations and Social Responsibility Officer | asoto@aeropuertosgap.com.mx |
| Gisela Murillo, Investor Relations | gmurillo@aeropuertosgap.com.mx +52 33 3880 1100 ext. 20294 |
FAQ
What is the size of PAC's new credit facility from Banamex?
What are the terms of PAC's new credit facility?
How will PAC use the proceeds from the new credit facility?
How many airports does Grupo Aeroportuario del Pacifico operate?
What is the interest rate structure for PAC's new credit facility?
