Grupo Aeroportuario del Pacifico Announces Issuance of Bond Certificates in Mexico for Ps. 5,648.1 Million
Rhea-AI Summary
Grupo Aeroportuario del Pacifico (NYSE: PAC) has successfully issued 56,481,343 long-term bond certificates in Mexico, totaling Ps. 5.65 billion. The five-year bonds, under the ticker 'GAP 24', will pay interest every 28 days at TIIE-28 plus 60 basis points, maturing on August 30, 2029. The issuance was 1.2 times oversubscribed and received top credit ratings from Moody's and S&P.
The proceeds will be used to repay Ps. 1.5 billion of 'GAP 15' bonds maturing in February 2025, with the remainder funding capital investments under the Master Development Program in Mexico for 2024 and commercial investments. GAP operates 12 airports in Mexico's Pacific region and two in Jamaica.
Positive
- Successful issuance of Ps. 5.65 billion in long-term bond certificates
- Issuance was 1.2 times oversubscribed, indicating strong investor demand
- Received top credit ratings: 'Aaa.mx' from Moody's and 'MxAAA' from S&P
- Proceeds will fund capital investments and repay existing debt
Negative
- None.
News Market Reaction – PAC
In the trading session that priced this news, PAC declined 3.77%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
GUADALAJARA, Mexico, Sept. 05, 2024 (GLOBE NEWSWIRE) -- Grupo Aeroportuario del Pacífico, S.A.B. de C.V., (NYSE:PAC; BMV: GAP) (“the Company” or “GAP”) informs that today successfully completed the issuance of 56,481,343 (FIFTY-SIX MILLION FOUR HUNDRED EIGHTY ONE THOUSAND THREE HUNDRED FORTY-THREE) long-term bond certificates in Mexico (Certificados Bursátiles) at a nominal value of Ps. 100 each (ONE HUNDRED PESOS 00/100), for a total value of Ps. 5,648,134,300 (FIVE BILLION SIX HUNDRED FORTY-EIGHT MILLION ONE HUNDRED THIRTY-FOUR THOUSAND THREE HUNDRED PESOS 00/100 M.N.) with a five-year maturity. The order book reached an over-subscription of 1.2x over the original issuance amount.
This issuance under the ticker symbol “GAP 24” will pay interest every 28 days at a variable rate of TIIE-28 plus 60 basis points. The principal will be due at maturity on August 30, 2029.
The issuance obtained credit ratings of “Aaa.mx” by Moody’s and “MxAAA” by S&P, on a national scale and stable outlook.
The proceeds from this issuance will be allocated to the payment of the bond certificates under the ticker symbol “GAP 15” issued on February 20, 2015 and maturing on February 7, 2025, for an amount of Ps. 1.5 billion. The remainder will be used to fulfill the committed capital investments under the Master Development Program in Mexico for 2024 and commercial investments.
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
