Grupo Aeroportuario del Pacifico Announces the Issuance of Bond Certificates for Ps. 10,718.0 Million

Grupo Aeroportuario del Pacífico (NYSE: PAC) completed a Ps.

Rhea-AI Summary

Grupo Aeroportuario del Pacífico (NYSE: PAC) completed a Ps. 10,718.0 million long-term bond issuance on March 31, 2026, via two tranches with 1.74x oversubscription.

GAP 26: Ps. 2,767.0 million, 3-year, interest TIIE +45 bps, maturity March 27, 2029. GAP 26-2: Ps. 7,951.0 million, 10-year, fixed 9.87%, maturity March 18, 2036. Both tranches received national ratings Aaa.mx and mxAAA (stable). Proceeds will primarily finance the acquisition of a 25% stake in Cross Border Xpress and fund 2025–2029 Master Development Program capex.

Positive

• Ps. 10,718.0 million raised via two-tranche bond issuance
• Issuance oversubscribed 1.74x, indicating strong investor demand
• Both tranches rated Aaa.mx and mxAAA with stable outlook

Negative

• Fixed 9.87% interest on Ps. 7,951.0 million increases medium-term interest expense
• Long-term debt maturing March 18, 2036 extends interest and repayment obligations

Argus Apr 1 session

+0.69% close to close Open Argus

Details

News Market Reaction – PAC

On Apr 1, the first trading day after this news, PAC closed 0.69% above the previous close.

Data tracked by StockTitan Argus for the Apr 1 session.

Key Figures

Total bond issuance: Ps. 10,718.0 million Oversubscription level: 1.74x GAP 26 tranche size: Ps. 2,767.0 million +5 more

Total bond issuance

Ps. 10,718.0 million

Total amount of long-term bond certificates issued in Mexico

Oversubscription level

1.74x

Demand versus announced bond amount

GAP 26 tranche size

Ps. 2,767.0 million

Three-year variable-rate bond due March 27, 2029

GAP 26 interest spread

TIIE funding rate + 45 bps

Variable coupon reset every 28 days

GAP 26-2 tranche size

Ps. 7,951.0 million

Ten-year fixed-rate bond due March 18, 2036

GAP 26-2 coupon

9.87%

Fixed interest rate paid every 182 days

CBX stake acquired

25%

Bond proceeds to finance acquisition of CBX ownership interest

Master Development horizon

2025–2029

Program period for capital expenditures funded by issuance

Historical Context

5 past events · Latest: Mar 23

5 events

1. Mar 23

   Bond maturity payment

   24h Move

   +2.9%

   Used new Ps.1,120.0m credit facility to fully pay bond GAP 23L.

2. Mar 23

   Sustainability KPI assurance

   24h Move

   +0.0%

   Independent assurance confirmed emissions-reduction KPI tied to multiple SLBs.

3. Mar 19

   Loan refinancing

   24h Move

   -2.0%

   Refinanced USD$95.5m bank loan with new short-term BBVA México facility.

4. Mar 09

   Shareholder meeting call

   24h Move

   +0.7%

   Called AGM with proposed dividend and new MXN 2.5bn share repurchase plan.

5. Mar 06

   Traffic update

   24h Move

   -0.4%

   Reported 5.5% YoY February passenger decline driven by storms and cancellations.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

certificados bursátiles, basis points, tiie funding rate, aaa.mx

4 terms

certificados bursátiles financial

"issuance in the Mexican market of 107.18 million long-term bond certificates (certificados bursátiles)"

Tradable debt certificates issued by a company or financial institution that act like a loan you can buy and sell on the stock market; think of them as an IOU the issuer promises to repay with interest. They matter to investors because they offer a way to earn regular income and diversify holdings, while exposing buyers to credit risk (will the issuer repay?) and market risk (prices move with interest rates and demand).

basis points financial

"at a variable rate equal to TIIE funding rate plus 45 basis points"

Basis points are a way to measure small changes in interest rates or percentages, where one basis point equals 0.01%. For example, if a loan's interest rate increases by 50 basis points, it's gone up by 0.50%. They help people understand tiny differences in rates that can add up over time, making financial comparisons clearer.

tiie funding rate financial

"Interest will be payable every 28 days at a variable rate equal to TIIE funding rate plus 45 basis points"

The TIIE funding rate is the short-term cost of borrowing or lending that is tied to Mexico’s interbank reference interest rate (TIIE) and is used to calculate interest on loans, swaps and other cash-management products. Investors monitor it because changes alter corporate financing costs, bond yields and derivative pricing—similar to how gasoline price shifts change transportation costs, small moves in this rate can materially affect company expenses and investment valuations.

aaa.mx financial

"Both issuances obtained the highest credit ratings on the national scale: “Aaa.mx” by Moody’s"

aaa.mx is a stock ticker symbol used to identify and track a specific company's publicly traded shares on the Mexican Stock Exchange; the “.mx” suffix shows the listing is in Mexico. Investors use ticker symbols like this as a quick address for looking up a stock’s price, trading volume, historical performance and company filings—think of it as the company’s license plate on the exchange that makes buying, selling and following news about the stock possible.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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GUADALAJARA, Mexico, March 31, 2026 (GLOBE NEWSWIRE) -- Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (NYSE: PAC; BMV: GAP) (the “Company” or “GAP”) announces that today it successfully completed the issuance in the Mexican market of 107.18 million long-term bond certificates (certificados bursátiles), for a total amount of Ps. 10,718.0 million.

The issuance was carried out through two tranches and reached an oversubscription of 1.74x over the announced amount.

The main characteristics of the transaction are as follows:

• “GAP 26”: Issuance of 27.67 million long-term debt securities with a three-year maturity, each with a nominal value of Ps. 100.0, for a total amount of Ps. 2,767.0 million. Interest will be payable every 28 days at a variable rate equal to TIIE funding rate plus 45 basis points. Principal payment is due at maturity, on March 27, 2029, with an option for early amortization.
• “GAP 26-2”: Issuance of 79.51 million long-term debt securities with a ten-year maturity, each with a nominal value of Ps. 100.0, for a total amount of Ps. 7,951.0 million. Interest will be payable every 182 days at a fixed rate of 9.87%. Principal payment is due at maturity, on March 18, 2036, with an option for early amortization.
  
  

Both issuances obtained the highest credit ratings on the national scale: “Aaa.mx” by Moody’s and “mxAAA” by S&P, with a stable outlook.

The proceeds from the issuance will be primarily used to finance the acquisition of the 25% stake in Cross Border Xpress (“CBX”), as well as to fund capital expenditures in line with the 2025–2029 Master Development Program.

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 100% of Desarrollo de Concessioner Aeroportuarias, S.L., which owns a majority stake in MBJ Airports Limited, a company operating Sangster International Airport in Montego Bay, Jamaica. In October 2018, GAP entered into a concession agreement for the Norman Manley International Airport operation in Kingston, Jamaica, and took control of the operation in October 2019.

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	Facebook: AeropuertosGAP X: @aeropuertosGAP Instagram: @aeropuertosgap
Gisela Murillo, Investor Relations	gmurillo@aeropuertosgap.com.mx +52 33 3880 1100 ext. 20294

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did PAC announce on April 1, 2026 about the Ps. 10,718.0 million bond issuance?

PAC announced the successful issuance of Ps. 10,718.0 million in long-term bonds on March 31, 2026. According to the company, the offering comprised two tranches, was 1.74x oversubscribed, and will fund a CBX stake and 2025–2029 capex.

What are the terms of PAC’s GAP 26 three-year tranche issued March 31, 2026?

GAP 26 is Ps. 2,767.0 million of three-year notes paying interest at TIIE plus 45 basis points. According to the company, principal is due March 27, 2029, with an option for early amortization.

What are the terms of PAC’s GAP 26-2 ten-year tranche and its interest rate?

GAP 26-2 is Ps. 7,951.0 million of ten-year notes with a fixed interest rate of 9.87%. According to the company, interest is paid every 182 days and principal is due March 18, 2036.

How will PAC use the proceeds from the Ps. 10,718.0 million bond issuance (PAC)?

The company will primarily use proceeds to finance the acquisition of a 25% stake in Cross Border Xpress and to fund capital expenditures. According to the company, capex aligns with the 2025–2029 Master Development Program.

How did credit rating agencies rate PAC’s March 31, 2026 bond issuance (PAC)?

Both tranches received the highest national scale ratings: Aaa.mx from Moody’s and mxAAA from S&P, with a stable outlook. According to the company, these ratings applied to the issued long-term debt.