Ps.10.7B bond sale funds CBX stake for Grupo Aeroportuario (NYSE: PAC)
Rhea-AI Filing Summary
Grupo Aeroportuario del Pacífico completed a long-term bond issuance in the Mexican market totaling Ps. 10,718.0 million, split into two tranches and reportedly 1.74 times oversubscribed. This adds significant peso-denominated debt funding to support its growth plans.
The first tranche, “GAP 26”, issued 27.67 million securities for Ps. 2,767.0 million, maturing in March 2029 with interest every 28 days at a variable rate of the TIIE funding rate plus 45 basis points. The second tranche, “GAP 26-2”, issued 79.51 million securities for Ps. 7,951.0 million, maturing in March 2036 with a fixed rate of 9.87% and semiannual interest.
Both tranches received top national-scale credit ratings of “Aaa.mx” from Moody’s and “mxAAA” from S&P. The company plans to use the proceeds primarily to finance the acquisition of a 25% stake in Cross Border Xpress (CBX) and to fund capital expenditures under its 2025–2029 Master Development Program.
Positive
- None.
Negative
- None.
Insights
Large, top-rated peso bond issue funds CBX stake and capex.
Grupo Aeroportuario del Pacífico raised Ps. 10,718.0 million through two long-term bond tranches. One uses a floating rate over the TIIE funding rate, the other locks in a 9.87% fixed coupon to 2036, creating a mix of rate exposures.
Both tranches carry the highest national ratings, Aaa.mx and mxAAA, indicating rating agencies view the issuer’s credit quality favorably on the Mexican scale. The 1.74x oversubscription suggests strong investor demand at the offered terms, within this market context.
Proceeds are earmarked mainly for acquiring a 25% stake in Cross Border Xpress and for the 2025–2029 Master Development Program capex. Future filings can clarify how this added leverage interacts with cash flows from Mexican and Jamaican airport assets over the bond maturities.
Key Figures
Key Terms
certificados bursátiles financial
TIIE funding rate financial
Master Development Program financial
forward-looking statements regulatory
whistleblower program regulatory
Aaa.mx financial
FAQ
What did Grupo Aeroportuario del Pacífico (PAC) issue in March 2026?
What are the key terms of GAP’s GAP 26 bond tranche?
What are the key terms of GAP’s GAP 26-2 bond tranche?
How were Grupo Aeroportuario del Pacífico’s new bonds rated?
How will Grupo Aeroportuario del Pacífico use the bond proceeds?
What airports does Grupo Aeroportuario del Pacífico (PAC) operate?
AI-generated analysis. How Rhea-AI works. Not financial advice.