Grupo Aeroportuario del Pacífico successfully issued Ps. 10.7 billion in long-term bonds, oversubscribed 1.74x, financing acquisitions and capital expenditures.
Quiver AI Summary
Grupo Aeroportuario del Pacífico (GAP) announced the successful issuance of 107.18 million long-term bond certificates in the Mexican market, totaling Ps. 10,718.0 million, with an oversubscription of 1.74 times the announced amount. The offering included two tranches: “GAP 26” for three years, totaling Ps. 2,767.0 million at a variable interest rate, and “GAP 26-2” for ten years, totaling Ps. 7,951.0 million at a fixed rate of 9.87%. Both tranches received top credit ratings and the proceeds will finance a 25% stake acquisition in Cross Border Xpress and support GAP's Master Development Program for 2025-2029. GAP operates 12 airports in Mexico's Pacific region and has expanded its operations to airports in Jamaica. The announcement also indicates a commitment to transparency and employee safety through a whistleblower program.
Potential Positives
- Successful issuance of 107.18 million long-term bond certificates, demonstrating strong market confidence with an oversubscription of 1.74x.
- Obtained the highest credit ratings of “Aaa.mx” from Moody’s and “mxAAA” from S&P, indicating solid financial stability and low credit risk.
- Proceeds will fund the acquisition of a 25% stake in Cross Border Xpress and support capital expenditures in alignment with the 2025–2029 Master Development Program, positioning the company for future growth.
Potential Negatives
- The issuance of long-term bonds indicates that the company may have significant ongoing financing needs, which could raise concerns about liquidity and financial stability.
- The company is using the proceeds to finance an acquisition and capital expenditures, which may suggest reliance on debt rather than strengthening operational cash flows.
- The forward-looking statements include risks and uncertainties, highlighting that there is no guarantee the expected events or financial results will materialize, which could affect investor confidence.
FAQ
What was the total amount raised from GAP's bond issuance?
The total amount raised from Grupo Aeroportuario del Pacífico's bond issuance was Ps. 10,718.0 million.
What are the maturities of the two tranches issued by GAP?
The tranches have maturities of three years for “GAP 26” and ten years for “GAP 26-2.”
How were the bonds rated by credit agencies?
Both issuances received the highest credit ratings: “Aaa.mx” from Moody’s and “mxAAA” from S&P.
What will the proceeds from the bond issuance be used for?
The proceeds will primarily finance the acquisition of a 25% stake in Cross Border Xpress and capital expenditures.
When did Grupo Aeroportuario del Pacífico go public?
GAP's shares were listed on the New York Stock Exchange and the Mexican Stock Exchange in February 2006.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
Full Release
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.
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“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 [email protected] . GAP’s Audit Committee will be notified of all complaints for immediate investigation.
| Alejandra Soto, Investor Relations and Social Responsibility Officer | [email protected] |
Facebook: AeropuertosGAP
X: @aeropuertosGAP Instagram: @aeropuertosgap |
| Gisela Murillo, Investor Relations |
[email protected]
+52 33 3880 1100 ext. 20294 |
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