Grupo Aeroportuario del Pacifico Announces a Drawdown of a Credit Line for Ps. 875.0 Million
Grupo Aeroportuario del Pacifico (GAP), operating 12 airports across Mexico's Pacific region, has drawn down Ps. 875.0 million from a BBVA México credit facility. The loan carries a variable interest rate of TIIE-28 plus 20 basis points, with monthly interest payments and principal due on June 19, 2025. Proceeds will finance the acquisition of 51.5% of Guadalajara World Trade Center (GWTC) shares, aligning with a previous announcement on June 11. The company is listed on both the New York (PAC) and Mexican (GAP) stock exchanges.
- GAP secured Ps. 875.0 million in funding.
- Proceeds allocated for acquiring 51.5% of GWTC shares.
- Loan has no fees and a 12-month term.
- Loan repayment due in one year, adding financial obligations.
- Interest subject to variable rate fluctuations.
Insights
The drawdown of
The use of credit to finance this acquisition may affect GAP's debt ratios temporarily, but if the acquisition of GWTC yields the expected growth in revenue, it could prove to be a positive move. Investors should keep an eye on how GAP manages its newly acquired asset and whether it achieves the synergies and financial performance it anticipates.
The acquisition of 51.5% of GWTC is significant as it positions GAP to capitalize on the business and trade activities in Guadalajara, one of Mexico's key economic hubs. This move aligns with GAP's strategy of controlling critical infrastructure nodes. The short-term effect on GAP's stock might be volatile due to the additional debt, but the long-term outlook appears promising if GWTC boosts GAP’s revenue and operational efficiency.
Retail investors should consider the potential for increased airport traffic and business activity in Guadalajara, which could drive growth. Additionally, the tourism sector in the region could benefit, indirectly boosting GAP's existing airport operations.
The acquisition of a majority stake in GWTC and the drawdown of credit involve careful legal considerations, especially regarding compliance with local and international regulations. Ensuring the legality of the acquisition and the terms of the credit agreement are important for shareholder confidence. Any legal hiccups could delay the benefits expected from this acquisition, impacting investor sentiment.
Moreover, given GAP's past successful acquisitions and operations, such as their management of international airports in Jamaica, there is a precedent for effective integration and operation. Legal stability and solid regulatory alignment can be expected, which bodes well for the company.
GUADALAJARA, Mexico, June 20, 2024 (GLOBE NEWSWIRE) -- Grupo Aeroportuario del Pacífico, S.A.B. de C.V., (NYSE: PAC; BMV: GAP) (“the Company” or “GAP”) announces that yesterday drawdown of Ps. 875.0 million from a credit facility with BBVA México, S.A., at a 12-month term. Interest will be payable monthly at a variable rate of TIIE-28 plus 20 basis points, and principal payment due upon maturity on June 19, 2025, without fees.
Proceeds from this loan will be allocated to pay and close the acquisition of
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 |
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