Grupo Aeroportuario del Pacifico Announces Credit Line Refinancing for USD$40.0 Million

Rhea-AI Summary

Grupo Aeroportuario del Pacífico (NYSE: PAC; BMV: GAP) has successfully refinanced a USD$40.0 million credit facility with Citibanamex that matured on September 26, 2024. The refinancing extends the maturity by 6 additional months, with the new principal payment due on March 21, 2025. The terms include:

• Monthly interest payments at a variable rate of SOFR plus 25 basis points
• No additional fees

GAP operates 12 airports in Mexico's Pacific region, including major cities and tourist destinations. The company also manages two airports in Jamaica: Sangster International Airport in Montego Bay and Norman Manley International Airport in Kingston.

Positive

• Successfully refinanced USD$40.0 million credit facility
• Extended maturity by 6 months, improving short-term liquidity
• No additional fees on the refinanced credit line

Negative

• Short-term extension of only 6 months may indicate potential future refinancing needs

Insights

Financial Analyst

The refinancing of GAP's $40 million credit facility with Citibanamex is a strategic move to manage short-term liquidity. By extending the maturity by 6 months, the company gains flexibility in its debt structure. The new terms, with interest based on SOFR plus 25 basis points, appear favorable given current market conditions.

This refinancing doesn't significantly alter GAP's financial position, given its $9.2 billion market cap. However, it demonstrates proactive financial management and access to credit markets. The lack of fees and short-term nature suggest confidence from lenders in GAP's creditworthiness.

Investors should monitor GAP's overall debt profile and cash flow generation from its diverse airport portfolio across Mexico and Jamaica. The company's ability to secure financing on favorable terms is positive, but the short extension indicates potential for further refinancing needs in the near future.

GUADALAJARA, Mexico, Sept. 26, 2024 (GLOBE NEWSWIRE) -- Grupo Aeroportuario del Pacífico, S.A.B. de C.V., (NYSE: PAC; BMV: GAP) (“the Company” or “GAP”) announces it has completed the refinancing of the credit facility that matured today with Banco Nacional de México, S.A., (“Citibanamex”) for USD$40.0 million, extending the maturity by 6 additional months. The interest will be payable monthly at a variable rate of SOFR plus 25 basis points, without fees, and principal payment on March 21, 2025.

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
Gisela Murillo, Investor Relations	gmurillo@aeropuertosgap.com.mx/+52 33 3880 1100 ext. 20294

FAQ

What is the new maturity date for GAP's refinanced USD$40 million credit facility?

The new maturity date for GAP's refinanced USD$40 million credit facility is March 21, 2025.

What are the interest terms for GAP's refinanced credit facility?

The interest for GAP's refinanced credit facility is payable monthly at a variable rate of SOFR plus 25 basis points.

How many airports does Grupo Aeroportuario del Pacífico (PAC) operate?

Grupo Aeroportuario del Pacífico (PAC) operates 12 airports throughout Mexico's Pacific region and 2 airports in Jamaica.

When did GAP (PAC) acquire the Norman Manley International Airport in Kingston, Jamaica?

GAP (PAC) entered into a concession agreement for the Norman Manley International Airport in Kingston, Jamaica, in October 2018 and took control of the operation in October 2019.