Grupo Aeroportuario del Pacifico Announces Credit Line Refinancing for Ps. 1.5 Billion

Rhea-AI Summary

Grupo Aeroportuario del Pacífico (NYSE: PAC; BMV: GAP) has successfully refinanced a credit facility with Banco Santander México for Ps. 1.5 billion. The refinancing extends the maturity by 12 months, with the new maturity date set for October 17, 2025. The terms include:

• Monthly interest payments at a variable rate of TIIE-28 plus 38 basis points
• No fees
• Principal payment due on the maturity date

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

• Successful refinancing of Ps. 1.5 billion credit facility
• 12-month extension of maturity date
• No fees associated with the refinancing

Negative

• None.

Insights

Financial Analyst

The refinancing of Grupo Aeroportuario del Pacífico's (GAP) Ps. 1.5 billion credit facility with Banco Santander México is a strategic move that strengthens the company's financial position. By extending the maturity by 12 months, GAP has effectively improved its short-term liquidity and cash flow management.

The new terms, including a variable interest rate of TIIE-28 plus 38% basis points, appear favorable in the current market environment. The absence of fees is particularly noteworthy, as it reduces the overall cost of this refinancing.

For investors, this refinancing demonstrates GAP's proactive approach to debt management and its strong relationship with lenders. It provides financial flexibility and could potentially free up resources for operational needs or strategic investments across its portfolio of 12 Mexican airports and two Jamaican airports.

While this news is positive for GAP's financial stability, its impact on the stock price may be as it represents a continuation of prudent financial management rather than a transformative event.

GUADALAJARA, Mexico, Oct. 18, 2024 (GLOBE NEWSWIRE) -- Grupo Aeroportuario del Pacífico, S.A.B. de C.V., (NYSE: PAC; BMV: GAP) (“the Company” or “GAP”) announces that the Company has completed the refinancing of the credit facility that matured today with Banco Santander México, S.A. (“Santander”) for Ps. 1.5 billion, extending the maturity by 12 months. The interest will be payable monthly at a variable rate of TIIE-28 plus 38 basis points, without fees, and principal payment on October 17, 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 credit facility with Santander?

The new maturity date for Grupo Aeroportuario del Pacífico's (PAC) refinanced credit facility with Banco Santander México is October 17, 2025.

How much is the refinanced credit line for Grupo Aeroportuario del Pacífico (PAC)?

The refinanced credit line for Grupo Aeroportuario del Pacífico (PAC) is for Ps. 1.5 billion.

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

The interest terms for GAP's (PAC) refinanced credit facility are monthly payments at a variable rate of TIIE-28 plus 38 basis points.

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

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