Grupo Aeroportuario del Pacifico Announces Early Payment of Bank Loans

Rhea-AI Summary

Grupo Aeroportuario del Pacífico (PAC) announced the prepayment of loans totaling Ps. 2.0 billion to Scotiabank and BBVA, aimed at enhancing its financial position. The loan to Scotiabank, due July 2021, was repaid using resources from a recent bond issuance, while the payment to BBVA, due May 2022, utilized the company's own funds. Both loans were secured during the pandemic for general corporate purposes. This strategic move underscores PAC's commitment to maintaining sound financial management amid ongoing uncertainties in the aviation sector.

Positive

• Prepayment of Ps. 2.0 billion loans improves financial stability.
• Use of bond issuance and own resources demonstrates strong liquidity.
• Strategic repayment aligns with risk management post-pandemic.

Negative

• None.

GUADALAJARA, Mexico, May 27, 2021 (GLOBE NEWSWIRE) -- Grupo Aeroportuario del Pacífico, S.A.B. de C.V., (NYSE: PAC; BMV: GAP) (“the Company” or “GAP”) informs that during the month of May it made the prepayment of the loans it had contracted with Scotiabank and BBVA for Ps. 1.0 billion each, with original maturity in July 2021 and May 2022, respectively.

These loans were contracted at the beginning of the pandemic, between April and May 2020, for general corporate purposes.

The payment to Scotiabank was made with the resources obtained from the last issuance of bond certificates, as reported on May 7, 2021, while the payment to BBVA was made with own resources.

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 Concesiones 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 operation of the Norman Manley International Airport 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 actually 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 may involve criminal conduct or violations. The telephone number in Mexico, facilitated by a third party that is in charge of collecting these complaints, is 01 800 563 00 47. The web site is www.lineadedenuncia.com/gap. GAP’s Audit Committee will be notified of all complaints for immediate investigation.

IR Contacts:
Saúl Villarreal, Chief Financial Officer	svillarreal@aeropuertosgap.com.mx
Alejandra Soto, IR and Financial Planning Manager	asoto@aeropuertosgap.com.mx
Gisela Murillo, Investor Relations	gmurillo@aeropuertosgap.com.mx / +52-33-3880-1100 ext. 20294

FAQ

What recent financial action did Grupo Aeroportuario del Pacífico (PAC) take?

PAC prepaid loans totaling Ps. 2.0 billion to Scotiabank and BBVA, enhancing its financial stability.

How did PAC finance the prepayment of its loans?

PAC financed the prepayment to Scotiabank with the proceeds from a recent bond issuance and the payment to BBVA with its own resources.

What was the purpose of the loans taken by PAC during the pandemic?

The loans were contracted for general corporate purposes during the pandemic.

What are the due dates of the loans prepaid by PAC?

The loan to Scotiabank was due in July 2021, and the loan to BBVA was due in May 2022.