Grupo Aeroportuario del Pacifico Announces Issuance of Bond Certificates in Mexico for Ps. 6.0 Billion
Grupo Aeroportuario del Pacifico (NYSE:PAC) has successfully completed a Ps. 6.0 billion bond certificate issuance in Mexico through two tranches. The issuance, which was oversubscribed by 3.4x, consists of:
1. A Ps. 3.0 billion issuance ('GAP 25') with variable rate TIIE+50bps, payable every 28 days, maturing February 1, 2028
2. A Ps. 3.0 billion reopening of 'GAP22-2' with 9.67% fixed rate, payable every 182 days, maturing March 4, 2032
Both issuances received top credit ratings in Mexico: 'Aaa.mx' from Moody's and 'mxAAA' from S&P. The proceeds will be used to repay existing debt certificates 'GAP 20' (Ps. 3.0 billion) and 'GAP 21' (Ps. 2.5 billion), with remaining funds allocated to Master Development Program investments and commercial investments for 2025.
Grupo Aeroportuario del Pacifico (NYSE:PAC) ha completato con successo un'emissione di certificati obbligazionari del valore di Ps. 6,0 miliardi in Messico attraverso due tranche. L'emissione, che è stata sopravvenuta di 3,4 volte, consiste in:
1. Un'emissione di Ps. 3,0 miliardi ('GAP 25') con tasso variabile TIIE+50bps, pagabile ogni 28 giorni, con scadenza il 1° febbraio 2028
2. Un riapertura di Ps. 3,0 miliardi di 'GAP22-2' con un tasso fisso del 9,67%, pagabile ogni 182 giorni, con scadenza il 4 marzo 2032
Entrambe le emissioni hanno ricevuto i massimi rating di credito in Messico: 'Aaa.mx' da Moody's e 'mxAAA' da S&P. I proventi saranno utilizzati per ripagare certificati di debito esistenti 'GAP 20' (Ps. 3,0 miliardi) e 'GAP 21' (Ps. 2,5 miliardi), con i fondi rimanenti destinati a investimenti nel Programma di Sviluppo Master e investimenti commerciali per il 2025.
Grupo Aeroportuario del Pacifico (NYSE:PAC) ha completado con éxito una emisión de certificados de bonos de Ps. 6.0 mil millones en México a través de dos tramos. La emisión, que fue sobre suscrita en 3.4 veces, consiste en:
1. Una emisión de Ps. 3.0 mil millones ('GAP 25') con tasa variable TIIE+50bps, pagadera cada 28 días, con vencimiento el 1 de febrero de 2028
2. Una reapertura de Ps. 3.0 mil millones de 'GAP22-2' con una tasa fija del 9.67%, pagadera cada 182 días, con vencimiento el 4 de marzo de 2032
Ambas emisiones recibieron las mejores calificaciones crediticias en México: 'Aaa.mx' de Moody's y 'mxAAA' de S&P. Los ingresos se utilizarán para pagar certificados de deuda existentes 'GAP 20' (Ps. 3.0 mil millones) y 'GAP 21' (Ps. 2.5 mil millones), con los fondos restantes asignados a inversiones en el Programa de Desarrollo Master y a inversiones comerciales para el 2025.
태평양 공항 그룹 (NYSE:PAC)은 두 개의 트랜치로 구성된 60억 페소 규모의 채권 증서 발행을 멕시코에서 성공적으로 완료했습니다. 이 발행은 3.4배 초과 청약되었습니다. 발행 내역은 다음과 같습니다:
1. 가변 금리 TIIE+50bps로 매 28일마다 지급되는 Ps. 30억 규모의 발행('GAP 25'), 만기일은 2028년 2월 1일
2. 9.67% 고정 금리의 Ps. 30억 규모 재개발 'GAP22-2', 매 182일마다 지급, 만기일은 2032년 3월 4일
두 발행 모두 멕시코에서 최고 신용 등급을 받았습니다: Moody's의 'Aaa.mx'와 S&P의 'mxAAA'. 수익금은 기존 채무 증서 'GAP 20' (Ps. 30억)와 'GAP 21' (Ps. 25억)을 상환하는 데 사용되며, 남은 자금은 2025년 마스터 개발 프로그램 투자 및 상업 투자에 배정될 예정입니다.
Grupo Aeroportuario del Pacifico (NYSE:PAC) a réussi à réaliser une émission de certificats d'obligation d'un montant de 6,0 milliards de Ps. au Mexique à travers deux tranches. L'émission, qui a été sursouscrite 3,4 fois, se compose de :
1. Une émission de 3,0 milliards de Ps. ('GAP 25') avec un taux variable TIIE+50bps, payable tous les 28 jours, arrivant à échéance le 1er février 2028
2. Une réouverture de 3,0 milliards de Ps. de 'GAP22-2' avec un taux fixe de 9,67 %, payable tous les 182 jours, arrivant à échéance le 4 mars 2032
Les deux émissions ont reçu les meilleures notations de crédit au Mexique : 'Aaa.mx' de Moody's et 'mxAAA' de S&P. Les recettes seront utilisées pour rembourser les certificats de dette existants 'GAP 20' (3,0 milliards de Ps.) et 'GAP 21' (2,5 milliards de Ps.), les fonds restants étant alloués à des investissements dans le Programme de Développement Master et à des investissements commerciaux pour 2025.
Grupo Aeroportuario del Pacifico (NYSE:PAC) hat erfolgreich eine Schuldverschreibung in Höhe von 6,0 Milliarden Ps. in Mexiko durch zwei Tranchen abgeschlossen. Die Emission, die um das 3,4-fache überzeichnet war, besteht aus:
1. Einer Emission von 3,0 Milliarden Ps. ('GAP 25') mit variablem Zinssatz TIIE+50bps, zahlbar alle 28 Tage, mit Fälligkeit am 1. Februar 2028
2. Einer Wiedereröffnung von 3,0 Milliarden Ps. von 'GAP22-2' mit einem festen Zinssatz von 9,67%, zahlbar alle 182 Tage, mit Fälligkeit am 4. März 2032
Beide Emissionen erhielten die höchsten Kreditratings in Mexiko: 'Aaa.mx' von Moody's und 'mxAAA' von S&P. Die Erlöse werden verwendet, um bestehende Schuldtitel 'GAP 20' (3,0 Milliarden Ps.) und 'GAP 21' (2,5 Milliarden Ps.) zurückzuzahlen, wobei die verbleibenden Mittel in Investitionen für das Master Development Program und für kommerzielle Investitionen im Jahr 2025 fließen.
- Strong market demand with 3.4x oversubscription
- Highest possible credit ratings obtained (Aaa.mx/mxAAA)
- Successful debt refinancing extending maturity dates
- Greenshoe option of 20% fully exercised
- Increased debt load with Ps. 6.0 billion new issuance
- Higher interest rate on fixed-rate portion (9.67%)
Insights
GAP's latest Ps. 6.0 billion bond issuance represents a masterclass in strategic debt management and market timing. The 3.4x oversubscription reflects exceptional investor confidence in GAP's credit profile, supported by their dual 'AAA' ratings from leading agencies. The company's sophisticated dual-tranche approach merits particular attention:
The first tranche's floating rate structure (TIIE + 50bps) provides flexibility in a dynamic rate environment, while the second tranche's fixed 9.67% rate locks in long-term funding costs. The 101.026277 pricing on the reopened tranche suggests strong secondary market demand and positive yield curve positioning.
This refinancing operation achieves three critical objectives: 1) Proactively addresses Ps. 5.5 billion in upcoming 2025 maturities, eliminating near-term refinancing risk 2) Extends the debt maturity profile significantly, with new maturities in 2028 and 2032 3) Secures additional capital for strategic infrastructure investments under the Master Development Program.
The timing is particularly strategic as it:
- Takes advantage of current market conditions before potential volatility
- Maintains financial flexibility through the early amortization options
- Demonstrates proactive liability management by addressing maturities well in advance
The successful execution of this issuance strengthens GAP's financial position and supports its growth initiatives across its 14-airport portfolio, including strategic Mexican markets and Jamaican operations. The strong investor response and premium pricing validate GAP's market-leading position in airport infrastructure development.
GUADALAJARA, Mexico, Feb. 04, 2025 (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 of 60 million long-term bond certificates in Mexico (Certificados Bursátiles) for a total amount of Ps. 6.0 billion (six billion Pesos 00/100 M.N.). The issuance was carried through two tranches. The issuance amount was up to Ps. 5.0 billion with a greenshoe option of up to
The bond certificates were issued in accordance with the following terms:
- Issuance of 30 million debt certificates with ticker symbol “GAP 25,” with a nominal value of Ps. 100 (one hundred Pesos 00/100) each, for a total amount of Ps. 3.0 billion (three billion Pesos 00/100 M.N.). Interest payable every 28 days at a variable rate of TIIE funding plus 50 basis points; principal payment due at maturity on February 1, 2028, with an option for early amortization.
- Issuance of 30 million debt certificates for a total amount of Ps. 3.0 billion (three billion Pesos 00/100 M.N.). This issuance corresponds to the first reopening of the long-term debt certificates issuance “GAP22-2,” originally issued on March 17, 2022, with the same characteristics as the original issuance. Interest is payable every 182 days at a fixed rate of
9.67% ; principal payment due at maturity on March 4, 2032, with an option for early amortization. The placement price was Ps. 101.026277 (one hundred one Pesos 026277/1000000 M.N.) each. This price was calculated considering that the additional debt certificates will receive the corresponding interest for the entire ongoing interest period of the original debt certificates and in accordance with the applicable spread for the additional debt certificates.
The issuances obtained the highest credit ratings in Mexico: “Aaa.mx” by Moody’s and “mxAAA” by S&P, both on a national scale with a stable outlook.
The proceeds from these issuances will be used to pay off the principal of the debt certificates with ticker symbol “GAP 20,” issued on February 13, 2020, and maturing on February 6, 2025, for an amount of Ps. 3.0 billion, as well as “GAP 21,” issued on May 7, 2021, and maturing on May 2, 2025, for an amount of Ps. 2.5 billion. The remaining funds will be used to fulfill committed investments under the Master Development Program for the 2025 fiscal year in Mexico and for commercial investments.
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 |
FAQ
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