Grupo Aeroportuario del Pacífico Announces the Ps.1.5 Billion Drawdown From Available Credit Facility

Rhea-AI Summary

Grupo Aeroportuario del Pacífico (PAC) announced a drawdown of Ps. 1.5 billion from a credit facility with Scotiabank Inverlat, with a 12-month term and a possible 6-month extension. The variable interest rate is TIIE-28 plus 38 basis points, with principal due at maturity. The funds will finance capital investments and support general corporate purposes. GAP operates 12 airports in Mexico's Pacific region, enhancing its infrastructure and operational capacity to bolster growth opportunities.

Positive

• Secured Ps. 1.5 billion in credit to finance capital investments and corporate purposes.
• Potential extension of the credit facility by another 6 months.

Negative

• Interest payments are linked to a variable rate, potentially increasing financial costs.

GUADALAJARA, Mexico, Nov. 07, 2022 (GLOBE NEWSWIRE) -- Grupo Aeroportuario del Pacífico, S.A.B. de C.V., (NYSE: PAC; BMV: GAP) (“the Company” or “GAP”) informs regarding the drawdown of Ps. 1.5 billion from a credit facility with Scotiabank Inverlat, at a 12-month term, with a possible extension of 6 additional months. Interest will be payable monthly at a variable rate of TIIE-28 plus 38 basis points, and principal payment due upon maturity, without fees.

Proceeds from this loan will be allocated towards the financing of capital investments (CAPEX) and for general corporate purposes.

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 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 June 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 Alejandra Soto, IRO and Corporate Finance Director Gisela Murillo, Investor Relations

svillarreal@aeropuertosgap.com.mx asoto@aeropuertosgap.com.mx gmurillo@aeropuertosgap.com.mx / +52-33-3880-1100 ext.20294

 

FAQ

What is the recent credit facility drawdown announced by Grupo Aeroportuario del Pacífico (PAC)?

Grupo Aeroportuario del Pacífico (PAC) has drawn down Ps. 1.5 billion from a credit facility with Scotiabank Inverlat to finance capital investments and for general corporate purposes.

What are the terms of the credit facility secured by PAC?

The credit facility has a 12-month term with a possible 6-month extension, and the interest is payable monthly at TIIE-28 plus 38 basis points.

How will the funds from the credit facility be used by Grupo Aeroportuario del Pacífico (PAC)?

The funds will be allocated towards financing capital investments and supporting general corporate purposes.

What impact does the drawdown have on PAC's financial health?

While the drawdown boosts available capital for investments, it introduces financial costs through variable interest payments tied to TIIE-28.