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Ps.10.7B bond sale funds CBX stake for Grupo Aeroportuario (NYSE: PAC)

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
6-K

Rhea-AI Filing Summary

Grupo Aeroportuario del Pacífico completed a long-term bond issuance in the Mexican market totaling Ps. 10,718.0 million, split into two tranches and reportedly 1.74 times oversubscribed. This adds significant peso-denominated debt funding to support its growth plans.

The first tranche, “GAP 26”, issued 27.67 million securities for Ps. 2,767.0 million, maturing in March 2029 with interest every 28 days at a variable rate of the TIIE funding rate plus 45 basis points. The second tranche, “GAP 26-2”, issued 79.51 million securities for Ps. 7,951.0 million, maturing in March 2036 with a fixed rate of 9.87% and semiannual interest.

Both tranches received top national-scale credit ratings of “Aaa.mx” from Moody’s and “mxAAA” from S&P. The company plans to use the proceeds primarily to finance the acquisition of a 25% stake in Cross Border Xpress (CBX) and to fund capital expenditures under its 2025–2029 Master Development Program.

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Insights

Large, top-rated peso bond issue funds CBX stake and capex.

Grupo Aeroportuario del Pacífico raised Ps. 10,718.0 million through two long-term bond tranches. One uses a floating rate over the TIIE funding rate, the other locks in a 9.87% fixed coupon to 2036, creating a mix of rate exposures.

Both tranches carry the highest national ratings, Aaa.mx and mxAAA, indicating rating agencies view the issuer’s credit quality favorably on the Mexican scale. The 1.74x oversubscription suggests strong investor demand at the offered terms, within this market context.

Proceeds are earmarked mainly for acquiring a 25% stake in Cross Border Xpress and for the 2025–2029 Master Development Program capex. Future filings can clarify how this added leverage interacts with cash flows from Mexican and Jamaican airport assets over the bond maturities.

Total bond issuance Ps. 10,718.0 million Long-term bond certificates issued in Mexican market
Oversubscription level 1.74x Investor demand versus announced bond amount
GAP 26 tranche size Ps. 2,767.0 million 27.67 million securities, matures March 27, 2029
GAP 26 interest terms TIIE + 45 bps Variable rate, interest payable every 28 days
GAP 26-2 tranche size Ps. 7,951.0 million 79.51 million securities, matures March 18, 2036
GAP 26-2 coupon 9.87% Fixed interest rate, semiannual payments every 182 days
CBX stake financed 25% Equity interest in Cross Border Xpress targeted with proceeds
Moody’s national rating Aaa.mx Highest national-scale rating on both bond tranches
certificados bursátiles financial
"successfully completed the issuance in the Mexican market of 107.18 million long-term bond certificates (certificados bursátiles)"
Tradable debt certificates issued by a company or financial institution that act like a loan you can buy and sell on the stock market; think of them as an IOU the issuer promises to repay with interest. They matter to investors because they offer a way to earn regular income and diversify holdings, while exposing buyers to credit risk (will the issuer repay?) and market risk (prices move with interest rates and demand).
TIIE funding rate financial
"Interest will be payable every 28 days at a variable rate equal to TIIE funding rate plus 45 basis points."
The TIIE funding rate is the short-term cost of borrowing or lending that is tied to Mexico’s interbank reference interest rate (TIIE) and is used to calculate interest on loans, swaps and other cash-management products. Investors monitor it because changes alter corporate financing costs, bond yields and derivative pricing—similar to how gasoline price shifts change transportation costs, small moves in this rate can materially affect company expenses and investment valuations.
Master Development Program financial
"fund capital expenditures in line with the 2025–2029 Master Development Program."
forward-looking statements regulatory
"This press release may contain forward-looking statements."
Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.
whistleblower program regulatory
"GAP has implemented a “whistleblower” program, which allows complainants to anonymously and confidentially report suspected activities"
A whistleblower program lets employees or outsiders confidentially report suspected fraud, legal violations, or unsafe practices to regulators or a company, often with protection from retaliation and sometimes monetary rewards. Think of it as an alarm button that brings hidden problems into the open. Investors care because such reports can trigger investigations, fines, lawsuits or corrective fixes that affect a company’s finances, reputation and stock value.
Aaa.mx financial
"Both issuances obtained the highest credit ratings on the national scale: “Aaa.mx” by Moody’s"
aaa.mx is a stock ticker symbol used to identify and track a specific company's publicly traded shares on the Mexican Stock Exchange; the “.mx” suffix shows the listing is in Mexico. Investors use ticker symbols like this as a quick address for looking up a stock’s price, trading volume, historical performance and company filings—think of it as the company’s license plate on the exchange that makes buying, selling and following news about the stock possible.
 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE
ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934

For the month of March 2026

Commission File Number: 001-32751

GRUPO AEROPORTUARIO DEL PACÍFICO S.A.B. DE C.V.
(PACIFIC AIRPORT GROUP)

(Translation of registrant's name into English)

México
(Jurisdiction of incorporation or organization)

Avenida Mariano Otero No. 1249-B
Torre Pacifico, Piso 6
Col. Rinconada del Bosque
44530 Guadalajara, Jalisco, México
(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F [ X ]      Form 40-F [   ]


Grupo Aeroportuario del Pacifico Announces the Issuance of Bond Certificates for Ps. 10,718.0 Million

GUADALAJARA, Mexico, March 31, 2026 (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 in the Mexican market of 107.18 million long-term bond certificates (certificados bursátiles), for a total amount of Ps. 10,718.0 million.

The issuance was carried out through two tranches and reached an oversubscription of 1.74x over the announced amount.

The main characteristics of the transaction are as follows:

  • “GAP 26”: Issuance of 27.67 million long-term debt securities with a three-year maturity, each with a nominal value of Ps. 100.0, for a total amount of Ps. 2,767.0 million. Interest will be payable every 28 days at a variable rate equal to TIIE funding rate plus 45 basis points. Principal payment is due at maturity, on March 27, 2029, with an option for early amortization.
  • “GAP 26-2”: Issuance of 79.51 million long-term debt securities with a ten-year maturity, each with a nominal value of Ps. 100.0, for a total amount of Ps. 7,951.0 million. Interest will be payable every 182 days at a fixed rate of 9.87%. Principal payment is due at maturity, on March 18, 2036, with an option for early amortization.

Both issuances obtained the highest credit ratings on the national scale: “Aaa.mx” by Moody’s and “mxAAA” by S&P, with a stable outlook.

The proceeds from the issuance will be primarily used to finance the acquisition of the 25% stake in Cross Border Xpress (“CBX”), as well as to fund capital expenditures in line with the 2025–2029 Master Development Program.

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 Facebook: AeropuertosGAP
X: @aeropuertosGAP
Instagram: @aeropuertosgap
   
Gisela Murillo, Investor Relations gmurillo@aeropuertosgap.com.mx
+52 33 3880 1100 ext. 20294
     


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

        Grupo Aeroportuario del Pacífico, S.A.B. de C.V.    
    (Registrant)
     
   
Date: March 31, 2026       /s/ SAÚL VILLARREAL GARCÍA    
    Saúl Villarreal García
    Chief Financial Officer
   

FAQ

What did Grupo Aeroportuario del Pacífico (PAC) issue in March 2026?

Grupo Aeroportuario del Pacífico issued long-term bond certificates totaling Ps. 10,718.0 million. The debt was placed in the Mexican market in two tranches and attracted 1.74x oversubscription from investors, indicating strong demand at the offered terms.

What are the key terms of GAP’s GAP 26 bond tranche?

The GAP 26 tranche totals Ps. 2,767.0 million, with 27.67 million securities at Ps. 100.0 each. It matures on March 27, 2029, pays interest every 28 days at the TIIE funding rate plus 45 basis points, and allows early amortization.

What are the key terms of GAP’s GAP 26-2 bond tranche?

The GAP 26-2 tranche totals Ps. 7,951.0 million, with 79.51 million securities at Ps. 100.0 each. It carries a fixed interest rate of 9.87%, pays interest every 182 days, matures on March 18, 2036, and includes an early amortization option.

How were Grupo Aeroportuario del Pacífico’s new bonds rated?

Both bond tranches received the highest national-scale credit ratings. Moody’s assigned an “Aaa.mx” rating and S&P assigned “mxAAA”, each with a stable outlook. These ratings reflect strong perceived credit quality in the Mexican market context.

How will Grupo Aeroportuario del Pacífico use the bond proceeds?

The company plans to use the Ps. 10,718.0 million primarily to finance acquiring a 25% stake in Cross Border Xpress (CBX). Remaining funds will support capital expenditures under its 2025–2029 Master Development Program across its airport portfolio.

What airports does Grupo Aeroportuario del Pacífico (PAC) operate?

Grupo Aeroportuario del Pacífico operates 12 Mexican airports, including Guadalajara, Tijuana, Puerto Vallarta, Los Cabos, La Paz, and Manzanillo. It also controls stakes in operators of Sangster International Airport in Montego Bay and Norman Manley International Airport in Kingston, Jamaica.