Overview of the Financial Move by GAP
Grupo Aeroportuario del Pacífico (GAP), a leading airport administrator in Mexico and Jamaica, plans to raise 8,500 million pesos (approximately 453 million USD) through the issuance of two long-term bonds on the Mexican Stock Exchange.
Bond Details and Structure
The bond issuance will be executed using the ‘vasos comunicantes’ mechanism, ensuring that the combined total of both bonds offered to the market does not exceed the established target for the issuance.
- GAP 25-2: This bono will have a three-year term and will pay interest every 28 days, with an interest rate that is variable and determined by adding a premium to the Tasa de Interés Interbancaria de Equilibrio (TIIE) of Fondeo.
- GAP 25-3: This bono will have a six-year term and will pay fixed interest with semiannual coupons, determined by adding an additional rate to the 2031 MBono interest rate.
Allocation of Funds and Credit Ratings
The funds raised will be used to pay off a 1,500 million pesos bank credit and the remaining amount will be allocated for capital investments.
Both bonds have received the highest credit ratings, ‘mxAAA’ and ‘AAA.mx’, from S&P Global Ratings and Moody’s Local México, respectively. These ratings signify the top-tier investment grade status in the national scale.
Intermediaries and Representation
The intermediary brokers for this bond issuance are Casa de Bolsa BBVA México, Casa de Bolsa Santander, and Scotia Inverlat Casa de Bolsa. Monex Casa de Bolsa will act as the common representative for bondholders.
Key Questions and Answers
- What is the purpose of this bond issuance? GAP aims to raise 453 million USD for paying off a bank credit and allocating funds towards capital investments.
- What are the terms of the two bonds?
- GAP 25-2: A three-year bond with quarterly interest payments, variable rate determined by TIIE of Fondeo plus a premium.
- GAP 25-3: A six-year bond with semiannual fixed interest payments, rate determined by the 2031 MBono interest rate plus an additional rate.
- What credit ratings were assigned to the bonds? Both bonds received the highest credit ratings, ‘mxAAA’ from S&P Global Ratings and ‘AAA.mx’ from Moody’s Local México.
- Who are the intermediary brokers for this issuance? Casa de Bolsa BBVA México, Casa de Bolsa Santander, and Scotia Inverlat Casa de Bolsa.
- Who will represent bondholders in this issuance? Monex Casa de Bolsa will act as the common representative for bondholders.
