Background on Grupo Aeroportuario Centro Norte (OMA)
Grupo Aeroportuario Centro Norte (OMA) is one of the three major airport operators in Mexico, responsible for managing 13 airports including Monterrey and Acapulco. The company plays a crucial role in the Mexican aviation sector, ensuring smooth operations and continuous development of these vital transportation hubs.
Details of the Bond Offering
OMA recently raised 2,750 million Mexican pesos (approximately $145.8 million USD) through the issuance of two bonds with maturities of 3 and 7 years on the Bolsa Mexicana de Valores (BMV).
Bond Structure and Interest Rates
The bond issuance was conducted in a “vasos comunicantes” format, meaning parallel emissions that collectively do not exceed the total amount set for the placement.
- 3-year bond: OMA successfully raised 820 million pesos (around $43.3 million USD) with the ‘OMA 25’ bond, which carries a variable interest rate. This rate is calculated by adding 45 basis points to the Tasa Interbancaria de Equilibrio a un día hábil or TIIE de Fondeo.
- 7-year bond: The ‘OMA 25-2’ bond allowed OMA to secure 1,930 million pesos (approximately $102.5 million USD) with a fixed interest rate of 9.34%. Interest payments for this bond are due every 182 days, with the principal amount to be repaid on June 18, 2032.
Usage of Funds and Investor Participation
OMA stated that the funds raised will be used to fully repay short-term debt amounting to 600 million pesos ($31.8 million USD) and to continue investments as per the Plan Maestro de Desarrollo (PMD). The remaining funds will be allocated for general corporate purposes.
The bond offerings were backed by participation from Afores (private pension funds), investment funds, government entities, and insurance companies.
Investor Demand and Credit Rating
The demand for these bonds was robust, with a demand-to-supply ratio of 4.3 times.
Both Fitch Ratings and Moody’s Local de México awarded the bonds their highest credit ratings in the national scale, ‘AAA(mex)’ and ‘AAA.mx’, respectively.
Intermediaries and Future Emissions
Santander, BBVA México, and HSBC Casa de Bolsa acted as intermediaries for this bond issuance, while Monex Casa de Bolsa will serve as the common representative for bondholders.
These emissions mark OMA’s seventh and eighth under a debt program approved for up to 15,000 million pesos ($795 million USD).
Key Questions and Answers
- What is Grupo Aeroportuario Centro Norte (OMA)? OMA is one of the three major airport operators in Mexico, managing 13 airports including Monterrey and Acapulco.
- How much money did OMA raise? OMA raised approximately $145.8 million USD through the issuance of two bonds.
- What are the terms of the bonds? OMA issued a 3-year bond for 820 million pesos ($43.3 million USD) with a variable interest rate and a 7-year bond for 1,930 million pesos ($102.5 million USD) with a fixed interest rate of 9.34%.
- How will the funds be used? The raised funds will repay short-term debt, continue investments as per the Plan Maestro de Desarrollo (PMD), and be allocated for general corporate purposes.
- What was the demand and credit rating for these bonds? The demand-to-supply ratio was 4.3 times, and both Fitch Ratings and Moody’s Local de México awarded the bonds their highest credit ratings, ‘AAA(mex)’ and ‘AAA.mx’, respectively.
