By Jennifer Chiou
New York, Feb. 20 – Grupo Aeroportuario del Pacifico, SAB de CV announced the issue of Ps. 2.6 billion of long-term bond certificates in two tranches in the Mexican market.
Specifically, the company issued the following:
• Ps. 1.1 billion of bond certificates due Feb. 14, 2020 under the ticker symbol “GAP 15.” The bonds pay interest every 28 days at a variable rate of TIIE-28 plus 24 basis points; and
• Ps. 1.5 billion of bond certificates due Feb. 7, 2025 under the ticker symbol “GAP 15-2.” The bonds pay interest every 182 days at a fixed rate of 7.08%.
Proceeds will be used to repay in full the company’s outstanding bank debt in the amount of Ps. 1.74 billion.
Demand for the two tranches exceeded the Ps. 2.6 billion issuance amount. The average annual cost of the issuance is 5.58%, according to a news release.
“This is [the company’s] first debt issuance, and it achieved a very positive pricing and result. Undoubtedly, this transaction reflects investor confidence in the company’s operations,” chief executive officer Fernando Bosque said in the release.
The bookrunners were Casa de Bolsa Banorte Ixe, SA de CV, Grupo Financiero Banorte and Scotia Inverlat Casa de Bolsa, SA de CV and Grupo Financiero Scotiabank Inverlat.
Based in Guadalajara, Grupo Aeroportuario del Pacífico operates 12 airports throughout Mexico’s Pacific region, including Guadalajara and Tijuana.
| Issuer: | Grupo Aeroportuario del Pacifico, SAB de CV
|
| Issue: | Peso-denominated notes
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| Total amount: | Ps. 2.6 billion
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| Bookrunners: | Casa de Bolsa Banorte Ixe, SA de CV, Grupo Financiero Banorte and Scotia Inverlat Casa de Bolsa, SA de CV, Grupo Financiero Scotiabank Inverlat
|
| Settlement date: | Feb. 20
|
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|
| Five-year bonds
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| Amount: | Ps. 1.1 billion
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| Maturity: | Feb. 14, 2020
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| Coupon: | 28-day TIIE plus 24 bps
|
|
|
| 10-year bonds
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| Amount: | Ps. 1.5 billion
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| Maturity: | Feb. 7, 2025
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| Coupon: | 7.08%, payable every 182 days
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