Chicago, March 20 – Grupo Aeroportuario del Pacifico, SAB de CV issued Ps. 3 billion of long-term bond certificates in Mexico over two tranches (Aaa.mx/MxAAA), according to a press release.
The first tranche is Ps. 1,384,868,300 of bonds due March 27, 2027. Interest is at one-month TIIE-28 plus 25 basis points.
The second tranche is Ps. 1,615,131,700 of bond certificates due on March 12, 2031. Interest will be 9.94%, payable semiannually.
Both bonds were issued at par.
The bonds are tied to sustainability performance targets.
Based on a 25% reduction of absolute scope 1 and 2 greenhouse gas emissions by 2025 compared to a 2019 baseline, the coupon will increase, 20 bps for the first bond and 10 bps for the second bond if the goal is not met with the increases starting Feb. 28, 2026.
The other target is related to ACA level 3 certification in 14 airports by Dec. 31, 2028. If not met, the second bond’s interest rate will shift up 20 bps with the coupon starting on Feb. 28, 2029.
The order book was 2.4x deal size.
Proceeds will be used to pay the Ps. 3 billion of bond certificates maturing on March 22 that were issued in 2019.
The company is based in Guadalajara and operates 12 airports throughout Mexico’s Pacific region, including Guadalajara and Tijuana.
Issuer: | Grupo Aeroportuario del Pacifico, SAB de CV
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Amount: | Ps. 3 billion
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Issue: | Long-term bond certificates
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Second ESG opinion: | S&P
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Announcement date: | March 20
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Ratings: | Moody’s: Aaa.mx
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| S&P: MxAAA
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Distribution: | Mexico
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Bonds due 2027
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Amount: | Ps.1,384,868,300
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Maturity: | March 17, 2027
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Coupon: | One-month TIIE-28 plus 25 bps
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Price: | Par
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Ticker symbol: | GAP24-L
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Bonds due 2031
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Amount: | Ps. 1,615,131,700
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Maturity: | March 12, 2031
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Coupon: | 9.94%
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Price: | Par
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Ticker symbol: | GAP24-2L
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