Grupo Aeroportuario del Pacifico Announces Long-Term Debt Financing at Montego Bay Airport
September 04 2020 - 6:13PM
Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (NYSE: PAC; BMV:
GAP) (the “Company” or “GAP”) announced that on September 3, 2020
its subsidiary MBJ Airports Limited (“MBJA”) signed loan agreements
with The Bank of Nova Scotia Jamaica Limited and The Bank of Nova
Scotia, which were duly formalized today. The loan proceeds will be
used to finance the airport’s Capital Development Program, as well
for general corporate purposes. The loan amount of US$60.0 million
is available for disbursement up to twenty-four months from the
closing date.
Today Montego Bay Airport made the first
drawdown of US$30.0 million.
The loan has a 5-year term with a 2-year
optional extension for up to US$54.0 million, with a monthly
interest rate of Libor plus 310 basis points and principal payment
of 10% due at the 54th month and the 90% due upon maturity. There
is a disbursement fee of 50 basis points payable at closing plus a
commitment fee of 55 basis points payable quarterly on any undrawn
balance.
Company DescriptionGrupo
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
Concesiones 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 operation of the Norman Manley
International Airport in Kingston, Jamaica. In October 2018, GAP
entered into a concession agreement for the operation of the Norman
Manley International Airport 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 actually
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 may involve
criminal conduct or violations. The telephone number in Mexico,
facilitated by a third party that is in charge of collecting these
complaints, is 01 800 563 00 47. The web site is
www.lineadedenuncia.com/gap. GAP’s Audit Committee will be notified
of all complaints for immediate investigation.
IR
Contacts: |
|
Saúl Villarreal, Chief Financial and Administrative
Officer |
svillarreal@aeropuertosgap.com.mx |
Alejandra Soto, IR and Financial Planning Manager |
asoto@aeropuertosgap.com.mx |
Gisela Murillo, Investor Relations |
gmurillo@aeropuertosgap.com.mx / +523338801100 ext.
20294 |
Maria Barona, i-advize Corporate Communications |
mbarona@i-advize.com |
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