Grupo Aeroportuario del Pacifico Announces Long-Term Debt Financing for Investments at Montego Bay Airport
January 09 2018 - 5:00PM
Business Wire
Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (NYSE:PAC)
(BMV:GAP) (the “Company” or “GAP”) announced that on December 28,
2017 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 for 2018 and 2019, as well for other investments.
The loan amount of US$40.0 million is available for disbursement
up to twenty-four months from the closing date, and will be
utilized as per the progress of the capital works. The
characteristics of the loans are as follows:
I) Loan from Bank of Nova Scotia
Jamaica Limited
Principal:
US$11.5 million
Interest Rate:
Libor plus 285 basis points
Interest Period:
Monthly
Maturity:
7 years (a) 2 year bridge period from the initial disbursement (b)
5 year period fully amortized over term
Repayment:
Ten equal semi-annual payments of US$1.15 million, following the 2
year bridge period
Disbursement Fee:
0.35% payable at closing
II) Loan from Bank of Nova
Scotia
Principal:
US$28.5 million
Interest Rate:
Libor plus 285 basis points
Interest Period:
Monthly
Maturity:
7 years (a) 2 year bridge period from the initial disbursement (b)
5 year period fully amortized over term
Repayment:
Ten equal semi-annual payments of US$2.85 million, following the 2
year bridge period
Disbursement Fee:
0.35% payable at closing
Company Description:
Grupo 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 of MBJ Airports Limited, a
company operating the Sangster International Airport in Montego
Bay, Jamaica.
This press release may contain forward-looking statements. These
statements 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 conditions, 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 01-800-563-0047. The web
site is http://www.lineadedenuncia.com/gap. GAP’s Audit Committee
will be notified of all complaints for immediate investigation.
For more information please visit
www.aeropuertosgap.com.mx
View source
version on businesswire.com: http://www.businesswire.com/news/home/20180109006827/en/
In MéxicoGrupo Aeroportuario del Pacífico, S.A.B. de
C.V.Saúl Villarreal García, Chief Financial OfficerPaulina
Sánchez, Investor Relations OfficerTel: 01 (33) 38801100 ext
20151svillarreal@aeropuertosgap.com.mxpsanchez@aeropuertosgap.com.mxorIn the
U.S.i-advize Corporate CommunicationsMaria BaronaTel:
212 406 3691/94gap@i-advize.com
Grupo Aeroportuario Del ... (NYSE:PAC)
Historical Stock Chart
From Apr 2024 to May 2024
Grupo Aeroportuario Del ... (NYSE:PAC)
Historical Stock Chart
From May 2023 to May 2024