NMIA Bidder GAP Raises USD 121m to Finance Development Master Plan

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Grupo Aeroportuario del Pacifico (GAP), Mexico's leading private airport operator, raised USD 121 million on 9 November issuing 23m five-year notes with a nominal value of MXN 100 each.

GAP is among the pre-qualified bidders participating in the privatization of Norman Manley International Airport in Kingston, Jamaica.

The local currency bonds mature in 2022 with interest payable every 28 days at a variable rate of TIIE-28 plus 44 basis points. GAP maintains a debt-to-EBITDA ratio below 1 with MXN 9bn (USD 473m) in total debt.

GAP's latest bond issuance coincides with a period of sustained growth for the Guadalajara-based company. GAP grew traffic by 11.7% in November over the same month in 2016, a rate equal to passenger traffic growth at the company's airports YTD. GAP projects a 17% increase in aeronautical and non-aeronautical revenues in 2017 and similar EBITDA growth.

GAP maintains the highest possible credit rating from S&P and Moody's. GAP's extraordinary growth in traffic, solid fundamentals and outstanding performance over the past several years has boosted investor confidence leading to a strong demand for the company's equity and debt instruments in the US and Mexican capital markets.

GAP's extraordinary performance in 2017 is attributable to a successful strategy of developing new routes and supporting the growth of airlines within its airport network. The growth in passenger traffic has boosted the company's financial performance, providing handsome returns to shareholders of the NYSE- and BMX-listed equities.

Airports operated by GAP provide an immeasurable economic stimulus to the communities in which they are situated, supporting commercial, tourism and industrial activities.

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