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Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (NYSE: PAC; BMV: GAP) (“the Company” or “GAP”) announced that, in line with the Company’s debt strategy, effective August 1, 2012, GAP has established a line of credit for the Guadalajara, Los Cabos, Puerto Vallarta, Hermosillo and Guanajuato airports for a total of Ps. 242.7 million.
GAP selected BBVA BANCOMER as the institution for this line of credit.
This credit will be used to finance committed capital investments for 2012 pursuant to the Master Development Programs for each of the airports mentioned above. The line of credit will be used in 2012 by the airports as follows:
(amounts in millions of pesos)
The most important terms of the credit contracts are the following:
The 91-day Tasa de Interés Interbancaria de Equilibrio (TIIE) plus 120 basis points
Interest Payment Period
Amortization of principal and Interest payments
Twenty-eight (28) equal and consecutive quarterly payments, beginning three (3) months after each disbursement
Maturity of each disbursement
7 years after each disbursement
15 basis points payable upon each disbursement
Without actual guarantees other than cross guarantees between the airports mentioned above obtaining funding
It is worth mentioning that, at the close of 2Q12, the remaining balance for funding obtained from financial institutions for capital investments committed pursuant to the Master Development Programs for our airports that obtained funding
during the 2007-2012 period was Ps. 1,954.44 million. The Company has made timely capital and interest payments on all of these loans as well as for the Company’s other committed obligations.
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”.