The Mexican airport operator, Pacific Airport Group (GAP), has successfully refinanced a US$95. 5 million bank loan that was set to mature on March 19. The company has rolled over the debt into a new short-term facility with the same lender, BBVA México.

According to filings from GAP, the new loan has a six-month term with the option to extend for an additional six months. The interest will be paid monthly at a variable rate, which is equivalent to the Secured Overnight Financing Rate plus 40 basis points. The loan also includes a structuring fee of 10 basis points and an additional fee of 10 basis points if the extension option is exercised. The principal amount will be paid at maturity.

This refinancing is a standard liability-management procedure and is not intended to raise any fresh capital. It simply replaces an existing obligation on a like-for-like basis.

GAP is the operator of 12 airports in Mexico and two in Jamaica. These include Sangster International Airport in Montego Bay, held through its majority stake in MBJ Airports Limited, and Norman Manley International Airport in Kingston, which the company obtained a concession for in October 2018 and assumed operational control a year later.

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. The company’s financial performance has been consistently strong, making it an attractive investment option for shareholders.

Overall, the refinancing of the US$95. 5 million bank loan is a routine exercise for GAP and is a testament to the company’s sound financial management. With its successful track record and strategic management of airports in both Mexico and Jamaica, GAP remains a leading player in the aviation industry.