GUADALAJARA, Mexico--(BUSINESS WIRE)--Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (NYSE:PAC) (BMV:GAP) (“the Company” or “GAP”) announced that, effective November 28, 2014, GAP has established a credit line with Scotiabank Inverlat, Sociedad Anonima, Institucion de Banca Multiple, for a total of Ps. 1,741.0 million.
The funds will be used to pre-pay prior bank loans entered into with other banking institutions. This will allow GAP to maintain a similar level of debt while obtaining debt under current credit market conditions.
The line of credit may be drawn-down in various disbursements, according to the Company’s needs.
The most important terms of the credit line are the following:
|Interest Rate||The 28-day Tasa de Interés Interbancaria de Equilibrio (TIIE) plus 57 basis points|
|Interest Payment Period||Monthly|
|Interest Payment||Monthly, based on each disbursement|
|Amortization of Principal||One payment at the end of the period, with the option of making prepayments with no penalty on the interest payment dates|
|Maturity of each disbursement||180 days after each disbursement|
0.08% upon signing the agreement
|Guarantees||Without actual guarantees, designating solely as guarantors the Bajio, Guadalajara, Puerto Vallarta, San José del Cabo and Tijuana airports|
It is worth mentioning that, as of November 30, 2014, the Company has made all capital and interest payments on its current bank loans on a timely manner, as well as for its other 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”.
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.lineadenuncia.org/gap. GAP’s Audit Committee will be notified of all complaints for immediate investigation.
For more information please visit www.aeropuertosgap.com.mx
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