Grupo Aeroportuario del Pacífico, S.A.B. de C.V. Informs Regarding Details of Credit Agreements for
Grupo Aeroportuario del Pacífico, S.A.B. de C.V. Informs Regarding Details of Credit Agreements for Some of Its Airports
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 April 10, 2013, GAP has established an additional line of credit for the Guadalajara, Los Cabos, Puerto Vallarta, Hermosillo and Guanajuato airports for a total of Ps. 459.35 million.
GAP selected BBVA BANCOMER as the institution for this line of credit.
This credit will be used to finance committed capital investments for 2013 and 2014 pursuant to the Master Development Programs for each of the airports mentioned above. The line of credit will be drawn-down by each airport in the following manner:
|(amounts in millions of pesos)|
The most important terms of the credit contracts are the following:
|Interest rate||The 91-day Tasa de Interés Interbancaria de Equilibrio (TIIE) plus 133 basis points for the 2013 disbursements and 138 basis points for the 2014 disbursements|
|Interest payment period||Quarterly|
Amortization and interest payment
|Twenty eight (28) equal and consecutive quarterly payments, starting three (3) months after each disbursement|
|Maturity of each disbursement||7 years after each disbursement|
|Initial commission||0.60% upon signing the contract|
Without actual guarantees other than cross guarantees between the airports mentioned above obtaining funding
It is worth mentioning that, at the close of 4Q12, the remaining balance for funding obtained during the 2007-2012 period from financial institutions for capital investments committed pursuant to the Master Development Programs for the airports that obtained funding, was approximately Ps. 2,012.72 million. As of this date, the Company has made timely capital and interest payments on all of these loans as well as on the Company's other committed obligations.
Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (GAP) operates twelve 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 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 statements that 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 condition, 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 fourth party that is in charge of collecting these complaints, is 01 800 563 00 47. The web site is 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 or contact:
Grupo Aeroportuario del Pacífico, S.A.B. de C.V.
Miguel Aliaga, Institutional and Public Relations Officer
Rodrigo Guzmán, Chief Financial Officer
Tel: 52 (33) 38801100
In the U.S.
i-advize Corporate Communications
Maria Barona, 212-406-3691
Follow us on Twitter: http://twitter.com/aeropuertosGAP
KEYWORDS: United States Mexico North America Central America New York
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