Business Context and Reporting Period
Company: Central North Airport Group (Grupo Aeroportuario del Centro Norte, S.A.B. de C.V.)
Filing Type: Form 6-K (Report of Foreign Private Issuer)
Date: June 27, 2025
Context: OMA operates 13 international airports in central and northern Mexico and is a subsidiary of VINCI Airports since December 2022. This filing announces a successful debt placement in the Mexican market.
Key Financial Metrics
- Debt Issuance: Total aggregate amount of Ps. 2.75 billion.
- Tranche 1: Ps. 820 million in 3-year Notes (OMA 25) at a variable rate (TIIE de Fondeo + 45 bps), maturing June 23, 2028.
- Tranche 2: Ps. 1.930 billion in 7-year Notes (OMA 25-2) at a fixed rate of 9.34%, maturing June 18, 2032.
- Investor Demand: 4.3x oversubscription across both tranches.
- Credit Ratings: AAA(mex) by Fitch and AAA.mx by Moody's Local (Stable Outlook).
- Use of Proceeds: Ps. 600 million to prepay short-term loans; remainder for the 2021-2025 Master Development Program and general corporate purposes.
Note: This filing does not provide specific revenue, profit, cash flow, or margin figures for the period.
Material Changes
The primary material change is the expansion of long-term debt capacity and the reduction of short-term liabilities. The company successfully placed Ps. 2.75 billion in notes, significantly exceeding demand expectations with a 4.3x subscription ratio. This transaction replaces Ps. 600 million in short-term debt with longer-dated instruments, improving the maturity profile of the company's debt.
Outlook, Risks, and Commentary
- Management Commentary: The issuance was widely accepted by pension funds (Afores), investment funds, governmental entities, and insurance companies.
- Outlook: Proceeds will fund committed investments under the 2021-2025 Master Development Program, indicating continued capital expenditure activity.
- Risks/Contingencies: The filing does not explicitly detail new risks or contingencies beyond standard market conditions implied by the debt issuance.
Investor Verification Checklist
- Verify the settlement date of June 27, 2025, and confirm receipt of proceeds.
- Confirm the specific allocation of the remaining proceeds (after the Ps. 600 million prepayment) to the Master Development Program projects.
- Monitor the impact of the new fixed-rate debt (9.34%) on future interest expense compared to previous short-term loan rates.
- Review subsequent filings for updates on the 2021-2025 Master Development Program progress.