Business Context and Reporting Period
Company: Grupo Aeroportuario del Pacifico, S.A.B. de C.V. (Pacific Airport Group)
Filing Type: Form 6-K (Report of Foreign Private Issuer)
Date: March 27, 2023
Overview: The Company operates 12 airports in Mexico's Pacific region and holds concessions for two airports in Jamaica. This filing announces the successful completion of a long-term bond issuance in Mexico.
Key Financial Metrics and Capital Structure
Debt Issuance: The Company issued 54 million bond certificates (Certificados Bursátiles) with a total nominal value of Ps. 5.4 billion.
- Instrument 1 (GAP23-L): Ps. 1,120 million; Variable rate (TIIE-28 + 22 bps); Maturity March 23, 2026.
- Instrument 2 (GAP23-2L): Ps. 4,280 million; Fixed rate (9.65%); Maturity March 18, 2030.
Market Reception: The issuance included a 20% greenshoe option which was fully exercised. The order book was over-subscribed 3.2x.
Credit Ratings: "Aaa.mx" (Moody's) and "mxAAA" (S&P) with a stable outlook.
Revenue, Profit, and Cash Flow: The filing text does not provide specific values for revenue, profit, cash flow, or operating margins for the reporting period.
Material Changes and Use of Proceeds
Use of Proceeds:
- Ps. 602 million allocated to repay bond certificates "GAP 20-2" maturing June 22, 2023.
- Remainder of proceeds allocated to capital investments.
Material Changes: The filing focuses on a financing event rather than operational changes. No material changes to revenue or operating results are detailed in this specific document.
Guidance, Risks, and Sustainability Framework
Sustainability-Linked Bond Framework:
- KPI: Reduction of absolute scope 1 and 2 greenhouse gas emissions.
- Verification: Target verification by December 31, 2025, by an external party.
- Penalty for Non-Compliance: If targets are not met, the nominal value of "GAP23-L" will increase by 0.2% at maturity, and the coupon for "GAP23-2L" will increase by 25 basis points starting February 28, 2026.
Risks and Forward-Looking Statements: The filing includes standard disclaimers that forward-looking statements regarding dividends, capital expenditure, and future operations are subject to risks and uncertainties, including economic conditions and industry trends.
Investor Verification Checklist
- Verify the exact allocation of the remaining proceeds (after the Ps. 602 million repayment) to specific capital investment projects.
- Confirm the current status of the "GAP 20-2" bond repayment scheduled for June 2023.
- Review the Annual Sustainability Report for the baseline data regarding scope 1 and 2 emissions to assess the feasibility of the KPI targets.
- Check subsequent filings for updated revenue and profit figures, as this 6-K does not contain operational financial results.