Grupo Aeroportuario del Pacífico (PAC) paid the maturity of its bond certificate “GAP 23L” on March 23, clearing 11.2 million certificates for a total of Ps.1,120 million.
The payment was financed through a new 12‑month credit facility with Scotiabank Inverlat, S.A. that provides Ps.1,120 million at an interest rate of TIIE Funding plus 44 basis points. The facility carries no fees or prepayment costs and will mature in 12 months, giving PAC liquidity while meeting its debt obligations.
PAC’s Q4 2025 results show modest revenue growth of 2.8 % year‑over‑year and an EBITDA increase of 7.5 %, but the EBITDA margin fell from 66.9 % to 63.8 %. Comprehensive income declined 34.3 % from the prior year, reflecting the company’s ongoing margin softening and choppy free‑cash‑flow profile.
The bond payment and refinancing demonstrate PAC’s disciplined approach to debt management. By securing a new facility with the same amount and favorable terms, the company preserves liquidity and maintains access to capital markets, while the elevated leverage and margin pressure highlighted in the quarterly results signal that the company must continue to monitor its cost structure and revenue mix.
PAC operates 12 airports in Mexico’s Pacific region—including Guadalajara, Tijuana, Puerto Vallarta and Los Cabos—as well as airports in Jamaica. The company has also announced sustainability‑linked bonds that target a 25 % reduction in greenhouse‑gas emissions by 2025 relative to a 2019 baseline, and it maintains a whistleblower program to support regulatory compliance.
Overall, the timely settlement of the GAP 23L bond and the parallel credit facility underscore PAC’s proactive financing strategy amid modest revenue growth and margin pressure, positioning the company to sustain liquidity while addressing leverage concerns.
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