GAP Places Sustainability Bonds Worth MX$5.4 Billion

Grupo Aeroportuario del Pacífico (GAP) issued a series of sustainability bonds worth MX$5.4 billion (US$298 million). The operation was executed in Mexico and provided 54 million long-term stock certificates worth MX$100 (US$5.52) each. 

The original issue amount stood at MX$4.5 billion (US$248 million) with an oversubscription option of up to 20%, which was reached at the conclusion of the issuance. GAP highlighted that the placement filed its forecasted demand by over 3.2 times. 

The initial issuance appeared with the “GAP23-L” ticker symbol with 11.2 million stock certificates worth MX$100 (US$5.52) each that accounted for MX$1.1 billion (US$61.84 million). The interest payable is set for every 28 days at a variable rate TIIE-28 plus 22 basis points. They are scheduled to mature on March 23, 2026. The second issuance consisted of 42.8 million stock certificates worth MX$100 (US$5.52) each for a total value of MX$4.3 billion (US$236 million) with interest payable every 182 days at a fixed rate of 9.65% and maturity on March 18, 2030.

The Sustainability Linked Bond Framework forces GAP to follow strict measures, as the company must publish annually, within its Annual Sustainability Report, an update on its Key Performance Indicators (KPI). The Key Sustainability Performance Indicator should point to reductions in greenhouse gas emissions and will be verified by December 31, 2025, by an external entity.

If GAP fails to meet expectations, an upward adjustment of 0.2% will be applied to the nominal value of the "GAP23-L" to its maturity. For the "GAP23-2L," 25 points will be added based on the coupon from February 28, 2026, until its maturity.  The returns will be issued to pay stock certificates and the remainder for capital investments. 

“The issuance obtained the highest credit ratings in Mexico, Aaa.mx by Moody's and mxAAA by S&P, both on a national scale and with a stable outlook. Additionally, the Company obtained a Second Opinion of alignment with the sustainability objectives from Sustainalytics, in accordance with industry best practices,” explained GAP via a press release.