White & Case Advises Grupo Aeroportuario del Pacífico on Two Sustainability-Linked Bond Offerings

Global law firm White & Case LLP has advised Grupo Aeroportuario del Pacífico (GAP) on the offering of two sustainability-linked bonds which were listed on the Mexican Stock Exchange (BMV). The bonds were tenth and eleventh offerings under GAP's existing dual program established in 2020 to issue short and long-term debt instruments up to a revolving amount of MXN 42.2 billion in the Mexican market.

The tenth issuance (GAP 23L) was for MXN 1.12 billion at a floating rate of TIIE+0.22 percent and is due in 2026; the eleventh issuance (GAP 23-2L) was for MXN 4.28 billion at a fixed rate of 9.65 percent and is due in 2030. The par value payable to settle the GAP 23L bonds may be increased by 0.2 percent, and the fixed rate of the GAP 23-2L bonds may increase to 9.90 percent if GAP does not accomplish certain sustainability performance targets by December 31, 2025, including achieving a 25 percent reduction in absolute Scope 1 & 2 greenhouse gas emissions on a consolidated basis in its 14 airports, compared to the baseline year of 2019, as verified by an independent third party no later than February 28, 2026.

The funds obtained by these offerings were used to repay the GAP 20-2 bonds and to fund GAP's investment requirements that it has committed to with Mexican authorities pursuant to the approved Master Development Programs, which include capital expenditures, commercial investments, and investments in its subsidiaries to fund their operations and maintenance.

Casa de Bolsa BBVA México, S.A. de C.V., Grupo Financiero BBVA México, Casa de Bolsa Santander, S.A. de C.V., Grupo Financiero Santander México and Scotia Inverlat Casa de Bolsa, S.A. de C.V., Grupo Financiero Scotiabank Inverlat acted as lead underwriters in both offerings. Both series of bonds were registered on the National Securities Registry managed by the Mexican National Banking and Securities Commission.

GAP operates 12 airports in the Pacific region of Mexico, which were previously managed by the Mexican government, until they were concessioned as part of an initiative to privatize and improve the quality and safety of the airport services in the country. Additionally, GAP operates two airports in Jamaica, in Kingston and Montego Bay.

The White & Case team was led by partner Carlos Mainero and local partner Sergio Márquez, with associate Viridiana Alanis (all in Mexico City). Law clerk Regina Bohon Robles also assisted on the matter. 
White & Case has advised GAP on all of its securities offerings in Mexico since 2015, including the green bonds GAP 21V, and the sustainability-linked bonds GAP 22L.

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