White & Case Advises Grupo Aeroportuario del Pacífico on the Issuance of Two Sustainability-Linked Bonds

Global law firm White & Case LLP has advised Grupo Aeroportuario del Pacífico (GAP) on the issuance of two sustainability-linked bonds under GAP's dual program established in 2020 to issue short- and long-term debt instruments up to a revolving amount of MXN 42.2 billion (approximately US$2.5 billion). The issuances were the thirteenth and fourteenth under the program and were listed in the Mexican market on the BIVA stock exchange.

The two series of sustainability-linked bonds were issued under GAP's "Sustainability-Linked Financing Framework," which measures GAP's sustainability performance targets.

The thirteenth issuance, GAP 24L, was for an aggregate amount of MXN 1.38 billion (approximately US$83.1 million) at a floating rate of TIIE+0.25 percent, due 2027; and the fourteenth issuance, GAP 24-2L, was for an aggregate amount of MXN 1.62 billion (approximately US$97.6 million) at a fixed rate of 9.94 percent due 2031. Both issuances are subject to GAP achieving its sustainability performance targets, which include a 25 percent reduction in Scope 1 & 2 greenhouse gas emissions by 2025, and obtaining a Level 3 ACA certification in at least 14 of GAP's airports by 2028. The proceeds from the issuances raised by GAP were used to refinance existing notes, GAP-19, which come due on March 22, 2024.

Grupo Aeroportuario del Pacífico operates 12 airports throughout Mexico's Pacific region, including in the major cities of Guadalajara and Tijuana, the four tourist destinations of Puerto Vallarta, Los Cabos, La Paz and Manzanillo, and six other mid-sized cities, including Hermosillo, Guanajuato, Morelia, Aguascalientes, Mexicali and Los Mochis, as well as two international airports in Jamaica located in Kingston and Montego Bay.

The White & Case team was led by M&A partner Sergio Márquez and Capital Markets partner Carlos Mainero Ruíz, and included associate Viridiana Alanis Carrera and trainee Regina Bohon (all in Mexico City).

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