Mexico Airport Group Gets Loan

Mexico’s Grupo Aeroportuario del Pacifico (GAP) has received a credit line for MXP551.37m ($46.89m) from Banamex. The funds will be used to finance capital investments in 2011 and 2012 for its airports in Guadalajara, Puerto Vallarta, Los Cabos, Hermosillo and Guanajuato. The 7-year loan will pay a spread of 135bp over TIIE for funds disbursed in 2011 and 143bp over TIIE for funds disbursed in 2012. The structuring commission is 75bp on the total amount of the loan and the commitment fees are 25bp in 2011 and 2012. This follows the announcement that they received a line of credit from HSBC for MXP1.02bn for the same purposes last week.