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The Sangster International Airport in Montego Bay, Jamaica.

Montego Bay airport gets Scotiabank funding

The Sangster International Airport in Montego Bay, Jamaica.

Grupo Aeroportuario del Pacífico, S.A.B. de C.V.  (GAP)  has announced that its subsidiary MBJ Airports Limited (MBJA) has signed loan agreements with the Bank of Nova Scotia Jamaica Limited and the Bank of Nova Scotia, which were duly formalised on September 4, 2020.

The Sangster International Airport in Montego Bay, Jamaica.

The loan amount of US$60.0 million is available for disbursement up to twenty-four months from the closing date.

GAP states that the loan proceeds will be used to finance the airport’s capital development programme, as well for general corporate purposes.
Montego Bay Airport has, since signing, made the first drawdown of US$30.0 million.

The loan has a five-year term with a two-year optional extension for up to US$54.0 million, with a monthly interest rate of Libor plus 310 basis points and principal payment of 10 per cent due at the 54th month and the 90 per cent due upon maturity.

There is a disbursement fee of 50 basis points payable at closing plus a commitment fee of 55 basis points payable quarterly on any undrawn balance.

GAP operates 12 airports throughout Mexico’s Pacific region, including 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: Hermosillo, Guanajuato, Morelia, Aguascalientes, Mexicali and Los Mochis.

In February 2006, GAP’s shares were listed on the New York Stock Exchange under the ticker symbol “PAC” and on the Mexican Stock Exchange under the ticker symbol “GAP”.

In April 2015, GAP acquired 100 per cent of Desarrollo de Concesiones Aeroportuarias, S.L., which owns a majority stake in MBJ Airports Limited, a company operating Sangster International Airport in Montego Bay, Jamaica.

In October 2018, GAP entered into a concession agreement for the operation of the Norman Manley International Airport in Kingston, Jamaica. It took control of the operation in October 2019.