GAP Refinances $95.5M Bank Debt with Scotiabank at Tighter Terms
Event summary
- GAP refinanced a $95.5M bank loan maturing January 20, 2026, with a new 12-month agreement from Scotiabank.
- New loan terms include a variable rate of 1-month SOFR + 50bps, no additional fees, and an early repayment option.
- Original loan was with Scotiabank Inverlat; new agreement is with The Bank of Nova Scotia.
- GAP operates 12 airports in Mexico’s Pacific region and two in Jamaica.
The big picture
GAP’s refinancing at tighter terms suggests confidence in its liquidity position amid volatile interest rate environments. The move comes as airport operators globally manage higher borrowing costs while maintaining infrastructure investments. With operations spanning Mexico and Jamaica, GAP’s financial flexibility will be key to sustaining growth in both regions.
What we're watching
- Interest Rate Exposure
- How rising SOFR rates will impact GAP’s borrowing costs over the next year.
- Debt Management Strategy
- Whether GAP will exercise the early repayment option before January 2027.
- Liquidity Position
- The pace at which GAP will deploy capital after refinancing this debt.
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