Mexico's GAP secures financing for Jamaica airport
Mexican airport operator GAP, through its subsidiary MBJ Airports Limited, has signed two credit agreements to finance the 2018-19 investment development program for Jamaica's Sangster international airport.
GAP acquired a 74.5% stake in MBJ Airports back in 2015. The Jamaican airport operator holds a 30-year concession through 2033 for Sangster, an airport located in Montego Bay.
Totaling US$40mn, the agreements were signed on December 28 and became effective Tuesday, GAP said in a release.
The first agreement of US$28.5mn was signed with the Bank of Nova Scotia (Scotiabank) and has a seven-year maturity, including a two-year grace period from the time of disbursement followed by a five-year amortization period.
The second agreement of US$11.5mn was signed with Bank of Nova Scotia Jamaica under similar conditions.
The funds will also be used for some investments not included in the program and will be available for disbursement at any time within the next 24 months, GAP said.
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