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Long-term debt (Tables)
12 Months Ended
Dec. 31, 2019
Long-term debt  
Schedule of long-term debt

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 

 

    

2019

    

2018

    

2017

Debt securities issued in the Mexican market on June 16, 2014, for Ps. 3,000,000, accruing interest at a fixed rate of 6.85%, for a 7-year term maturing on June 7, 2021. GACN and nine of the 13 airports guarantee the certificates, which represent a guarantee of 80% of consolidated EBITDA

 

Ps.

3,000,000

 

Ps.

3,000,000

 

Ps.

3,000,000

 

 

 

 

 

 

 

 

 

 

Debt securities issued in the Mexican market on March 26, 2013, for Ps. 1,500,000, accruing interest at a fixed rate of 6.47%, for a 10-year term maturing on March 14, 2023. GACN and nine of the 13 airports guarantee the certificates, which represent a guarantee of 80% of consolidated EBITDA

 

 

1,500,000

 

 

1,500,000

 

 

1,500,000

 

 

 

 

 

 

 

 

 

 

Unsecured lines of credit with Private Export Funding Corporation (supported by Ex-Im Bank) in 2010 and 2011 for U.S.$ 25,365 thousand maturing on December 21, 2021. As December 31, 2019, 2018 and 2017, outstanding amounts were U.S.$ 2,495 thousand, U.S.$ 4,583 thousand and US.$ 6,536 thousand, respectively. Baggage screening equipment was pledged to secure the loan ⁽²⁾. The loan accrues interest at a three-month London Interbank Offered (“LIBOR”) rate plus 1.25 percentage points, with quarterly payments of principal. As of December 31, 2019, 2018 and 2017, the interest rate was 3.15%,  4.04% and 2.94%, respectively.

 

 

49,575

 

 

90,156

 

 

128,991

 

 

 

 

 

 

 

 

 

 

Line of credit with UPS Capital Business Credit (supported by Ex-Im Bank) for U.S.$ 3,120,000. The amount was drawn down upon in April 20, 2014, and the line of credit terminates on January 25, 2019. As of December 31, 2018 and 2017, the outstanding balance was, U.S.$ 156 thousand and U.S.$ 780 thousand, respectively. The line of credit is secured by firefighting equipment ⁽¹⁾. The loan bears interest at three-month LIBOR plus 2.65 percentage points with quarterly principal payments. As of December 31, 2018 and 2017, the interest rate was  5.44% and 4.34%, respectively.

 

 

 —

 

 

3,067

 

 

15,396

Total long-term debt

 

 

4,549,575

 

 

4,593,223

 

 

4,644,387

Less:

 

 

  

 

 

  

 

 

  

Financing commissions

 

 

(5,966)

 

 

(8,629)

 

 

(11,115)

 

 

 

4,543,609

 

 

4,584,594

 

 

4,633,272

Current portion long-term debt

 

 

(36,851)

 

 

(41,425)

 

 

(50,852)

Long-term debt

 

Ps.

4,506,758

 

Ps.

4,543,169

 

Ps.

4,582,420


(1)

Carrying values are Ps.35,760 and  Ps.44,590  as of December 31, 2018 and 2017, respectively, recorded as improvements to concessioned assets (note 10). The Company is not authorized to use these as collateral or sell them.

 

(2)

Carrying value amounts to Ps.275,095, Ps.284,008 and Ps.292,922 as of December 31, 2019, 2018 and 2017, respectively, and is recorded in improvements to concessioned assets (note 10). The Company is not authorized to grant such equipment as collateral in other loans or sell them to another Company.