Reynolds Bjorn sold $129K of ASUR

ASUR reported Q3 2026 earnings, highlighting growth in passenger traffic and revenues. The company served 120 million passengers in 2025, up from 70 million. It acquired CPC Aeroportos for BRL 5.5 billion, expanding into Brazil and other markets. Revenues increased 13% to MXN 7.8 billion, with non-aeronautical revenues growing 27%. The company plans investments in Cancún and U.S. airports, and declared two extraordinary dividends.

Grupo Aeroportuario del Sureste (ASUR) acquired CPC Aeroportos for $992M, expanding its network to 36 airports. Q3 passenger traffic fell 1.2% to 20.9M, but revenue rose 13% to 7.8B pesos. EBITDA grew 1.7%, and net debt-to-EBITDA increased to 2.6x. ASUR plans 11B pesos in 2026 capital spending.

ASUR reported a 1.2% YoY decline in Q3 passenger traffic, with Mexico and Puerto Rico down, while Colombia and Brazil & Others saw growth. The results include one month from the CPC Aeroportos acquisition.

Asure Software secured an $115 million senior credit facility led by MUFG, including an $85 million term loan, $10 million revolver, and $20 million delayed-draw term loan. The financing, priced at 7.04249%, aims to refinance debt and fund acquisitions. The company also retired its MidCap facility with a $62.6 million payoff, including $2.4 million in fees.

Grupo Aeroportuario del Sureste (ASUR), a Mexican airport operator, raised $1.8B via a two-part bond offering. It issued $900M in 5-year bonds at 6.711% yield and $900M in 10-year notes at 7.491% yield. Investors placed $3.8B in orders. Proceeds will repay a bridge loan and refinance debt. BBVA, Citi, HSBC, JPMorgan, BNP Paribas, and Santander acted as coordinators and bookrunners.

Mexico's ASUR has acquired 20 airports from Brazil's Motiva, expanding its Latin American presence. Motiva may focus on rail and road projects due to high concession prices in Brazil. The debt burden of the deal is noted.