How Cancun’s Airport Group Ended Up Running the Shops at LAX and JFK

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.

Grupo Aeroportuario del Sureste (ASUR) is investing $400 million to upgrade Cancun International Airport over five years, including terminal expansions and road redesigns. The project aims to handle increased tourist demand and is timed during a temporary traffic lull. ASUR recently acquired 20 airports in Latin America and the Caribbean.