Grupo Aeromexico S.A.B. de C.V. (BMV: AEROMEX) has announced an agreement with investment holding company Aimia Inc. (TSX: AIM) to make certain changes to the Shareholders Agreement between them and the commercial agreement (CPSA) between Aeromexico and PLM Premier, S.A.P.I. (PLM), the operator of the Club Premier loyalty program, the company said.
The changes made to the CPSA include a 20-year extension of the current term to September 13, 2050. The multi-year commercial contract extension strengthens the relationship between Aeromexico and PLM, to grow and improve the program, and align PLM shareholder interests regarding PLM profitability and value.
Following the initial USD 50 million loan to Aeromexico by PLM made under the existing inter-company loan facility upon the signing of the letter of intent between Aimia and Aeromexico announced on May 12, 2020, an additional USD 50 million advance to Aeromexico by PLM through pre-purchases of award tickets was provided with the execution of the amendments to the CPSA.
This financial support totals USD100 million and is secured by Aeromexico´s stake in PLM.
Aeromexico and Aimia have also agreed to modify the Shareholders Agreement to grant Aeromexico a 7-year option to purchase Aimia´s 48.9% equity interest in PLM at a minimum floor of USD 400 million.
Grupo Aeromexico, S.A.B. de C.V. is a holding company whose subsidiaries are engaged in commercial aviation in Mexico and the promotion of passenger loyalty programs.