Airport Sells $250 Million in Bonds to Finance Air Terminal Redevelopment Project
May 14, 2008 | General
Edmonton Airports today announced the successful placement of a $250 million Revenue Bond issue to finance the Air Terminal Redevelopment Project underway at Edmonton International Airport.
Principal and interest on the bonds will be paid largely through revenues from the Airport Improvement Fee currently charged to all enplaned departing passengers using the Edmonton International Airport.
“The success of this issue is a reflection of the confidence that the investment community has in the financial management of our company and the International Airport,” said Scott Clements, President and CEO of Edmonton Airports.
The bond issue has received credit ratings of A+ from both Standard and Poor’s Rating Service and Canadian Bond Rating Service, and A1 by Moody’s Investor Services. These ratings meet or exceed those for all other similar airport debt issues in Canada.
The Air Terminal Redevelopment Project was previously financed by a $150 million revolving credit facility held by a syndicate of banks, led by the Royal Bank of Canada.
The bond issue was secured and arranged by the lead underwriter RBC Dominion Securities, with syndicate partners CIBC World Markets and BMO Nesbitt Burns.
The Southeast Terminal opens December 9, 2000!