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Elizabeth Pagano is the editor of the Austin Monitor.
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$400 million in funding boosts AUS expansion project
Wednesday, May 4, 2022 by Elizabeth Pagano
Austin’s airport expansion plan just got an influx of $400 million, thanks to the sale of an Airport System Revenue Bond to investors. According to a press release from Austin-Bergstrom International Airport, the funds will support “near-term Airport Expansion and Development Program (AEDP) projects,” an extended $4 billion program to accommodate more flights and passengers that is underway. The bond funding will help finance increased gate capacity, a new baggage handling system, security enhancements and other infrastructure. “We are grateful for the strong interest from investors,” said Jacqueline Yaft, AUS chief executive officer, in a statement to the press. “Through our pandemic recovery efforts, we prioritized financial stability and through those efforts, our financial outlook is not only stable but strong. This bond sale allows us to leverage our strong financial health into delivering an improved airport experience for all.” Earlier in the year, the airport’s credit rating was upgraded from A to A+, which helped attract interest from investors, allowing the airport “to lower its borrowing yields up to nine basis points, which in return creates approximately $5 million of debt service savings for AUS over the lifetime of the bonds.”
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