Oklahoma City Airport Trust Bond Sale Nets Long-Term Savings
OKLAHOMA CITY, January 14, 2020 – The Oklahoma City Airport Trust sold $39,175,000 in taxable bonds today at an overall interest rate of 3.16%.
The Junior Lien 34th Series bonds will refinance the Junior Lien 31st Series bonds issued in 2013 and financed the construction of the Will Rogers World Airport’s Consolidated Rental Car Facility. The sale resulted in a $12.2 million savings to the Trust through the year 2044.
The overall strength and stability of the Trust’s financial position and a recent Moody’s upgrade from A2 to A1 drove a robust sale environment. Eighty-two orders from 19 different investors drew sales of over $174 million. The high level of interest allowed the airport to lower yields which increased savings to the airport.
“We’re very pleased with today’s results,” says Tara Summerlin, Business Manager. “The $12.2 million savings ultimately enables our capital dollars to go further and overall improves the Trust’s financial metrics.”
The Oklahoma City Airport Trust oversees the management and operation of the three City-owned airports: Will Rogers World Airport (WRWA), Wiley Post Airport (WPA) and Clarence E. Page Airport (CEP).
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