Austin-Bergstrom Airport secures initial funding for expansion program

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Austin-Bergstrom International Airport in Texas has secured US$400m of funding to support several near-term expansion and development projects.

The Airport Expansion and Development Program (AEDP) will invest up to US$4bn in airport improvements over three phases, including optimizing the Barbara Jordan Terminal; expanding infrastructure to increase the number of gates; and constructing a new midfield concourse and connecting tunnel. Initial funds were raised through an Airport System Revenue Bond sale to investors.

Gina Fiandaca, assistant city manager for mobility, City of Austin, said, “Securing this funding is a milestone for the AEDP. I commend the City of Austin Department of Aviation and Financial Services teams for working tirelessly over the last several months to prepare for this bond sale and secure this financing. This bond sale moves us closer to breaking ground on exciting new airport improvement projects that will modernize Austin-Bergstrom Airport.”

Earlier this year, S&P Global upgraded the airport’s credit rating from an A to an A+, making it one of only seven airports in the USA to receive a credit upgrade from S&P in 2022. Austin-Bergstrom Airport’s upgraded credit rating, overall financial outlook, and strong pandemic recovery led to strong investor interest.

Jacqueline Yaft, CEO, Austin-Bergstrom Airport, said, “We are grateful for the strong interest from investors. 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.”

The bond funding will support construction for gate capacity increases at the Barbara Jordan Terminal, the new baggage handling system, security enhancements and additional airfield infrastructure.

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Dan originally joined Passenger Terminal World in 2014 having spent the early years of his career in the recruitment industry. As online editor, he now produces daily content for the website and supports the editor with the publication of each exciting new issue. When he’s not reporting on the latest aviation news, Dan can be found on the golf course or apprehensively planning his next DIY project.

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