Tuesday, May 11, 2010

Washington Airport Selling $650 Million for Dulles Transit Line

Bloomberg reported today that the Metropolitan Washington Airports Authority plans to sell $650 million of revenue bonds this week to help finance an extension of the U.S. capital’s passenger rail system to Washington Dulles International Airport.
"The issue, backed by revenue from the Dulles Toll Road, a 14-mile (22.5 kilometer) highway to the airport, could begin selling as early as today, said Andrew Rountree, the authority’s acting chief financial officer. Its offering to individual investors, scheduled for yesterday, was delayed because of market “uncertainty” over a financial rescue of highly indebted European nations including Greece, he said.

"The Washington Airports Authority’s debt is part of $2.9 billion in bonds it’s selling to finance the 23.1-mile extension of the Washington Metropolitan Area Transit Authority’s rail system to Dulles. It sold $963 million in project bonds in August.

"The sale will include about $47 million in tax-exempt capital appreciation bonds, maturing in 2025 to 2031, and $158 million in convertible capital appreciations maturing from 2040 through 2045, with a conversion in 2019, Rountree said in a telephone interview."

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