The Metropolitan Washington Airports Authority expects to issue $136.8 million of airport system revenue variable-rate bonds on Wednesday to refinance outstanding revenue notes.
The bonds are split into two subseries — one series adjusting weekly and the other daily. The bonds may be converted to other interest rate modes under certain conditions.
Bank of America NA will be the remarketing agent and the credit facility provider. Banc of America Securities LLC will be underwriter.
The bonds are rated triple-A by Moody’s Investors Service, Standard & Poor’s, and Fitch Ratings based on the joint support by MWAA and Bank of America. The rating agencies have double-A underlying ratings on MWAA.
The bonds in both series will mature from one through 30 years. The authority has about $5 billion of debt outstanding. The authority collects revenues from $4.50 “passenger facility charges” at Washington Dulles International Airport and Reagan National Airport.
