Deal of the Year 2024: Dallas Fort Worth International Airport (Southwest)

The Cities of Dallas and Fort Worth's $1.32 billion financing for Dallas Fort Worth International Airport made DFW the first U.S. airport to introduce an Extendable Commercial Paper program. This innovative structure allowed DFW to secure interim funding for its $8.6 billion capital plan while bypassing traditional bank fees, resulting in notable cost savings. The transaction also funded critical infrastructure upgrades, including a new terminal and central utility plant, supporting DFW's goal to achieve net-zero carbon emissions. By expanding investor access, this financing sets a new benchmark for airport infrastructure funding.