The Greater Orlando Aviation Authority is scheduled to issue $1.1 billion in Airport Facilities Bonds to finance construction on its new South Terminal at the Orlando International Airport and to manage certain aspects of its current debt obligations. The bonds are expected to be scheduled for sale in a single series during the week of Septemberf 16, 2019 through a negotiated sale with Bank of America Merrill Lynch as principal underwriters.
About the Bonds
Orlando’s main airport has seen rapid growth in passengers in recent years, with an 11% increase in travelers from outside the country. To keep pace with their increasing traffic, the Aviation Authority is building a new terminal to expand their capacity. Proceeds from the bonds are being issued to fund a portion of on-site capital projects like the new terminal, service certain debt obligations, and pay certain costs related to issuance.
In the opinion of Co-Bond Counsel interest on the Series 2019A Bonds is excluded from the gross income of the holders thereof for federal income tax purposes but are subject to the alternate minimum tax (AMT). The bonds are secured through a limited obligation, payable solely from and secured by a pledge of the Pledged Funds. The Pledged Funds consist primarily of revenues and available PFC revenues designated by the Authority for payment of a portion of the debt service on the Series 2019A Bonds.
Financial Snapshot of Airport
Orlando has seen significant employment growth among a wide range of sectors in recent years. More jobs and more leisure travel has meant more planes coming and going from the airport. Orlando International is the 4th busiest airport in the country based on origin-destination enplanements. It provides non-stop service to 93 destinations within the US, and 61 international destinations.
These details and more on purposes, security, risks and other matters pertaining to these Orlando International Airport bonds can be found in the preliminary official statement, provided by MuniOS. After registering, if needed, visitors can link directly to the official statement by searching for Orlando.
Statistical Snapshot of Orlando International Airport — FY Ended June 30, 2018
Orlando International Airport Compared to Sector Medians for Large Hub Airports
Provided above is a quick snapshot of financial characteristics of the Orlando International Airport, courtesy of Merritt Research Services, LLC. (Merritt believes the data to be reliable but does not make any representations as to its accuracy or completeness). In addition to the Merritt information related to the featured bond, more information can be found on our municipal bond calendar, city, state, and county pages.
These facts and numbers are for informational purposes, and should not be considered an official disclosure for potential investors. Investors should consult the official statement. None of the information provided should be construed as a recommendation by MuniNet Guide, MuniNet LLC, Merritt Research Services LLC, or any of their employees. Information and analysis is for informational purposes only.
Potential investors should rely only on the official documents and figures provided in the official statement (prospectus). Although the numbers presented in this summary are primarily derived from public documents, including issuer audits, issuer reports and other public sources such as federal reporting agencies , they are not intended to replace official information presented in connection with the bond sale. Medians may differ from official sales documents due to methodology or survey base variances.