COLUMBUS, Ohio — Leaders of the Columbus Regional Airport Authority (CRAA) recently accepted The Bond Buyer’s Deal of the Year Award (Midwest region) for the successful financing of CMH Next, CRAA’s new terminal project.

“We are honored to receive this award; it is truly a testament to the entire financing team,” said CRAA Chief Financial Officer Fabio Spino. “We navigated all of the changes in government interest rate uncertainties, and we… upsold those bonds. I still get compliments today from underwriters on the execution of that deal, the interest rate structure we received. It was just well planned, well executed, and we had a really solid finish.”

The inaugural bond issuance for the $2 billion capital investment plan was the largest airport revenue transaction by par amount issued for a medium hub airport and was selected among 1,517 negotiated bond transactions totaling $68.9 billion in par amount in the Midwest Region over the nomination period process. It was met with extremely strong demand during the bond sale, with $4.11 billion of total retail and institutional orders (3.4 times over subscription) from 88 unique investors. After upsizing the transaction, CRAA was able to fund an additional $175 million in project costs for the program.

The selection process considered a range of factors, including creativity, the ability to pull a complex transaction together under challenging conditions, the ability to serve as a model for other financings, and the public purpose for which a deal’s proceeds were used.

In addition, the growth of Central Ohio, the new Airline Use and Lease Agreement, and the operational efficiency of the new terminal were also considered factors in the selection process.