COLUMBUS, Ohio — The Columbus Regional Airport Authority (CRAA) announced the successful sale of approximately $1.2 billion in general airport revenue bonds, a critical step in financing the construction of CMH Next, the new terminal at John Glenn Columbus International Airport.
“This successful bond issuance reflects the strong investor confidence in the future of Columbus and the vital role our airport plays in driving economic growth,” said CRAA President & CEO Joseph R. Nardone. “We are grateful for the support of our investors and excited to continue building a world-class airport for the future.”
The bond offering was met with overwhelming demand, receiving orders for more than four times the initial offered amount. This strong investor interest enabled CRAA to increase the bond issuance from approximately $1 billion to around $1.2 billion, to take advantage of favorable interest rates. The sale attracted a vast amount of major institutional investors.
The all-in true interest cost for AMT bonds was 4.82%, and Non-AMT 4.48% demonstrating CRAA’s ability to secure favorable financing in a volatile economic climate. “We are a public entity, however, we operate like a business and our sound financial management has clearly resonated with investors,” said Fabio Spino, CRAA Chief Financial Officer. “Securing this funding at a competitive rate allows us to deliver significant value to our community while supporting the continued growth of our region.”
Key highlights:
- Bond type: General airport revenue bonds
- Total issuance: $1.2 billion
- Credit ratings:
- Moody’s: A2 with a stable outlook
- S&P Global: A with a stable outlook
CRAA broke ground on the $2 billion CMH Next project in December 2024. The new terminal will prioritize a modern and efficient passenger experience and is expected to open in 2029.
