Case Study

Dallas Fort Worth International Airport | DFW


$1.188 Billion Joint Revenue Imp Bonds, Taxable Series 2022A

  • New money for various airport improvements
  • Taxable bonds for AMT projects
  • Long-dated to provide capacity for future projects
    • Index-eligible term bonds amortizing 2046-2051
      • $888.1 million with 10-year par call at 4.507%
      • $300.0 million with make-whole call at 4.087%
  • Rated A1 / A+ (upgrade) / A+ / AA by Moody’s, S&P, Fitch and KBRA
  • Over 20 investors submitted orders over $100 million
    • Over 100 unique investors
  • Insurance was evaluated but ultimately not used



$1.212 Billion Joint Revenue Refunding Bonds, Series 2021A-C


      • Total NPV savings of $186.8 million or 23.0%
      • Fixed out $450 million commercial paper (CP)
  • 2021A-B bonds were non-AMT and refunded bonds and CP
    • Mix of 2, 3, 4 and 5% coupons
    • Sold 2.875% coupon bonds on reverse inquiry
    • 9-year par call
  • 2021C bonds were taxable and refunded AMT bonds and CP
    • Serial bonds through 2037 with par call
    • Index-eligible term bond in 2046 with par call
  • Rated A1 / A+ / AA by Moody’s, Fitch and KBRA
  • Nearly 200 unique investors


Estrada Hinojosa has served as co-financial advisor to DFW Airport since 2004, helping them complete 42 bond sales for a combined par value of $12.9 billion.

Interim Financing Programs

  • In 2021, the Firm helped DFW establish a new “draw-down” interim financing program:
    • $225 M max amount
    • Drawn-down as desired
    • No commitment fee
    • Non-rated
  • In 2019, the Firm helped DFW establish a new commercial paper program:
    • $750 M max amount
    • DFW liquidity backs program
    • P-1/A-1 from Moody’s/S&P
  • In 2019, the Firm helped DFW establish a new commercial paper program:
    • $750 M max amount
    • DFW liquidity backs program
    • P-1/A-1 from Moody’s/S&P
  • In 2016 we helped the Airport complete a $280.4 million private placement that provided new money for general purpose provides as well as refunded outstanding bonds for debt service savings and in 2017 we helped them complete another private placement of $302.37 million for airfield improvements.
  • DFW issued eight series of AMT and non-AMT bonds during the 2012-13 program year for a combined par amount of $2.73 billion.
    • $1.19 billion of refunding bonds and $1.54 billion of new money
    • 28% of the US airport debt issuances for the
    • The Airport’s extensive capital program in late 2012 and much of 2013 won the Bond Buyer “Deal of the Year” award for the Southwest Region as outlined below. Estrada Hinojosa is proud to have served as co-financial advisor for all transactions.
  • New money bonds used primarily to finance the Terminal Renewal and Improvement Program (“TRIP”) which is a redevelopment of the Airport’s four older terminals and associated parking structures as well as a new light rail
  • Part of a larger nearly $5 billion program starting in 2011, representing about 20% of US airport bonds sold during the 18 month
  • Structure:
    • Separate, moderately-sized transactions
    • Flexibility to respond to market conditions and investor demand
    • Included long-dated bonds out to
  • Bankruptcy of DFW’s largest carrier, American Airlines, complicated the program and investor outreach efforts, but the impact on DFW’s credit ratings were minimized by extensive, on-going communications between DFW’s finance staff, financial advisors and the agencies rating DFW’s debt.