$2.5 Billion Airport System Subordinate Revenue Bonds, Series 2018A (AMT) and 2018B (Non-AMT)

Estrada Hinojosa Served as Co-Managing Underwriter for the Bond Buyer’s “2018 Deal of the Year”

• Largest AMT transaction and largest airport transaction ever issued
  • Rated A2 / A / A+ by Moody’s, S&P and Fitch
  • Serials bonds through 2038 and term bonds in 2043 and 2048
  • Mix of coupons from 3.25% through 5.25% to meet investor demand
    • The bonds were issued to:
      • Finance portions of the 2018-22 capital plan including the Great Hall
      • Refund certain outstanding bonds
      • Fund reserve and capitalized interest deposits

• Great Hall Project – Redevelopment of Jeppesen Terminal
  • Consolidate underutilized space
  • Relocate security areas
  • Update shopping and dinning
  • P3 project with Ferrovial, Saunders Construction, and JLC

• Estrada Hinojosa has a long history of serving Denver since 1996
  • 18 transactions as underwriter for $5.8 billion in par value
  • 40 transactions as co-financial advisor for $4.1 billion

**FOOTNOTE: This transaction was completed by Estrada Hinjosa and Company, Inc. Effective August 2, 2024, Texas State Bankshares, Inc., the registered bank holding company for Texas Regional Bank (collectively, “TRB”) completed its acquisition of Estrada Hinojosa & Company, Inc. Going forward the firm will operate under TRB Capital Markets, LLC, a wholly owned subsidiary of Texas Regional Bank, using the assumed name of “Estrada Hinojosa.”