Case Study

City and County of Denver – Denver International Airport

$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