Dallas Fort Worth International Airport | DFW 






Estrada Hinojosa has served as financial advisor to Dallas/ Fort Worth International Airport since 2003. During this timeframe we have advised on 34 transactions for a total par value in excess of $8.3 billion. Starting in 2011, Estrada Hinojosa helped the Airport complete a comprehensive restructuring of its outstanding debt in preparation for the Airport’s extensive Terminal Renewal and Improvement Program (TRIP) as well as other Airport projects. Between 2011 and 2014, the Airport completed 24 AMT and non-AMT refunding and new money transactions for a combined par value of over $5.9 billion. Refunding transactions yielded approximately $388.99 million in NPV savings, proving capacity for about $2.49 billion of total new money and approximately $519.61 million in capitalized interest. 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.

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.


Dallas/Ft. Worth International Airport (DFW)

  • 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 
  • 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.




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