Airport to sign bonds for international terminal
Hartsfield-Jackson Atlanta International Airport officials will sign an agreement next week for $350 million in additional financing toward completion of the airport’s international terminal.
A new letter of credit to be signed on Tuesday will provide “bridge funding” to help the project move forward while the city’s aviation and finance department continue working on the final bond package needed to finish the work, airport Chief Financial Officer Milton Castillo said Friday.
The current letter of credit on the project backed by a consortium that includes Wachovia Corp. expires on July 15 and was not renewed by the lenders.
Wells Fargo & Co. and JPMorgan Chase & Co cash advance loans. have agreed to provide the new letter of credit, according to a July 1 memo from Robert Kennedy, the airport’s interim general manager.
The previous letter of credit was for $550 million. Castillo said reducing it to $350 million will not affect the project.
“We never actually used the $200 million,” he said.
Castillo said airport officials expect to finalize the last portion of bond financing to complete the $1.3 billion Maynard Holbrook Jackson International Terminal during the fourth quarter of this year.
Filed under: money by Specialist