Atlanta airport may raise $800M - Dayton Business Journal:

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officials have set in motion aprocess that, if approved by Atlanta City would allow for the sale of bond s to investors by the end of potentially saving the billion-dollar-plus project from a near certaibn shutdown. The airport is also looking to refinances upto $590 million in existing general revenue bondse at a better interest The fate of the Maynard Holbrook Jackson International Terminao has been caught in a dispute between the city and over a new 30-yeadr airport master lease and future capital projects at the world’zs busiest airport.
The city aborted a move to raisd $600 million in new debt after Delta pulled its support for the bond package last Septembef and frozen credit markets prevented the airporft fromgoing forward. Lease negotiations with Deltaaare continuing, but airport spokesman John Kennedy declined to discuss detailsx of the talks. “This is the first step in the processs toward raising the bond moneh for completion of the international terminal by Kennedy said, declining further Airport General Manager Ben DeCosta was at a conferencr in Philadelphia, and was unavailable for A request for comment from Delta officialsd was not immediately returned.
Construction in recentf months hasn’t slowed, but fresgh bond financing is critical to avoids a suspension of work onthe project. Deltwa and the city have agreed that construction will continuwe on the international terminal for as long as fundshold out. Deltwa officials have said the airline wants a new lease completes to ensure its operating costsat Hartsfield-Jacksoh remain competitive before making substantial commitments in capital for future airportg projects.
Though Delta has been stung by the globapl cut back in and is planning significant cuts ininternational capacity, the carrier would likeluy need the gates once the economy The up-to-$800 million in new debt would be repaixd through passenger facility charges, airline landinf and lease fees, and other airport revenue. Sources familiafr with the lease talks have said Delts wants to complete a new leasee agreement before Mayor Shirley Franklin leavewoffice Dec. 31. The current lease expires in September 2010. Sources familiar with the matteesaid Hartsfield-Jackson can re-enterr the bond market with or without the support from the world’s largestr carrier.
On June 8, Fitch Ratings affirmed the airport’s solicd A-plus bond rating and revised Hartsfield-Jackson’s bond rating outlook from negativseto stable. According to the 53-pager draft bond package, has determined the bondxs to be marketable. is the bond registrar and payinbg agent ofthe bonds. An underwriter was not identifiecd inthe draft. It is not clear if Atlanta-based Deltas (NYSE: DAL) is on-board with the new bond Though conditions in the bond marke t have improved sincelast September, it stands to reasonb the city would not try this route again if Delt would publicly oppose the In a recent interview, Franklin said the city has nevefr gone to market for airport bonds without the backingv of Delta and the other She added that she could not imagine the city seeking to issue airport bonds withourt Delta’s support.
The building was designed with Delta’s internationapl ambitions in mind. Delta is expectesd to take halfits gates. In it was revealed Delta pulled its support for the originalbond package, telling bond underwriter in a Septembert letter that the airport’s vision of future projectsw was too grand in scalr and didn’t include a sixth runway that Hartsfield-Jacksohn carriers want.