The San Diego County Regional Airport Authority will pay a record low interest rate on $291 million in bonds sold to cover construction of the Terminal 2 parking deck and international arrivals facility.
The borrowing cost for the revenue bonds issued earlier this month is 3.74 percent, the lowest rate ever on an airport authority bond issue, the authority reported Thursday.
The authority also said the bonds received “exceptional demand,” with $4 million sold to retail investors and $287 million sold to 80 separate institutional investors.
“Receiving such favorable terms for the bond sale speaks volumes of the solid financial standing of the airport authority and its management strategies,” said Kimberly J. Becker, President and CEO. “This sale paves the way for much needed airport development and improvements that will in turn benefit the region through jobs and economic investment.”
The parking deck will feature three floors with nearly 3,000 parking spaces, a net increase of nearly 1,700 spaces from the existing surface lot. The new international arrivals facility will house Customs and Border Protection and other international passenger arrival services.
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