pdf-articles Ratings /ratings/en/research/pdf-articles/170823-green-evaluation-greater-orlando-aviation-authority-priority-subordinated-airport-facilities-revenue-bonds-series-2017a content
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Green Evaluation: Greater Orlando Aviation Authority Priority Subordinated Airport Facilities Revenue Bonds, Series 2017A, August 23, 2017

The Greater Orlando Aviation Authority (GOAA) controls and operates Orlando International Airport (MCO). GOAA is issuing the series 2017A bonds to finance a portion of the costs of its South Terminal Complex (STC) project. The approximately US$1 billion in Series 2017A bonds will mature on Oct. 1, 2052. Specifically, the bonds will finance portions of the construction costs of five new buildings and several enabling projects. The buildings within the STC have been designed and will be constructed in line with Leadership in Energy and Environmental Design (LEED) Version 4 standards. Bond proceeds will be applied directly to the project, to fund debt service reserve and capitalized interest funds,to refinance line of credit draws associated with the project’s financing, and to pay the cost of issuance. Although the bonds will not be labeled green bonds, none of the proceeds will be applied to projects outside the scope of the STC project. As such, our Green Evaluation applies to the full par amount of $997million.


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