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Green Evaluation: Greater Orlando Aviation Authority Airport Facilities Revenue Bonds, Series 2019A

The Greater Orlando Aviation Authority (GOAA) controls and operates Orlando International Airport (MCO), which is located nine miles southeast of downtown Orlando. GOAA is issuing the series 2019A bonds to finance a portion of the costs of its South Terminal Complex (STC) project and pay for other projects associated with the North Terminal Complex (NTC) in its capital investment plan (CIP). The proposed approximately US$1.2 billion in series 2019A bonds will mature on Oct. 1, 2054. Bond proceeds will be applied directly to the projects, to fund debt service reserve and capitalized interest funds, to refinance line of credit draws associated with the projects’ financing, and to pay the cost of issuance. The bonds will not be labeled green bonds; all proceeds will be used for ongoing construction projects. All STC project costs fall within the scope of our Green Evaluation, as well as a portion of the NTC projects with significant electrical, mechanical, and structural components. Thus, our Green Evaluation applies to $1,087 million of the proposed bond issue.

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