By Josh Beckerman
The Allegheny County Airport Authority plans sell $421.9 million of airport revenue bonds to finance capital improvements at Pittsburgh International Airport.
The authority plans to issue $376.6 million of Series 2025 A bonds, which are subject to the alternative minimum tax. It also plans to offer $45.3 million of Series 2025 B federally taxable bonds, according to documents posted on MuniOS.
Pricing is expected April 22 and closing is scheduled for April 30.
The Series A bonds will include serial bonds maturing from 2028 through 2045 and term bonds due in 2050 and 2055. The Series B securities will include serial bonds maturing from 2028 through 2040 and term bonds due in 2045 and 2055.
The authority plans include revamping a 33-year-old "outdated" terminal. Work will include adding about 6,000 parking spaces, improving security checkpoints and baggage systems.
The ACAA's roadshow document discusses its "robust liquidity position" and said the agency "uniquely benefits" from revenue outside its residual airline agreement. It entered an oil and gas lease with CNX Resources in 2013.
Money from the sale will also be used to pay issuance costs.
The securities are rated A2 by Moody's and A by Fitch Ratings.
J.P. Morgan and PNC Capital Market are co-lead managers.
Write to Josh Beckerman at josh.beckerman@wsj.com
(END) Dow Jones Newswires
April 14, 2025 13:59 ET (17:59 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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