Unison has prepared a number of financial feasibility studies to support general airport revenue bond issues, PFC-backed bond issues, an FAA Letter of Intent ("LOI")-backed bond issue, and special facility financings for airport rental car facilities, as follows:
Lambert-St. Louis
Series 2003 ($80.0 million)
Series 2001A ($435.2 million)
Series 2000 ($87.5 million)
Series 1997A and 1997B ($199.6 million)
San Antonio International
Series 2002 ($130.0 million)
Kansas City International
2003A-2003B ($134 million)
Series 2001 ($140.0 million)
Series 1997 ($29.5 million)
General Mitchell (Milwaukee)
Series 2003A ($7 million completion bonds)
Series 2000A ($83.6 million)
Houston Airport System
Series 2002 ($729 million)
Series 2001 ($323.5 million) Series 2000 ($700 million)
| Louis Armstrong New Orleans
Series 1999 Ð ($35.8 million)
Little Rock National
Series 1999A and 1999B Ð ($27.9 million)
And the first ever PFC Stand-Alone Bonds: Series 1996 Ð ($21.6 million)
Richmond International
Series 2001 ($52.8 million)
Special Facility Rental Car Revenue Bonds:
Baltimore/Washington
Series 2002-$117.6 million
Houston Airport System
Series 2001 ($132.3 million)
Dallas-Fort Worth
Series 1999-$19.6 million
Series 1998-$140.0 million
Denver
Series 1999-$78.585 million |
• Unison's financial feasibility studies prepared in support of general airport revenue bond issues have included the following components at a minimum: (1) a description and analysis of the airport's capital program; (2) an analysis of the air service area and the local economic and demographic trends; (3) an analysis of historical air traffic activity and forecasts of future air traffic demand at the airport; (3) a review of the airport's airline rates and charges methodology as specified in the airline use and lease agreement; and (4) analyses, including analyses of historical financial trends and projections of key financial factors.
• For several of the PFC-backed bond issues, Unison has assisted each airport in developing the airport's PFC program and prepared the appropriate PFC applications and/or PFC amendment applications; worked with each airport's management, financial advisors, the underwriters, and the FAA to secure appropriate PFC termination protection language; and performed sensitivity analyses to evaluate the potential effect of alternate air traffic activity levels on PFC revenues and key financial factors. Unison prepared the financial feasibility report in support of the first PFC-stand alone bond issue in the nation.
• For each of the special facility financings supporting airport rental car facilities, Unison analyzed historical rental car demand at each airport and prepared forecasts of future rental car demand. The first such financial feasibility report was prepared by Unison, and supported the Series 1998 Bonds issued by Dallas-Fort Worth International. This financing was instrumental in pioneering a new type of financing approach for consolidated rental car facilities Ð a special facility bond financing structure secured by a pledge of rental car CFCs.
Unison's experience in preparing financial feasibility studies is described in more detail, by airport, in the section below. Medium-sized Origination and Destination (O&D) airports for which Unison has prepared financial feasibility reports include San Antonio International Airport, Kansas City International Airport, General Mitchell International Airport (Milwaukee), and New Orleans International Airport. The following pages present descriptions of Unison's project experience in preparing financial feasibility studies for (a) General Airport Revenue Bonds, PFC-backed bonds, and an LOI-backed bond issue (Lambert-St. Louis), and (b) special facility financings for rental car facilities.
