St. Louis Airport Commission approves debt refunding and passenger club development at STL

TIN news:  The St. Louis Airport Commission has approved a major debt refunding deal and a plan to develop the first common-use passenger club in Terminal 2 at St. Louis Lambert International Airport (STL).

The preliminary approval to the major debt refunding deal was granted with an aim to yield millions in savings for the international airport located in Missouri, US.

The St. Louis Airport Commission has approved a draft ordinance which authorises the issuance of Revenue Refunding Bonds, Series 2017, with a not-to-exceed amount of $240m.

The major debt refunding will cover one or more of the city’s outstanding Airport Revenue Bonds with an anticipated net present value savings of more than $31m.

In addition, the airport commission has authorised the issuance of ‘Series 2017 Project Bonds’ not to exceed $70m.

The new bonds will cover several projects, such as runway and taxiway development, parking infrastructure repairs, new snow-removal equipment and passenger loading facilities.

The bond ordinances have to be approved by the City Board of Estimate & Apportionment and the City Board of Aldermen.

STL airport director Rhonda Hamm-Niebruegge said: “We’re optimistic about the next bond refunding. It’s just the last in a series of recent refundings which has been made possible because of our expanding aviation traffic, improved operational efficiencies, stronger financial performance and stronger credit ratings.”

With the completion of the refunding deal this year, the total net savings of the all the recent bond refundings is expected to approach $46m.

The commission voted to approve a ten-year contract with St. Louis-based Airport Terminal Services, dba Wingtips, for the development of the club, which will be constructed at the west end of Terminal 2.

Once approved, the new club will be built near gate E-31 at the airport terminal and will offer a range of amenities to passengers