DALLAS-The DFW International Airport Board yesterday reaped rewards from four years of fiscal posturing over a multi-billion-dollar capital development program, garnering four times more buyers than the $207 million in bonds taken to market in a final fund-raising drive.

The extra capital will be applied to items like an open parking structure, ticketing areas, expanded security checkpoints, tech enhancements, de-icing units at each gate and baggage system improvements for the International Terminal D, SkyLink Automated People Mover System, 1,800-space parking garage and integrated 300-room Grand Hyatt Hotel. The project is on track to deliver in April 2005, taking the airport up to 6.9 million sf.

The all-in cost is $2.7 billion for the airport expansion. “When it’s rolled together, even though we’ve tacked on an additional $207 million, the fact is we’re under our original estimate four years ago,” Max Wells, DFW Airport Board chairman, told a select group of reporters at yesterday’s conference call, twice delayed, to allow a speedy rush back to the market when buyers’ appetites proved hardier than expected. The final count of the day showed the sale pulled a 5.44% true interest cost, down one to three basis points for some maturities from the initial offering. Insured by Financial Security Assurance Inc., the bonds bear ratings in the A-plus range from all three rating agencies.

The $207-million bond sale’s first run on the market generated $868 million in orders for an offering with a 2035 maturity, including $107 million with a five-year call. The average maturity is 23.6 years.

The facility’s tenant airlines must approve all bond issuances because they ultimately are responsible for paying the debt. Airport officials calculate bond sales have produced more than $1 billion in interest savings with the favorable rates based on full-term evaluations, driving $30 million in annual savings for airport tenants. Last year, the DFW Airport board set a record among its peers with a bond sale that generated $1.4 billion in one day.

The all-star cast of arrangers and advisers are Ramirez & Co. Inc. and Siebert Brandford Shank & Co., co-book-running managers of the Series 2004B joint revenue improvement bonds; Apex Pryor Securities and Southwest Securities Inc., co-managers; First Southwest Co. and Estrada Hinojosa & Co., airport financial advisers; and Vinson & Elkins, McCall, Parkhurst & Horton and Renee Higginbotham-Brooks, bond counsel.

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