ST. JOHN’S, NL, 2014-7-22 — /Travel PR News/ — St. John’s International Airport Authority announced today it has closed a $60 million privately-placed bond issue with institutional investors across Canada. The bonds will bear interest at 3.479% per annum and will mature in 10 years. The bond issue was placed by the SJIAA’s agent CIBC World Markets and is rated A1 by Moody’s.
The net proceeds from the sale of this series of bonds will be used to fund the Debt Service Reserve Fund and to provide long-term financing for the Authority’s 10-Year Infrastructure Improvement Plan. Specifically, these funds will be used to finance the costs associated with the following:
Income to support these capital expenditures, and the principal and interest of the bonds will be obtained primarily through the Airport Improvement Fee (AIF).
St. John’s International Airport Authority is a private, not-for-profit organization with the mandate to provide the region with a safe, cost-efficient transportation facility that is a catalyst for economic growth. Under the provisions of a long-term Ground Lease with the Federal Government of Canada, the Airport Authority is responsible for the airport’s operations on behalf of the community it serves.
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