Success for Denver International Airport (DEN) in the Bond Market In July 2013

DEN management successfully issued over $700 million in airport subordinate revenue bonds to fund a significant portion of the $1.4 billion airport capital program. The bond issue was the final step in a multiyear effort that included evaluating various bond structures, understanding impacts on key financial metrics under a variety of scenarios, and identifying the risks of changes in service by United, Southwest, and Frontier airlines. All DEN credit ratings were reaffirmed as part of the bond issuance process. As a key member of the financial team, WJ Advisors prepared the financial feasibility report (Report of the Airport Consultant) to support the issuance of the bonds.

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