Press Kit

Financing of Airport Improvements

John Wayne Airport’s capital improvements are generally financed from a combination of tax-exempt Airport Revenue Bonds, FAA grants, Passenger Facility Charges, and other internally generated funds.

JWA Airport Bond Issuance Chronology
Bond Series Purpose Amount
Series 1987 Construction of Terminals A & B, Parking Structure, Runway, Roadway Improvement $242.4M
Series 1993 Partially refunded $68.44M principal amount of Series 1987 Airport Revenue Bonds $79.8M
Series 1997 Refunded $131.49M principal amount of Series 1987 Airport Revenue Bonds $135.1M
Series 2003 Refunded $65.25M outstanding Series 1993 Airport Revenue Refunding Bonds $48.7M
Series 2009 A&B Construction of Terminal C adding 6 gates, Parking Structure C, Central Utility Plant, South RON, Elevated Roadway and CUPPS $233.1M
Series 2019 A&B Refunded $132.28M outstanding Series 2009 A&B Airport Revenue Bonds $85.03M

On July 9, 2009, the Airport issued $233,115,000 in Airport Revenue Bonds to finance the construction of the new Terminal C, Parking Structure C and other capital improvements. Two types of bonds were issued: Series A for governmental purposes and Series B for private activity. The bonds are limited obligations of the County of Orange for which no general funds were pledged. The debt is payable by Airport Net Revenues and Passenger Facility Charge revenues. The bonds have a final maturity date of July 1, 2039. On July 1, 2017, the Airport partially redeemed the 2009B Bonds scheduled to mature in 2034 in the amount of $27,210,000. The early partial redemption result in total interest cost savings of $13,556,150. 

On April 30, 2019, the Airport redeemed $13.895M of the remaining callable 2009B Bonds maturing in 2034, together with the Airport’s cash contribution of $26.105M, further paid down 2009 A&B Bonds to be refunded, therefore reducing the par bond size issuance of the Series 2019 A&B Airport Revenue Refunding Bonds from $132.28 M to $85.03M at refunding close on May 14, 2019. The 2019 Airport Refunding Bonds carried an underlying rating of AA- from S&P Global Ratings. The Bond Refunding was issued to produce back-loaded savings, shortened the final maturity of the bonds from 2039 to 2030, with a short 8-year call option in 2027, to give the Airport additional flexibility to pay off the debt sooner.  The bond refunding produced cash flow savings of $81.5 million and approximately $38.1M of net present value savings, with a true interest cost of 1.70%

For more information, contact Deanne Thompson at 949.252.5182 or dthompson@ocair.com.

John Wayne Airport (SNA) is owned by the County of Orange and is operated as a self-supporting enterprise that receives no general fund tax revenue. The Airport serves more than 10 million passengers annually and reaches more than 20 nonstop destinations in the United States, Canada and Mexico. More information can be found at ocair.com. Like us on Facebook.com/johnwayneairport, or follow us on Twitter @johnwayneair and Instagram @johnwayneair.

Last updated: 05/08/19