Airport authority secures bond financing for capital projects

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The St. John’s International Airport Authority (SJIAA) announced Wednesday it has secured multimillion-dollar bond financing for capital projects to expand and upgrade Newfoundland and Labrador’s largest airport.

St. John's International Airport — File photo by Keith Gosse/The Telegram

The $60-million privately-placed bond issue will bear interest at 3.479 per cent per annum and is set to mature in 10 years. Funds from the bond will finance preparation work to support installing equipment that will aid planes arriving and departing in low-visibility weather conditions, as well as the expansion of the terminal building, roads and parking lots.

Those projects are part of SJIAA’s 10-year infrastructure improvement plan. Moody’s, a bond credit-rating company, has given SJIAA’s bond issue an A1 rating.

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