US airports seek fiscal band-aid from coronavirus with bond refundings

US airports are refinancing billions of dollars of old debt to take advantage of historically low interest rates and attract yield-hungry investors to gain financial breathing room in their coronavirus-hit budgets. Savings achieved from the refinancings could also help cash-strapped airlines that largely fund airport operations. On Thursday, Chicago’s O’Hare International Airport is scheduled to refinance more than $1b of bonds to achieve a projected $175m present value savings to offset anticipated revenue losses in 2021. Airports in cities including Dallas, Houston, and Los Angeles have accessed the US municipal bond market in recent months, while deals are coming from Philadelphia, Atlanta and Denver, which plans to refinance up to $1.9b of bonds in October. Airports are seeking an additional $13b federal bailout after receiving $10b in aid so far.<br/>