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St. Louis Lambert International Airport Revenue Bonds
The Airport Revenue Bonds are limited obligations of the City payable solely from the revenues derived from the operation of the Airport and certain other funds pledged under the Indenture, including the Debt Service Stabilization Fund and the Debt Service Reserve Fund.
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Important Note
All of the information set forth below is historical and subject to change. Investors must read the entire final official statement ("OS"), as well as any updated information regarding these bonds made available by the City at the Municipal Securities Rulemaking Board's Electronic Municipal Market Access ("EMMA") website www.emma.msrb.org, to obtain the information essential to the making of an informed investment decision.
Project Description
St. Louis Lambert International Airport is located in St. Louis County, which is adjacent to the City, approximately 15 miles northwest of the City's central business district, and approximately 10 miles from the population center of the St. Louis metropolitan area. The Airport was originally established by Major Albert Bond Lambert and other aviation pioneers on a 160-acre site. The Airport was acquired by the City in 1929 and subsequently expanded to slightly more than 3,600 acres.
The airfield at the Airport provides four all-weather runways and each runway end is served with an instrument landing system. Landings can be performed in all weather conditions, including the most inclement and adverse situations.
The Airport’s terminal facilities include Terminal 1 and Terminal 2. Terminal 1 contains approximately 1.01 million usable square feet of building space and is comprised of the Terminal 1 domes and four concourses (Concourses A, B, C and D) with 57 aircraft gates in a mixed configuration. Terminal 2 has approximately 340,000 thousand square feet of building space with 18 aircraft gates (including the four easternmost gates of Concourse D).
Terminal 1 has two active concourses, A and most of C. Concourse A has 15 gates: six are leased by Delta Air Lines, five by United Airlines, one by Air Canada, two City Gates are available for lease or per-turn use and one gate is not currently in use. Concourse C has 29 gates: one is leased by Southern Airways Express, one by Alaska Airlines, seven by American Airlines, two by Frontier Airlines and one by Spirit. Four are available for lease or per-turn use, and 13 gates in Concourse C are not currently in use. Concourse B is available for rental on an occasional basis as a public event space and is not currently in use for airline purposes, but is available as a hold room space for passenger airlines. Concourse D has 13 gates available that are inactive at this time.
Terminal 2 consists of one concourse with 18 gates. Southwest Airlines leases 17 gates in Terminal 2. One City Gate is available for lease or per-turn use. Lufthansa, which began non-stop service to Germany in June 2022, currently uses the City Gate on a per turn basis. Three of the Terminal 2 (one City Gate and two Southwest leased gates) are available for arriving flights requiring United States Customs and Border Protection services. There are no unused gates in Terminal 2.
The Airport is currently a "Medium Hub" by Federal Aviation Administration classification, as it enplaned less than 1 percent of the total passengers in the United States in 2021.
Bondholder Security
The Airport Revenue Bonds are limited obligations of the City payable solely from the revenues derived from the operation of the Airport and certain other funds pledged under the Indenture, including the Debt Service Stabilization Fund and the Debt Service Reserve Fund. The principal sources of revenues are the rates and charges generated under agreements between the City and the airlines serving the Airport and payments under concession contracts at the Airport.
For a more detailed description of the security for the Airport Revenue Bonds please, refer to the Official Statement for the relevant series of bonds (links provided below) and www.emma.msrb.org for any Continuing Disclosure Updates and Material Event Filings.
Bonds Outstanding
There are currently outstanding the following twelve (12) series of Airport Revenue Bonds with an aggregate principal amount of $489,805,000 as follows:
| Series | New Money / Refunding | Par Outstanding | Final Maturity | Tax Status |
|---|---|---|---|---|
| 2005 | Refunding | $145,995,000 | July 1, 2031 | Non-AMT |
| 2007 A | Refunding | $34,105,000 | July 1, 2032 | Non-AMT |
| 2017A | Refunding | $45,790,000 | July 1, 2032 | Non-AMT |
| 2017B | Refunding | $31,240,000 | July 1, 2027 | AMT |
| 2017C | New Money | $31,700,000 | July 1, 2047 | Non-AMT |
| 2017D | New Money | $26,605,000 | July 1, 2037 | AMT |
| 2019A | New Money | $13,235,000 | July 1, 2037 | Non-AMT |
| 2019B | New Money | $7,340,000 | July 1, 2037 | AMT |
| 2019C | Refunding | $75,470,000 | July 1, 2037 | Non-AMT |
| 2022A | Refunding | $13,390,000 | July 1, 2032 | Non-AMT |
| 2023A | New Money | $60,080,000 | July 1, 2052 | Non-AMT |
| 2023B | New Money | $4,855,000 | July 1, 2024 | AMT |
Debt Service on Outstanding Bonds
