Denver International Airport in the US has raised $856m by selling revenue bonds that will support its redevelopment programme.
The sale of bonds will offer funds worth $394m for the airport’s South Terminal Redevelopment Program and other capital enhancement projects, while $462m will be used for refunding bonds worth $462m to lessen debt service charges for the airport.
Denver Mayor Michael Hancock said: "Denver International Airport is a key element in our plan to make a great city even greater."
The sale of bonds was carried out by nine investment banks led by Barclays, while other investment banks include Citigroup, D.A. Davidson & Co, George K. Baum, Goldman, Sachs, Loop Capital Markets, RBC Capital Markets, US Bancorp and Wells Fargo Securities.
Denver aviation manager Kim Day said the South Terminal Redevelopment Program is important to Denver and the entire metropolitan region.
"Building the DIA train station and hotel will provide many valuable construction jobs and on-going service jobs when these airport facilities open," Day said.
The South Terminal Redevelopment Program includes design and construction of a 500-room hotel, a Public Transit Center, including a Regional Transportation District (RTD) East Rail Line station.
The project also includes refurbishment of the current concourse baggage and train systems, a public plaza for programmes and events that will connect the development to the existing Jeppesen Terminal.
The train station and hotel that are scheduled to be opened in 2015 will be managed as a Westin Hotel.
The bonds were sold in three different series to refinance outstanding commercial paper and bonds that were issued earlier, and are expected to be paid back through revenues generated by the airport.
The 11th-busiest airport in the world and fifth airport in the US, Denver International Airport handles 50 million passengers per year.
Image: The redevelopment programme at Denver airport includes construction of a train station and hotel that are scheduled to be opened in 2015.