September 26, 2012 / 1:26 AM / 5 years ago

Sale of up to $1 bln in debt for Los Angeles Int'l Airport approved

SAN FRANCISCO, Sept 25 (Reuters) - The Los Angeles Board of Airport Commissioners has approved issuing up to $1 billion in revenue bonds for capital improvement projects at Los Angeles International Airport and to refinance outstanding debt, a spokeswoman said on Tuesday.

Los Angeles World Airports, a Los Angeles city department that oversees Los Angeles International Airport, LA/Ontario International Airport and Van Nuys Airport, would issue the debt in one or more series over 18 months, according to a summary of the plan for the issuances.

The transactions may involve a private placement or a direct loan from a banking institution, according to the summary.

Los Angeles International Airport currently has $3.51 billion of outstanding debt, the summary noted, adding that the airport's revenue would be able to support an additional $1 billion in debt.

LAWA spokeswoman Nancy Castles said the commissioners approved the bond plan at a meeting on Monday.

Los Angeles International Airport is the sixth busiest airport in the world and third busiest in the United States, according to LAWA. It ranks No. 13 in the world in the amount of air cargo tonnage processed.

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