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SFO seeks expanded short‑term commercial paper capacity as part of pandemic recovery plan
Summary
Airport officials told the Budget & Finance Committee the airport seeks to increase commercial paper authority to provide short‑term liquidity for capital projects and to reduce long‑term debt service. Directors said the funds are intended for capital projects, with a protective reserve and plans to refinance into airport revenue bonds when market conditions allow.
San Francisco International Airport officials told the Budget & Finance Committee Feb. 24 they are seeking permission to increase the airport’s commercial paper authorization to provide short‑term liquidity for remaining capital program needs and to reduce long‑term debt service.
Director Sattero (presenting) and Kevin Cohen (acting chief financial officer) said passenger volumes fell from roughly 58 million pre‑COVID to an estimated ~12 million through the fiscal year, forcing the airport to scale back its capital program by roughly $2.1 billion (from $7.8B to $5.7B). To take advantage of historically…
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