Margaret M. Basrai, CPA, CGMA, C.M.,
Executive Vice President and Chief Financial Officer
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Assessment affirms Stable Outlook, cities growing population, expanding economy, and well-maintained financial operations
NASHVILLE, Tenn. (November 13, 2023) – Kroll Bond Rating Agency (KBRA), a prominent nationally recognized credit rating agency, has affirmed its AA- long-term ratings for the Metropolitan Nashville Airport Authority Airport (MNAA) Improvement Revenue Bonds, and A+ for the Subordinate Airport Improvement Revenue Bonds. The assessment also reaffirms MNAA’s Stable Outlook.
The ratings were upheld due to the following key credit factors:
Nashville International Airport® (BNA®) is committed to maintaining strong bond ratings and ensuring transparency with both the investor community and the general public. MNAA offers an investor relations website accessible at www.nashvilleairportbonds.com.
Soft Opening of Satellite Concourse Set for October 21
NASHVILLE, Tenn. (October 20, 2023) – Tomorrow, Nashville International Airport (BNA®) will open its first free-standing, eight-gate Satellite Concourse – a major milestone of the BNA® Vision expansion program. The Satellite Concourse, encompassing Gates C4 – C11, is designed to primarily accommodate the operations of Allegiant Air and Spirit Airlines.
“The opening of our new Satellite Concourse is a milestone for BNA as we continue to work to accommodate the exponential growth we’re experiencing while simultaneously enhancing the passenger experience,” said Doug Kreulen, president and CEO of Nashville International Airport. “As we continue to work towards building a world-class airport for a world-class city, we are excited for our passengers to experience the newest addition to BNA.”
Passengers access the Satellite Concourse at the shuttle station from the main terminal, adjacent to Gate C13. From there, a fleet of electric shuttles will run continuously, every three minutes, accommodating up to 69 passengers per shuttle.
During the soft opening on October 21, the new facility will feature several retail and concession options, offering passengers the chance to savor some of Nashville’s favorites, including:
To celebrate the soft opening, complimentary coffee by Bongo Java and Costa Coffee will be served to passengers until the end of October.
The grand opening of the Satellite Concourse, at a later date, will include additional concession options:
Completion of new International Arrivals Facility opens doors for future nonstop international air service; BNA Marketplace enhances dining and shopping experience
NASHVILLE, Tenn. (September 25, 2023) – Nashville International Airport (BNA®) today unveiled the new International Arrivals Facility (IAF) and BNA Marketplace, two key pillars of the airport’s breakthrough BNA® Vision construction and renovation plan. The IAF includes six new gates and facilities designed to accommodate the surging international travel to and from Middle Tennessee. The BNA Marketplace brings the local flair of Music City to BNA with exciting new dining, retail, and service amenities to provide travelers with the BNA experience.
Launched in 2017, BNA® Vision is Nashville International Airport’s bold growth and expansion plan to transform BNA into a world-class airport.
“BNA® Vision was designed to take Nashville International Airport to the next level and meet the travel needs of Middle Tennessee not just today, tomorrow, or next year, but well into the future,” said Doug Kreulen, president and CEO of BNA. “Not only does the International Arrivals Facility greatly increase our ability to serve international flights and travelers, it also opens the door for future nonstop air service to Europe, Asia, Latin America, and other regions.”
The International Arrivals Facility introduces a set of six new gates specifically designated for international flights with ample apron space to accommodate larger planes. In addition, these gates will also accommodate domestic flights, further expanding the capacity of BNA. A new Customs and Border Protection (CBP) zone will streamline immigration and Customs processes and can accommodate 800 passengers per hour using the latest in biometric technology. Travelers arriving at the IAF will be welcomed by an array of artworks and installations showcasing Music City’s rich history through a captivating collection of photographs. The IAF also features a 1,000-square-foot mural titled “Nashville’s Rhythmic Skies” by Nashville native Eric “Mobe” Bass, a celebrated muralist with a number of high-profile works across the city. Situated directly above 10 expandable Customs processing booths is a 650-square-foot “Welcome to Nashville” sign extending a warm greeting to our city’s visitors.
The BNA Marketplace includes 15 new dining, retail, and service amenities, including ACME Feed & Seed, Titans Press Box, a full-service restaurant and bar in partnership with the Tennessee Titans, Voodoo Doughnut, and Kitty Hawk, a fast-casual eatery offering made-to-order dishes and convenient grab-and-go options. Other dining and retail locations include:
The space also features twelve 26-foot life-like faux trees designed to mirror the Red Maple species indigenous to the landscapes of Tennessee.
The IAF and the BNA Marketplace mark the completion of the Terminal Lobby Renovation, a 400,000-square-foot project including the new Grand Lobby, which opened in January 2023. The master architect for BNA® Vision is Corgan, and the design-build team for the Grand Lobby and International Arrivals Facility is Hensel Phelps and Fentress Architects.
Notable BNA® Vision projects and milestones include:
With BNA® Vision nearing completion, Nashville International Airport is already working toward the next phase of projects to meet the region’s continued growth trajectory. In June 2022, BNA announced New Horizon, a $1.5 billion improvement and expansion plan for two concourses, a new air freight building, terminal roadway improvements, and additional upgrades to further enhance the traveler experience. New Horizon will be phased in over the next six years, with scheduled completion in late 2028.
NASHVILLE, Tenn. (August 23, 2023) – With the continuous rise in passenger volume and operations, the Metropolitan Nashville Airport Authority (MNAA) today announced its newest team members, Floyd Munn and Destiney Williams. Additionally, MNAA’s Melissa Ting has been promoted and will lead the Environmental and Safety initiatives in the Maintenance Department.
“I would like to welcome Floyd and Destiney to the BNA family, as well as congratulate Melissa on her promotion,” said Doug Kreulen, President and CEO of Nashville International Airport. “Each of them brings a wealth of experience and skill to their new roles. We are counting on their leadership and talent to maintain our upward trajectory while also surpassing the expectations of our travelers.”
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Air Carrier’s Commitment to Partnership Further Reflects Airport’s Growth Trajectory
NASHVILLE, Tenn. (August 15, 2023) – Nashville International Airport® (BNA®) is extremely proud to be selected as Southwest Airlines newest Crew Base starting in 2024, marking BNA as the air carrier’s 12th Crew Base, a commitment that demonstrates Southwest’s continued investment in Music City.
The new Crew Base will house an estimated 500-700 Flight Attendants and 150-200 Pilots beginning in 2024, with continued growth plans on the horizon. BNA continues to work with Southwest Airlines to add four gates in the fourth quarter of 2023 to support its operation with a goal of 20 gates total by the end of the year.
“This is an outstanding and momentous announcement that truly reflects our valuable partnership with Southwest Airlines and signifies our shared vision of elevating travel to new heights,” said Doug Kreulen, president and CEO of Nashville International Airport. “Southwest Airlines’ dedication to safety, service, and innovation perfectly aligns with our commitment to providing our customers with an unparalleled experience, and we’re thrilled for this expansion.”
Southwest Airline’s commitment to BNA further demonstrates the airport as a true asset to the Middle Tennessee region and a critical asset to the region’s growth and prosperity. BNA recently announced a record-breaking year with a 21.9 million total at the end of its fiscal year – 18.7% higher than the previous record-breaking year, 2022. Air Service continues to grow at BNA with a record-breaking number of 99 nonstop destinations and an average of 600 daily operations (300 departures and 300 arrivals), and passengers at BNA have doubled in the past ten years (2013: 10.6 million; 2023: 21.9 million).
NASHVILLE, Tenn. (July 19, 2023) – Nashville International Airport® (BNA®) today announced a record-breaking year with 21.9 million total at the end of its fiscal year – 18.7% higher than the previous record-breaking year 2022.
Additional record-breaking statistics include:
Record Breaking Month: May 2023! BNA served 2,071,705 passengers – 66,800 passengers per day.
Record Breaking Day: May 7, 2023! 39,745 passengers screened through the checkpoint.
Air Service continues to grow at BNA with a record-breaking number of 99 nonstop destinations and an average 600 daily operations (300 departures and 300 arrivals).
Passengers at BNA have doubled in the past 10 years:
2013: 10.6M
2023: 21.9M
“It gives me great pride that BNA continues to break records and experience tremendous growth,” said Doug Kreulen, president and CEO of BNA. “As we wrap up BNA® Vision at the end of 2023, we are looking forward to the continuation of New Horizon – our next phase of expansion to accommodate growth up to 35M passengers and keep Nashville International Airport a world-class facility. Our future is very bright!”
During the fiscal year, BNA celebrated numerous monumental achievements, events, and celebrations including:
Opened the new 200,000 sq. ft. Grand Lobby with immersive art displays and installations, two “69x13’’ video walls, and 24 TSA security lanes
Opened the 215 ft. pedestrian bridge with a 695’ x 224’ canopy, enhancing the passenger experience
Greeted participants at our 26th Aviation Classic Golf Tournament with proceeds benefitting:
Nashville Cherry Blossom Festival
MTSU Charlie and Hazel Daniels Veterans and Military Family Center
Fisk University
McGavock High School
Hosted the 3rd annual BNA 5K on the Runway benefitting:
Gary Sinise Foundation
Boys and Girls Clubs of Middle Tennessee
Make a Wish – Middle Tennessee
Added two additional nonstop routes to our portfolio:
WestJet Airlines announced service from Music City to Vancouver – passengers will now have easy access to Canada’s five largest cities
Avelo Airlines announced service from BNA to Delaware’s Wilmington Airport (ILG) – a convenient and easy alternative to Philadelphia International Airport (PHL)
Opened 18 new concessions and retail options
Opened our new cell lot that is two and a half times larger – featuring digital signage that displays real-time updates on incoming flights
Unveiled the 40-foot-tall BNA Monument at the entrance to the airport off I-40
Bestowed the following awards:
2023 Most Admired CEOs from the Nashville Business Journal (Doug Kreulen)
2023 NBJ Women of Influence from the Nashville Business Journal (Davita Taylor)
2023 Tennessee Chief Information Officer ORBIE® Awards (KC Hampton) - finalist
General Aviation Project of the year from the Southeast Chapter of the American Association of Airport Executives awarded to John C. Tune for the rebuild - following the March 2020 tornadoes
Certificate of Achievement for Excellence in Financial Reporting from the Government Finance Officers Association
BNA and Hi-Way Paving, Inc. Awarded “Gold Award” in the Commercial Services Airport Category and “Best in Show” for Innovation at the 2022 Excellence in Concrete Paving Awards (December 2022)
Airport Authority’s rating raised from A+ to AA- from Standard & Poor’s (S&P) Global Ratings
Welcomed U.S. Secretary of Transportation Secretary Pete Buttigieg as well as local and state elected officials to celebrate the $7 million Airport Terminal Grant awarded to BNA.
Opened Garage B – a six-level parking structure with 1,800 covered parking spaces that connects directly to the on-site Hilton Hotel (hotel slated to open December 2023).
FollowingBNA® Vision_, New Horizon is the recently launched construction program at Nashville International Airport. _For more information on New Horizon, visit: click here.
NASHVILLE, Tenn. (February 13, 2023) – On February 7, 2023, Standard & Poor’s Global Ratings (S&P) raised its long-term rating and underlying rating to “AA-” from “A+” on the Metropolitan Nashville Airport Authority’s (MNAA’s) senior-lien airport revenue bonds, with a stable financial outlook. The rating reflects S&P’s view of MNAA’s financial resilience and BNA’s robust air travel demand that they have deemed sustainable given limited competition and an expanding and vibrant service area economy.
MNAA has approximately $1.7 billion of debt outstanding, consisting of $787.2 million in senior-lien bonds and $919.5 million in subordinate-lien bonds (which S&P does not rate).
The rating action reflects S&P’s opinion of BNA’s improved market position, very strong enterprise risk profile, and strong financial risk profile and a one-notch positive holistic analysis adjustment. The positive rating additionally reflects:
NASHVILLE, Tenn. (July 26, 2022) – The Government Finance Officers Association of the United States and Canada (GFOA) has awarded the Certificate of Achievement for Excellence in Financial Reporting to Metropolitan Nashville Airport Authority for its annual comprehensive financial report for the fiscal year ended June 30, 2021.
The report has been judged by an impartial panel to meet the high standards of the program, which includes demonstrating a constructive “spirit of full disclosure” to clearly communicate its financial story and motivate potential users and user groups to read the report.
“We are honored to receive this award from the GFOA. The Certificate of Achievement is the highest form of recognition in governmental accounting and financial reporting, and its attainment represents a significant accomplishment for the Metropolitan Nashville Airport Authority and its Finance Department,” said Doug Kreulen, president and CEO of Metropolitan Nashville Airport Authority.
The Government Finance Officers Association, founded in 1906, represents public finance officials throughout the United States and Canada. The association’s more than 20,000 members are federal, state/provincial, and local finance officials deeply involved in planning, financing, and implementing thousands of governmental operations in each of their jurisdictions. GFOA’s mission is to advance excellence in public finance.
NASHVILLE, Tenn. (June 30, 2022) – Nashville International Airport® today announced a record-breaking year, with 18.4 million total travelers at the end of its fiscal year, 7% higher than the previous record year 2019.
Additional record-breaking statistics include:
“It gives me great pride to see BNA, our city, and our state respond to this tremendous growth,” said Doug Kreulen, president and CEO of BNA. “We anticipate that our passenger numbers will continue to rise and we are excited about our plans to accommodate this growth. Our future is very bright!”
BNA celebrates monumental achievements, events, and celebrations this past year that includes:
To view the commemorative video celebrating BNA’s record-breaking year, click HERE.
NASHVILLE, Tenn. (June 10, 2022) – Nashville International Airport® (BNA®) today announced New Horizons, an improvement and expansion plan for two concourses, a new air freight building, terminal roadway improvements and additional upgrades to further enhance the traveler experience. _New Horizons _is expected to cost an additional $1.4 billion and will be phased in over the next six years with a scheduled completion in late 2028.
New Horizons _is the next step in the construction and renovation of Nashville International Airport following _BNA Vision, which began in 2017 and will continue through 2023. Consistent with all airport capital improvement projects, no local tax dollars will be used. New Horizons funding will come from bonds, federal and state aviation grants, Passenger Facility Charges (PFCs) and other airport funds.
“When we broke ground on BNA Vision, our goal was to expand the infrastructure of BNA to better support Nashville’s impressive growth trajectory over the next 20 years. The passenger volume we’ve seen at Nashville International Airport continues to outpace our previous projections, which is a great sign for our city, but it also means that we have to continue building for the future,” said Doug Kreulen, BNA president and CEO. “It’s paramount for us to focus on a new horizon and continue to build a world-class airport to support more and more domestic and international travelers.”
Specific details of New Horizons will evolve as individual projects take shape, but the preliminary plan includes:
The New Horizons design phase is expected to begin in August 2022 with construction on the extension of Concourse D scheduled to begin in late 2023 – with completion of all projects in late 2028.
NASHVILLE – With the release of 2021’s total passenger data, the Metropolitan Nashville Airport Authority (MNAA) has taken stock of the previous 12 months. Although the pandemic continued to impact air travel throughout the country, the calendar year closed with over 15.5 million passengers moving in and out of Nashville International Airport_®_—87.3 percent higher than in 2020 and just 15.1 percent lower than in 2019.
In fact, July and November 2021 passenger volume exceeded the record-setting 2019 numbers for those months. Additionally, the number of scheduled nonstop routes during the summer reached a record high of service to 88 markets.
“In addition to the increase in air travel, we continued to progress in other areas, including additional air service, expansion and renovation of BNA_®_ and the redevelopment of John C. Tune Airport,” said Doug Kreulen, president and CEO of MNAA. “The Airport Authority continued to meet challenges from the pandemic while embracing opportunities to meet future needs and reinforce the vital role we play in the economic recovery of Nashville and Middle Tennessee.”
Notable 2021 milestones:
And as progress on new initiatives continued, so too did BNA’s response to the pandemic. The airport reinforced its cleaning and sanitizing protocols, continued its public awareness campaign of CDC best practices, distributed free face coverings, installed plastic shields at airline counters, installed touchless elevator buttons and UV sanitizing lights on escalator handrails and HVAC systems.
About Nashville International Airport
As infrastructure critical to the region’s growth and prosperity, BNA is a vital asset for Middle Tennessee and serves as a gateway to Music City and beyond. According to a recent State of Tennessee study, in 2019 alone, BNA generated more than $9.9 billion total economic impact. BNA supported more than 76,000 jobs in the region and produced more than $443 million in state, local and federal taxes. BNA receives no local tax dollars.
For more information, visit flynashville.com. Follow us on Facebook: @NashvilleInternationalAirport, Twitter: @Fly_Nashville and Instagram: @FlyNashville. Learn more about BNA® Vision, our expansion and renovation plan for the airport, at BNAVision.com.
NASHVILLE INTERNATIONAL AIRPORT®, ®, COMMANDER BERRY FIELD®, JOHN C. TUNE AIRPORT®, and JWN®, among others, are the registered trademarks and trademarks of The Metropolitan Nashville Airport Authority (“MNAA”). Use of these trademarks without permission from MNAA is strictly prohibited.
NASHVILLE – With two airports expanding and Middle Tennessee’s demand for air service continuing to rise, the Metropolitan Nashville Airport Authority (MNAA) has enhanced its leadership team with the following key appointments:
Lisa Lankford: Vice President and Strategic Advisor to the President
Lisa Lankford has been promoted to Vice President and Strategic Advisor to the President. Ms. Lankford has served MNAA since 2011, bringing a wealth of talent and dedication to her roles. In addition to serving as strategic advisor to the President & CEO and managing Internal Audit, Lisa will lead Government Relations, supervise the Executive Assistants and further develop analytical tools.
“Lisa has long served the Authority well and continues to enhance her leadership and contributions with a growing portfolio of key areas of responsibility,” said Mr. Doug Kreulen, President and CEO of MNAA. “I look forward to benefiting from her increased leadership role, as does the entire organization and Board of Commissioners.”
Ms. Lankford began at MNAA as Project Manager, Continuous Improvement, and was promoted to Assistant Vice President, Special Assistant to the President in 2017. She has provided strategic analysis and assistance to the executive leadership team and the Board of Commissioners. She is a Certified Member (C.M.) of the American Association of Airport Executives and earned a Bachelor of Science in Mathematics and a Master of Science in Mathematical Science at East Tennessee State University.
Adam Floyd: Assistant Vice President, Operations
Adam Floyd has been promoted to Assistant Vice President of Operations. Having demonstrated outstanding leadership as the Airport Authority’s Director of Emergency Management since 2019, Mr. Floyd will now lead airside and landside operations at Nashville International Airport® and John C. Tune Airport®. He was chosen after a nationwide search and emerged as the top candidate among more than 50 applicants considered for this critical role. His areas of responsibility include airfield and terminal operations, parking, ground transportation, and continued oversight of the Airport Communications Center and Emergency Operations Center.
“Adam Floyd has proven himself to be a tremendous asset to the Metropolitan Nashville Airport Authority in a short time. With his focus on constant readiness and his intricate understanding of systems, teams and complex coordination, he was the perfect candidate for this critical role,” said Mr. Kreulen. “Our future growth demands a superior leader of airfield and terminal operations and parking and ground transportation. Adam Floyd is that person and will be essential to the success of our airports. The traveling public is in very good hands.”
Mr. Floyd has overseen the 24/7 operations of MNAA’s Airport Communications Center and Emergency Operations Center for the last two years, including the Airport Authority’s immediate response and recovery activities following the March 2019 tornado at John C. Tune Airport. Mr. Floyd is a Certified Member (C.M.) of the American Association of Airport Executives and a 21-year veteran of the U.S. Coast Guard with extensive experience in leading law enforcement, intelligence, and search and rescue operations. He is a graduate of the American Military University with a Bachelor’s Degree in Law Enforcement Intelligence Analysis.
Daniel Brown: Assistant Vice President, Maintenance
Daniel Brown has joined the Airport Authority as Assistant Vice President of Maintenance. A fixture at MNAA since 2017, he has a proven track record of leadership excellence as head of the Airport Authority’s quality assurance and construction safety functions. In his new role, he will oversee all aspects of facilities maintenance and airfield maintenance at Nashville International Airport and John C. Tune Airport.
“Daniel Brown is a demanding and exacting leader, one whose uncompromised emphasis on safety and quality make him ideal for his new role,” said Mr. Kreulen. “He has a well-established reputation of excellence at the Airport Authority. As air service continues to rise and as we continue to build, Daniel’s leadership will be essential to maintaining a superior standard across both of our airports. Travelers expect and deserve no less, and Daniel is the leader we need.”
Mr. Brown has 15 years of experience and expertise in quality assurance and construction safety. For the last four years, he has served as Tennessee division director for Sigma Engineering Solutions, working within MNAA’s Engineering Department to ensure a safe and quality execution of the $1.4 billion BNA_® Vision_ expansion of Nashville International Airport. Prior to joining Sigma Engineering Solutions, he was a quality manager on various federal construction contracts and served in the U.S. Air Force as a maintenance crew chief for A-10 Warthog aircraft, among other roles. He holds a Bachelor of Science degree in Aeronautics and a Master of Aeronautical Science degree in Aviation Management from Embry-Riddle University.
Ijeoma Ike: Senior Counsel
Ijeoma Ike has joined the Airport Authority’s legal team as Senior Counsel.
Previously, she served as In-House Legal Counsel for the Chattanooga Housing Authority (CHA). In addition to her work at CHA, Ms. Ike was a staff attorney with West Tennessee Legal Services Inc., a non-profit law firm.
She received her undergraduate degree in Political Science from Fisk University in Nashville, Tennessee. She was awarded her Juris Doctorate from Mississippi College School of Law in Jackson, Mississippi. During law school, Ms. Ike clerked at the United States Attorney’s Office for the Middle District of Tennessee and interned at the Southern Poverty Law Center.
“The Metropolitan Nashville Airport Authority has a legal team that any airport or company would envy. Ijeoma Ike’s considerable experience and acumen make her an outstanding addition to our top-tier group of attorneys,” said Mr. Kreulen. “We’re excited to welcome Ijeoma to our organization, and I am confident we will benefit from her expertise.”
Denise Gaitantzis: Director, Human Resources – Benefits & Compensation
Ms. Gaitantzis has extensive experience as an HR generalist and has served as Director of Human Resources for Pet Paradise Resorts and GATE Petroleum Company.
She earned a bachelor’s degree in Business and Languages from the University of Florida and holds certifications from the Society for Human Resource Management as a Professional in Human Resources and Compensation Specialist.
“The Authority’s Human Resources Department is a key component to our success managing a top-notch team of professionals. Denise Gaitantzis brings a wealth of knowledge and talent, and we look forward to that addition to our staff,” said Mr. Kreulen.
Toiya McNeil Walker: Director, Human Resources and Organizational Development
Toiya McNeil Walker comes to the Authority from Broadcast Music Inc. where she served as Talent Manager and Director, Human Resources, for seven years. Prior to that, she was a Senior Human Resources Business Partner at Amazon Fulfillment and worked at the Dollar Financial Group in Human Resources.
She earned a Bachelor’s Degree in Speech Communications from Tennessee State University as well as several certifications including the Society for Human Resource Management Senior Certified Professional (SHRM-SCP) and Global Professional of Human Resources, Certified Talent Acquisition Strategist from Human Capitalist Institute, Prism Certified Diversity & Inclusion Trainer, and Certified Targeted Selection Interview Trainer from Development Dimensions International.
“Our Human Resources Department continues to reach new levels of expertise with the hiring of Toiya McNeil Walker,” said Mr. Kreulen. “I’m confident in her leadership and the valuable service she brings to the Authority.”
MNAA was established in 1970 and owns and operates Nashville International Airport and John C. Tune Airport.
About Nashville International Airport®
As infrastructure critical to the region’s growth and prosperity, BNA is a vital asset for Middle Tennessee and serves as a gateway to Music City and beyond. According to a recent study, in 2019 alone, BNA generated more than $8.1 billion in total economic impact, supported more than 76,000 jobs in the region and produced more than $443 million in state, local and federal taxes. BNA receives no local tax dollars. For more information, visit flynashville.com. Follow us on Facebook: @NashvilleInternationalAirport, Twitter: @Fly_Nashville and Instagram: @FlyNashville. Learn more about BNA® Vision, our expansion and renovation plan for the airport, at BNAVision.com.
NASHVILLE INTERNATIONAL AIRPORT®, ®, COMMANDER BERRY FIELD®, JOHN C. TUNE AIRPORT®, and JWN®, among others, are the registered trademarks and trademarks of The Metropolitan Nashville Airport Authority (“MNAA”). Use of these trademarks without permission from MNAA is strictly prohibited.
NASHVILLE – The Metropolitan Nashville Airport Authority (MNAA) is entering a new phase of expansion with a substantial earthwork project set to begin at Nashville International Airport. This project will enlarge the paved area (or “ramp”) adjacent to the terminal’s north end, adding more space for aircraft maneuvering and parking—the first step in building a much larger Concourse A to accommodate significant projected growth and rising demand for air service.
The Airport Authority’s Board of Commissioners this week awarded a $27 million contract to Eutaw Construction for Phase 1 of the Concourse A ramp expansion project. Construction will begin in November to create nearly 30 acres of new space adjacent to Concourse A by spring 2023. Phase 2, which has not yet been awarded, will pave the new space and add aircraft taxilanes to service an expanded Concourse A.
The future Concourse A expansion contract has not yet been awarded.
“Air traffic at BNA has returned to pre-pandemic levels. With even more growth projected in the years ahead, Nashville needs a bigger airport,” said Doug Kreulen, BNA President and CEO. “A world-class Concourse A is key to our growth strategy, but we need a bigger ramp first. We’re eager for Eutaw Construction to move forward with this critical airport infrastructure project. An even bigger and better BNA is on the horizon, and we’re swiftly heading toward it.”
Phase 1 of the Concourse A ramp expansion project will bring a 95-foot depression up to grade, creating 27 acres of space to extend the existing Concourse A ramp. The resulting surface area will be needed for aircraft maneuvering once Concourse A is expanded. An estimated 75,000 dump truck loads of fill material will be used to build the new space, 67 percent of which was harvested from BNA’s on-site stockpiles (including rock excavated from the future International Arrivals Facility site and concrete recycled from the newly reconstructed Runway 2R/20L). The remaining fill material will come from a local quarry.
The project is expected to include nearly $3 million in contract awards for minority and woman-owned business enterprises and will create an estimated 60 jobs.
“Eutaw Construction is excited to continue our partnership with MNAA on the upcoming Concourse A ramp expansion contract,” said Lane Williams, regional vice president of Eutaw Construction
Company. “We welcome the opportunity to work together with the professional team at MNAA in executing another successful project and further BNA’s ongoing expansion.”
Notably, this project is part of a second major phase of expansion at Nashville International Airport. The first slate of projects under way now and set for completion in 2023 include a new Hilton-branded hotel, a state-of-the-art International Arrivals Facility and terminal lobby expansion and renovation. Projects already completed under the first phase include a new Concourse D, new ticketing wings and baggage claim space, Terminal Garages 1 and 2, and a new administrative office building.
The second group of projects will add even more capacity to serve rising demand for air travel projected to continue beyond 2023. These projects include a free-standing satellite concourse and Concourse A ramp expansion.
As with all other airport capital improvement projects, no local tax dollars will be used to fund BNA expansion projects. Take a virtual 360-degree tour, view renderings and watch the BNA Vision video at bnavision.com.
About Nashville International Airport®
As infrastructure critical to the region’s growth and prosperity, BNA is a vital asset for Middle Tennessee and serves as a gateway to Music City and beyond. According to a recent study, in 2019 alone, BNA generated more than $8.1 billion in total economic impact, supported more than 76,000 jobs in the region and produced more than $443 million in state, local and federal taxes. BNA receives no local tax dollars. For more information, visit flynashville.com. Follow us on Facebook: @NashvilleInternationalAirport, Twitter: @Fly_Nashville and Instagram: @FlyNashville. Learn more about BNA® Vision, our expansion and renovation plan for the airport, at BNAVision.com.
NASHVILLE INTERNATIONAL AIRPORT®,
Condé Nast Traveler today announced the results of its annual Readers’ Choice Awards with Nashville International Airport recognized as the Ninth Best Airport in the U.S.
More than 800,000 Condé Nast Traveler readers submitted responses rating their travel experiences across the globe to provide a full snapshot about the places they can’t wait to return to next. The Readers’ Choice Awards are the longest-running and most prestigious recognition of excellence in the travel industry. The full list of winners can be found here.
“BNA® works tirelessly to create a welcoming environment and enjoyable travel experience,” said Doug Kreulen, BNA president and CEO. “It’s an honor to be recognized by the magazine’s readers around the globe. We remain committed to continuing the experience that travelers appreciate at BNA and look forward to providing an even bigger, better airport with the expansion and renovation currently underway.”
The 2021 Readers’ Choice Awards are published on Condé Nast Traveler’s website at cntraveler.com/rca and celebrated in the November issue.
About Nashville International Airport®
As infrastructure critical to the region’s growth and prosperity, BNA is a vital asset for Middle Tennessee and serves as a gateway to Music City and beyond. According to a recent study, in 2019 alone, BNA generated more than $8.1 billion in total economic impact, supported more than 76,000 jobs in the region and produced more than $443 million in state, local and federal taxes. BNA receives no local tax dollars. For more information, visit flynashville.com. Follow us on Facebook: @NashvilleInternationalAirport, Twitter: @Fly_Nashville and Instagram: @FlyNashville. Learn more about BNA® Vision, our expansion and renovation plan for the airport, at BNAVision.com.
NASHVILLE INTERNATIONAL AIRPORT®, ®, COMMANDER BERRY FIELD®, JOHN C. TUNE AIRPORT®, and JWN®, among others, are the registered trademarks and trademarks of The Metropolitan Nashville Airport Authority (“MNAA”). Use of these trademarks without permission from MNAA is strictly prohibited.
NASHVILLE – Setting the stage for future growth and expansion, the Metropolitan Nashville Airport Authority (MNAA) announces the following promotions within its leadership team:
Mr. Robert Ramsey: Executive Vice President and Chief Operating Officer (COO)
Robert Ramsey was promoted to Executive Vice President (EVP) along with his title of Chief Operating Officer (COO). In this position, Mr. Ramsey assumes the additional responsibility of overseeing the Information Technology department as well as leading the Operations, Facilities Maintenance, Public Safety, Engineering, Environmental Management, Safety, and Strategic Planning and Sustainability programs at both the Nashville International Airport® and the John C. Tune Airport®.
“Robert Ramsey has a proven record of superior performance at both of our airports,” said Doug Kreulen, president and CEO of MNAA. “From Engineering Manager to Director of Design, then Chief Engineer, and now the COO, Robert has the experience and leadership talents necessary to ensure we continue to meet Nashville’s and Middle Tennessee’s growing demands for commercial, corporate and the general aviation services today and into the future.”
Mr. Ramsey joined the Airport Authority in 2003 and he was instrumental in launching the BNA® Vision, MNAA’s expansion and renovation plan for Nashville International Airport. He served eight years in the United States Air Force as an officer in multiple squadron leadership roles. A graduate of the University of Missouri and the Virginia Military Institute, Ramsey is a Professional Engineer (PE), an Accredited Airport Executive (A.A.E) and an International Airport Professional (IAP).
Ms. Traci Holton: Vice President of Engineering and Deputy Chief Operating Officer
Traci Holton has been promoted to Vice President of Engineering and Deputy Chief Operating Officer for her successful hands-on management of the Engineering department and her leadership role as Chief Engineer, directing the $1.4 billion BNA® Vision expansion of Nashville International Airport.
“Traci Holton is an outstanding leader. She has demonstrated extraordinary skill directing the many construction and design projects at both Nashville International Airport® and John C. Tune Airport®,” said Doug Kreulen, president and CEO of MNAA. “She brings a level of expertise and focus on airport projects that we embrace and rely upon throughout our organization, and her increased role gives us added assurance as we continue to expand BNA® and redevelop JWN®.”
Ms. Holton joined MNAA in 2003 and most recently served as assistant vice president of development and engineering. Before joining the Airport Authority, Ms. Holton worked as a transportation engineer for a local consulting firm, where she designed and managed roadway projects throughout the state of Tennessee. She also has experience in bridge design, environmental permitting and site development.
She is a licensed Professional Engineer in Tennessee and is a member of the National Society of Professional Engineers, Tennessee Section; American Society of Civil Engineers, Tennessee Section, Nashville Branch; and the American Association of Airport Executives. In 2020, she was named Government Engineer of the Year by the Tennessee Society of Professional Engineers’ Nashville Chapter. Her education includes a Bachelor of Science Degree in Civil Engineering from Tennessee Technological University and a Master of Science in Engineering Management from Lipscomb University.
Ms. Kristen Deuben: Vice President of Finance and Deputy Chief Financial Officer
Kristen Deuben was promoted to Vice President of Finance and Deputy Chief Financial Officer for her exceptional management and execution of the budgeting function and other accounting-related operations with the airport’s Finance Department. Ms. Deuben previously served as assistant vice president of finance. In her new role she oversees Accounting, Financial Planning & Analysis, Risk Management and Treasury.
“Managing the budget process and all that entails has been critical at MNAA, especially as we navigate the effects of the pandemic,” said Doug Kreulen, president and CEO of MNAA. “Kristen Deuben’s in-depth financial analysis has greatly assisted our efforts to remain a low-cost airport, which allows us to continue attracting greater air service options for business and leisure travelers in Middle Tennessee. I’m very confident that, under her leadership, we will continue to grow for many years to come.”
Ms. Deuben joined MNAA in 2018 and has more than 10 years of accounting and financial management experience in the aviation industry. She previously served as assistant controller for the Wayne County Airport Authority, which operates Detroit Metropolitan Airport, Willow Run Airport and its airport hotel. She is a Certified Public Accountant (CPA) and earned a Bachelor of Science in Accounting from University of Detroit Mercy.
Mr. KC Hampton: Assistant Vice President of Information Technology
KC Hampton was promoted to Assistant Vice President of Information Technology for both his leadership and technical expertise in managing the complex IT needs of the Airport Authority. In this position, Mr. Hampton will manage strategic and day-to-day activities of the IT Department to ensure effective and efficient planning, delivery and security of enterprise systems and technologies for both Nashville International and John C. Tune airports.
“KC Hampton has the proven skills and experience needed at the airport as we embark on a new era of growth and expansion,” said Doug Kreulen, president and CEO of MNAA. “A strong IT department is critical to our needs and his elevation to lead this effort is welcome across the organization.”
Mr. Hampton officially joined MNAA in in 2019. Before joining the team at MNAA, Mr. Hampton worked as an IT professional in the healthcare sector for 22 years. In the early days of his career, he worked as a network system engineer to design and build a nationwide network in support of real-time processing of healthcare claims, lab results and pharmaceutical transactions. In Mr. Hampton’s more recent career, he has managed a diverse set of teams from IT support and operations to large IT planning and engineer teams.
MNAA was established in 1970 and owns and operates Nashville International Airport and John C. Tune Airport.
About Nashville International Airport®
Until the impacts of the COVID-19 pandemic, BNA® was one of the fastest growing airports in North America, with nearly 18.3 million passengers in 2019. According to a recent study, in 2019 alone, BNA generated more than $8.1 billion in total economic impact, supported more than 76,000 jobs in the region and produced more than $443 million in state, local and federal taxes. BNA receives no local tax dollars. For more information, visit flynashville.com. Follow us on Facebook: @NashvilleInternationalAirport, Twitter: @Fly_Nashville and Instagram: @FlyNashville. Learn more about BNA® Vision, our expansion and renovation plan for the airport, at BNAVision.com.
NASHVILLE INTERNATIONAL AIRPORT®, COMMANDER BERRY FIELD®, JOHN C. TUNE AIRPORT®, and JWN®, among others, are the registered trademarks and trademarks of The Metropolitan Nashville Airport Authority (“MNAA”). Use of these trademarks without permission from MNAA is strictly prohibited.
NASHVILLE – As passenger traffic increases and airport operations expand, the Metropolitan Nashville Airport Authority (MNAA) announces its newest executive team member and additional leadership promotions.
Mr. Neale R. Bedrock: Executive Vice President, General Counsel and Chief Compliance Officer
Neale R. Bedrock has joined the MNAA leadership team as its new executive vice president, general counsel and chief compliance officer.
Mr. Bedrock brings extensive experience delivering legal, compliance and business solutions on both domestic and international matters—most recently at The Hertz Corporation, where his duties included negotiating agreements with many of the top 100 airports in North America over the past 15 years.
“Hundreds of outstanding attorneys from around the country vied for this position and the opportunity to be a part of Nashville International Airport’s historic growth,” said Candice Reed, executive vice president and partner of Latitude Tennessee, which led the nationwide search to fill the position. “Doug Kreulen [MNAA’s president and CEO] had a clear vision of the skills, judgment and in-house counsel experience needed for this role, and Neale Bedrock stood out among a highly impressive and diverse field of candidates.”
In addition to his work at The Hertz Corporation, Mr. Bedrock has also served as a Municipal Court Judge in the Borough of Waldwick, New Jersey. Previously, he was an attorney at Lowenstein Sandler in New Jersey and served as counsel to the New Jersey Board of Public Utilities.
“Both the Board of Commissioners and I were impressed by Neale’s broad range of legal and regulatory experience. His talents will enhance the Airport Authority’s performance while also ensuring our compliance with local, state and federal requirements” said Doug Kreulen, MNAA president and CEO.
Mr. Bedrock has long been active in the communities in which he worked. He served nine years as a trustee on the Waldwick Board of Education, including two years as president. He served 10 years on the board of the Northern Counties Soccer Association, including two years as president, and four years as chairman of the Waldwick Zoning Board and seven years as board attorney.
Mr. Bedrock has a juris doctor degree from Pace University School of Law, New York, and a B.S. in chemical engineering from the New Jersey Institute of Technology, New Jersey.
Ms. Marge Basrai: Executive Vice President and Chief Financial Officer (CFO)
Ms. Marge Basrai was promoted to executive vice president for her superior performance as the CFO and for her willingness to take on the additional responsibility of overseeing the commercial development department at MNAA.
“Marge Basrai has demonstrated extraordinary competence and dexterity in managing the often-complex finances at BNA,” said Doug Kreulen, president and CEO of MNAA. “Taking on this expanded portfolio will enhance the effectiveness and efficiency of our executive management team.”
Ms. Basrai joined MNAA’s executive team in 2018 as vice president and CFO. As CFO she is responsible for planning, organizing and directing the multi-faceted financial and fiscal management functions of Nashville International and John C. Tune airports, including financial planning and analysis, budgeting and accounting, financial investment, debt management, grant financial administration, insurance and risk management and oversight of rates and charges. In her new role as executive vice president, she will also oversee commercial development for MNAA, which includes land development, properties management, airline affairs, air service development, concessions, parking, ground transportation and brand experience.
Ms. Basrai has 20 years of accounting and financial management experience in the aviation industry and previously served as vice president and controller for the Wayne County Airport Authority, which operates Detroit Metropolitan Airport, Willow Run Airport and its airport hotel.
She is a Certified Public Accountant (CPA), Chartered Global Management Accountant (CGMA) and a Certified Member (C.M.) of the American Association of Airport Executives. Ms. Basrai earned a Bachelor of Science in accounting and an MBA from Michigan State University.
Ms. Davita Taylor: Vice President of Procurement and Business Diversity
Ms. Davita Taylor was promoted to vice president of procurement and business diversity for MNAA. In this position she is a member of the executive leadership team charged with overseeing the procurement of all goods and services for the Nashville International Airport®, the John C. Tune Airport® and the MNAA Properties Corporation, as well as leading the Authority’s Office of Business Diversity Development. Under her guidance and leadership, the airport’s expansion and renovation program, known as “BNA® Vision,” is expected to contract for more than $300 million in goods and services with small, minority and woman-owned business enterprises (SMWBEs) by the end of 2023.
“Davita Taylor is an exceptional leader with a great variety of real-world experience, extensive business relationships, and a trusted advisor,” said Doug Kreulen, president and CEO of MNAA. “She has always been a leader at the airport, and we will rely on her even more now to guide our procurement process and outreach efforts into all parts of the community.”
Ms. Taylor joined MNAA in 2008 and has spent most of her professional career in public administration, contracting and the development of the small, minority and woman-owned business community. At the airport, her roles over time have spanned the likes of special assistant, finance officer, manager, director, chief of staff and chief procurement officer.
A Tennessee native and graduate of Middle Tennessee State University and Austin Peay State University, Taylor’s influence extends far beyond the airport terminal. She is a Certified Member of American Association of Airport Executives, a certified Master Compliance Administrator, Certified Public Procurement Officer and a member of the National Institute of Governmental Purchasing and past president of the Middle Tennessee Public Purchasing Association. Taylor is also involved with the Boys and Girls Club of Rutherford County, Nashville Minority Business Center, Nashville Black Chamber of Commerce, Tennessee Latin American Chamber of Commerce, Salvation Army (Women’s Auxiliary) and CABLE, among others.
MNAA was established in 1970 and owns and operates Nashville International Airport and John C. Tune Airport.
About Nashville International Airport®
Until the impacts of the COVID-19 pandemic, BNA® was one of the fastest growing airports in North America, with nearly 18.3 million passengers in 2019. According to a recent study, in 2019 alone, BNA generated more than $8.1 billion in total economic impact, supported more than 76,000 jobs in the region and produced more than $443 million in state, local and federal taxes. BNA receives no local tax dollars. For more information, visit flynashville.com. Follow us on Facebook: @NashvilleInternationalAirport, Twitter: @Fly_Nashville and Instagram: @FlyNashville. Learn more about BNA® Vision, our growth and expansion plan for the airport, at BNAVision.com.
NASHVILLE INTERNATIONAL AIRPORT®, COMMANDER BERRY FIELD®, JOHN C. TUNE AIRPORT®, and JWN®, among others, are the registered trademarks and trademarks of The Metropolitan Nashville Airport Authority (“MNAA”). Use of these trademarks without permission from MNAA is strictly prohibited.
Pandemic Slowed Travel, But Progress Made for BNA® Vision, JWN® and Other Areas
*Watch a Year-In-Review video here: https://youtu.be/eJDJClwHlqg
NASHVILLE – With the close of the calendar year, Nashville International Airport took stock of the previous 12 months: Not surprisingly, the COVID-19 pandemic dramatically impacted air travel, especially in the spring, but BNA® achieved significant milestones in other areas, including an ambitious program for John C. Tune Airport®, and is poised to lead a robust economic recovery in the months and years ahead.
BNA passenger numbers for 2020 began with the busiest January and February on record, but quickly dropped as the economy slowed and air travel plummeted in mid-March and throughout April. Passenger traffic has steadily increased since then, and for the year some 8,284,570 passengers moved in and out of BNA, down 54.7 percent from 2019, when the airport set its seventh consecutive year of record-breaking growth with 18,273,434. That said, air travel has increased steadily throughout the year, from 62,533 total passengers in April to 729,293 in December.
The pandemic was not the year’s only challenge. John C. Tune Airport, BNA’s reliever airport in west Nashville, was devastated by the March 3, 2020, tornado, with more than 90 aircraft, 17 hangars and other airport infrastructure destroyed in the storm. Thanks to around-the-clock effort, flights were soon restored. Since then, JWN, as it is also known, has started an ambitious transformation: construction began on a new air traffic control tower, a major overall redevelopment plan was approved and a new executive director was named.
In response to the pandemic itself, the airport reinforced and enhanced its cleaning and sanitizing protocols, launched a public awareness campaign about CDC best practices, began distributing free face coverings, increased the number of hand sanitizer stations and installed plastic shields at airline counters. And more technology advances have been incorporated or are on the way, including touchless elevator panels and germ-killing UV lighting for escalators and HUVC air-handling systems. “Be Safe. Be Healthy. Be Nashville” emerged as BNA’s message to reassure travelers of the precautions taken at the terminal.
Meanwhile, staying focused on future needs, progress continued on schedule for _BNA® Vision, _the airport’s $1.4 billion expansion and renovation program designed to meet the region’s projected air travel demand in the years ahead.
The past year also saw the release of BNA’s updated economic impact study that analyzed the airport’s regional effects for 2019, which exceeded $8 billion—a 14 percent increase over 2018 and an increase of 131 percent since a similar 2012 study. Additionally, more than 76,000 area jobs and $3.2 billion in personal income were supported by activity at BNA in 2019. That same activity resulted in $6.8 billion in business revenue and produced more than $464 million of tax dollars for state, local and federal coffers. As pointed out in the study, BNA receives no local tax dollars.
“With challenges come opportunities,” said Doug Kreulen, BNA president and CEO. “I’m enormously proud of how our team responded to the pandemic. From enhancing our cleaning program to adding the latest in sanitizing technology and more, we have focused on keeping our passengers safe and the airport operational. Once COVID wanes, we fully expect BNA to help lead the economic recovery for Middle Tennessee and beyond. “
BNA® Vision and other 2020 milestones:
About Nashville International Airport®
With nearly 18.3 million passengers in 2019, Nashville International Airport has been one of the fastest growing airports in North America. According to a recent study, in 2019 alone, BNA® generated more than $8.1 billion in total economic impact, supported more than 76,000 jobs in the region and produced more than $443 million in state, local and federal taxes. BNA receives no local tax dollars. For more information, visit flynashville.com. Follow us on Facebook: @NashvilleInternationalAirport, Twitter: @Fly_Nashville and Instagram: @FlyNashville. Learn more about BNA® Vision, our growth and expansion plan for the airport, at BNAVision.com.
NASHVILLE INTERNATIONAL AIRPORT®, BNA®_, COMMANDER BERRY FIELD®, JOHN C. TUNE AIRPORT®, and JWN®, among others, are the registered trademarks and trademarks of The Metropolitan Nashville Airport Authority (“MNAA”). Use of these trademarks without permission from MNAA is strictly prohibited._
NASHVILLE, Tennessee – The Chief Financial Officer of the Metropolitan Nashville Airport Authority (MNAA), Marge Basrai, has been selected as one of The Bond Buyer’s “2020 Trailblazing Women in Finance” for her outstanding commitment to public finance and contributions made to the public sector. She is one of just six public sector finance professionals recognized nationwide for the award.
“Marge Basrai is a passionate leader and financial expert of incalculable value to our organization,” said Doug Kreulen, president and CEO of MNAA. “Her expertise in airport financing and the bond market are evident by the strength of both Nashville International Airport® and John C. Tune Airport®. I appreciate her talent and I cannot think of anyone more deserving of this recognition. She is, simply, one of the best in her field and I am proud to work with her.”
The Bond Buyer provides news, analysis and data for the entire municipal finance community through its website, e-newsletters and alerts, and a daily print edition.
Ms. Basrai, CPA, CGMA, CM, is a key member of the MNAA executive leadership team and is responsible for planning, organizing and directing the multi-faceted financial and fiscal management functions of both Nashville International Airport and John C. Tune Airport. Areas of responsibility include financial planning and analysis, budgeting and accounting, financial investment, debt management, grant financial administration, purchasing, and oversight of rates and charges. Other responsibilities include overseeing the implementation of improved systems, methods and procedures related to MNAA’s financial matters.
Ms. Basrai has 20 years of accounting and financial management service in the aviation industry. Previously, she served as vice president and controller for Wayne County Airport Authority, which operates Detroit Metropolitan Airport, Willow Run Airport and its airport hotel. She is a Certified Public Accountant, Charted Global Management Accountant and a Certified Member of the American Association of Airport Executives. Ms. Basrai holds a BS in accounting and an MBA, both from Michigan State University.
About Nashville International Airport
With nearly 18.3 million passengers in 2019, Nashville International Airport has been one of the fastest growing airports in North America. According to a recent study, in 2019 alone, BNA® generated more than $8.1 billion in total economic impact, supported more than 76,000 jobs in the region, and produced more than $443 million in state, local and federal taxes. BNA receives no local tax dollars. For more information, visit flynashville.com. Follow us on Facebook: @NashvilleInternationalAirport, Twitter: @Fly_Nashville and Instagram: @FlyNashville. Learn more about BNA® Vision, our growth and expansion plan for the airport, at BNAVision.com.
To keep up to date on BNA's day to day, find our Press Releases here.
Nashville airport deal launches $3 billion capital program
NOTICE OF POTENTIAL BOND ISSUANCE
METROPOLITAN NASHVILLE AIRPORT AUTHORITY
October 17, 2019
The Metropolitan Nashville Airport Authority (the "Authority") is proposing to issue one or more series of not to exceed $1,000,000,000* in aggregate principal amount of its Subordinate Airport Revenue Bonds (collectively, the "Series 2019 Subordinate Bonds").
If and when issued, the Series 2019 Subordinate Bonds will be the first series of Subordinate Bonds issued under and pursuant to Resolution No. 2019-15 adopted by the Board of Commissioners of the Authority (the "Board") on October 16, 2019 (the "Master Subordinate Resolution"), as amended and supplemented from time to time, and particularly as supplemented by that certain First Supplemental Resolution, authorizing the issuance of the Series 2019 Subordinate Bonds, adopted by the Board on October 16, 2019 (the "First Supplemental Resolution," and together with the Master Subordinate Resolution, the "Subordinate Bond Resolution"). Unless otherwise defined herein, capitalized terms used in this Notice shall have the meanings set forth in the Subordinate Bond Resolution.
If and when issued, the Series 2019 Subordinate Bonds will provide funds to, among other things: (a) pay all or a portion of the costs of certain elements of the Authority's capital improvement program at Nashville International Airport (the "Airport"); (b) refinance certain short-term obligations; (c) fund capitalized interest on the Series 2019 Subordinate Bonds; (d) fund a deposit to the Subordinate Bond Reserve Fund to meet the Subordinate Bond Reserve Fund Requirement; and (e) pay certain costs of issuance related to the Series 2019 Subordinate Bonds.
The Series 2019 Subordinate Bonds are currently expected to price during the week of December 2, 2019* through a syndicate led by BofA Securities, Inc., as lead underwriter, and FTN Financial Capital Markets, J.P. Morgan Securities LLC, Raymond James & Associates, Inc., Samuel A. Ramirez & Co., Inc., Siebert Cisneros Shank & Co., L.L.C., and UBS Financial Services, Inc. The size, timing, and structure of the potential transaction are subject to market conditions. The Authority reserves the right to change the timing and size of the sale or not issue any or certain of the Series 2019 Subordinate Bonds.
The Series 2019 Subordinate Bonds, if and when issued, will be special limited obligations of the Authority equally and ratably secured by a pledge of and lien on the Net Revenues, subject and subordinate to the pledge of and lien on the Net Revenues created in the Senior Bond Resolution for the payment and security of the Senior Bonds, including the Outstanding Senior Bonds and any other Additional Senior Bonds and are senior to the payment obligations of the Authority under the Note Purchase Agreement as to the pledge of and lien on the Net Revenues.
This Notice does not constitute an offer to sell or the solicitation of an offer to buy any Series 2019 Subordinate Bonds nor will there be any sale of Series 2019 Subordinate Bonds by any person in any jurisdiction in which it is unlawful for such person to make an offer, solicitation, or sale. Any such offer or solicitation will only be made pursuant to an official statement that prospective investors should review in its entirety before making any investment decision. No investment decision should be made in reliance upon the information contained in the Notice.
The publication of this Notice does not constitute or imply any representation (a) that the foregoing is material to investors, (b) regarding any other financial, operating or other information about the Authority, the Airport System, which includes the Airport, or the Authority's outstanding bonds or (c) that no other circumstances or events have occurred or that no other information exists concerning the Authority, the Series 2019 Subordinate Bonds, the Airport System, which includes the Airport, the proposed structure of the financing, or the Authority's outstanding bonds which may have a bearing on the financial condition of the Authority, the security for the Series 2019 Subordinate Bonds or the Authority's outstanding bonds, or an investor's decision to buy, sell or hold the Series 2019 Subordinate Bonds or any other bonds of the Authority.
By making this voluntary filing, the Authority does not undertake to make any additional filings not otherwise required by its undertakings in connection with Rule 15c2-12 promulgated by the Securities and Exchange Commission. The Authority disclaims any obligation to update this filing.
* Preliminary; subject to change.
