20260211-003 Airport System Review Bond Presentation — original pdf

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Austin-Bergstrom International Airport Airport Advisory Commission February 2026 Austin Aviation February 11, 2026 AUS Debt: Currently Outstanding GARBs Outstanding Debt Summary General Airport Revenue Bonds (GARBs) Series Outstanding Par Original Par Tax Status Maturity Range 2013 2017A 2017B 2019A 2019B 2022 2025 Total $60,000,000 $15,585,000 Non-AMT 183,300,000 185,300,000 Non-AMT 129,665,000 129,665,000 16,975,000 16,975,000 AMT AMT 248,170,000 228,935,000 Non-AMT 416,060,000 409,095,000 229,150,000 229,150,000 AMT AMT $1,283,320,000 $1,214,705,000 2026-2028 2026-2046 2026-2046 2049 2026-2048 2026-2052 2026-2044 Fiscal Year Debt Service 120 100 80 60 40 20 0 s n o i l l i m $ Principal Interest Coupon Range Call Date 2.25% 5.00% 5.00% 5.00% 5.00% 4.25% - 5.25% 5.00% Make-Whole 11/15/2026 11/15/2026 11/15/2029 11/15/2029 11/15/2032 11/15/2035 6 2 0 2 7 2 0 2 8 2 0 2 9 2 0 2 0 3 0 2 1 3 0 2 2 3 0 2 3 3 0 2 4 3 0 2 5 3 0 2 6 3 0 2 7 3 0 2 8 3 0 2 9 3 0 2 0 4 0 2 1 4 0 2 2 4 0 2 3 4 0 2 4 4 0 2 5 4 0 2 6 4 0 2 7 4 0 2 8 4 0 2 9 4 0 2 0 5 0 2 1 5 0 2 2 5 0 2 3 5 0 2 Debt outstanding as of February 1, 2026. Excludes subordinate obligations, CFC, and ABLE Bonds (See Appendix). 3 2026 Bonds: Issue Summary / Key Dates Series 2026 Bonds Purpose of the Series 2026 Bonds:  Fund a portion of the Airport Expansion and Development Program (AEDP)  Make a deposit to the Debt Service Reserve Fund  Fund capitalized interest on the Bonds  Pay certain costs incurred in connection with the issuance of the Bonds  Refund outstanding Subordinate Notes that were used to finance capital projects  Series 2026A Bonds are not subject to AMT and the Series 2026B Bonds are subject to AMT  Principal repayment period is from FY 2027 – 2055  Additional principal is amortized in FY 2029 – 2036 related to Letter of Intent Grant receipts Projected Fiscal Year Debt Service Existing DS Projected Series 2026AB Debt Service 250 200 150 100 50 0 s n o i l l i m $ 6 2 0 2 7 2 0 2 8 2 0 2 9 2 0 2 0 3 0 2 1 3 0 2 2 3 0 2 3 3 0 2 4 3 0 2 5 3 0 2 6 3 0 2 7 3 0 2 8 3 0 2 9 3 0 2 0 4 0 2 1 4 0 2 2 4 0 2 3 4 0 2 4 4 0 2 5 4 0 2 6 4 0 2 7 4 0 2 8 4 0 2 9 4 0 2 0 5 0 2 1 5 0 2 2 5 0 2 3 5 0 2 4 5 0 2 5 5 0 2 6 5 0 2 7 5 0 2 8 5 0 2 9 5 0 2 0 6 0 2 1 6 0 2 2 6 0 2 Preliminary and Subject to Change. Gross debt service, does not reflect capitalized interest. 5 Bond Summary Statistics  Estimated financing results based on market conditions as of February 2, 2026 – subject to change  Results assume approximately 22% of Series 2026 Bonds are Non-AMT and 78% are AMT – Final allocation to be determined by Tax Counsel Projected Fiscal Year Debt Service Delivery Date Principal Amortization Par Amount All-In TIC Project Fund Deposit Average Life (years) Total Debt Service Maximum Annual Debt Service Average Annual Debt Service Current Market Rates Current Market Rates + 50 bp 4/29/2026 2027 – 2056 $1,241,270,000 5.33% $952,769,428 19.0 $2,458,962,508 $93,987,263 $80,504,411 4/29/2026 2027 – 2056 $1,163,050,000 4.88% $952,769,428 18.9 $2,301,325,602 $88,379,688 $75,343,508 Principal Interest Current Market Rates + 50bp 120 100 80 60 40 20 0 s n o i l l i m $ 6 2 0 2 7 2 0 2 8 2 0 2 9 2 0 2 0 3 0 2 1 3 0 2 2 3 0 2 3 3 0 2 4 3 0 2 5 3 0 2 6 3 0 2 7 3 0 2 8 3 0 2 9 3 0 2 0 4 0 2 1 4 0 2 2 4 0 2 3 4 0 2 4 4 0 2 5 4 0 2 6 4 0 2 7 4 0 2 8 4 0 2 9 4 0 2 0 5 0 2 1 5 0 2 2 5 0 2 3 5 0 2 4 5 0 2 5 5 0 2 6 5 0 2 7 5 0 2 8 5 0 2 9 5 0 2 0 6 0 2 1 6 0 2 2 6 0 2 Preliminary and Subject to Change. Gross debt service, does not reflect capitalized interest. 6 Plan of Finance 2026 - 2030 Sources of Funds Cash Grants PFC Pay Go Letter of Intent (LOI) Grant (Pay Go) Series 2026 Bonds (including Leveraged LOI Grant of $96m) Future Bonds (Series 2027 – 2030) Total ($ millions) $645 204 142 12 953 3,544 $5,500 Existing DS Projected Series 2026-2030 Debt Service Projected Fiscal Year Debt Service 600 500 400 300 200 100 0 s n o i l l i m $ 6 2 0 2 7 2 0 2 8 2 0 2 9 2 0 2 0 3 0 2 1 3 0 2 2 3 0 2 3 3 0 2 4 3 0 2 5 3 0 2 6 3 0 2 7 3 0 2 8 3 0 2 9 3 0 2 0 4 0 2 1 4 0 2 2 4 0 2 3 4 0 2 4 4 0 2 5 4 0 2 6 4 0 2 7 4 0 2 8 4 0 2 9 4 0 2 0 5 0 2 1 5 0 2 2 5 0 2 3 5 0 2 4 5 0 2 5 5 0 2 6 5 0 2 7 5 0 2 8 5 0 2 9 5 0 2 0 6 0 2 1 6 0 2 2 6 0 2 Preliminary and Subject to Change. Gross debt service, does not reflect capitalized interest. 7 Debt Service Coverage Projected Fiscal Year Debt Service Coverage Debt Service Coverage Debt Service Coverage Requirement 3.54x 2.84x 2.82x 2.52x 2.55x 2.19x 1.69x 1.66x 1.66x 1.25x 4.00x 3.50x 3.00x 2.50x 2.00x 1.50x 1.00x 0.50x 0.00x 2025 2026 2027 2028 2029 2030 2031 2032 2033 Preliminary and Subject to Change. 8 Financing Schedule February 2026 W T T 3 10 17 24 4 11 18 25 5 12 19 26 F 6 13 20 27 S 1 8 15 22 M 2 9 16 23 S 7 14 21 28 S 1 8 15 22 29 M 2 9 16 23 30 March 2026 W T T 4 11 18 25 5 12 19 26 3 10 17 24 31 F 6 13 20 27 S 7 14 21 28 April 2026 T W T S M 5 12 19 26 6 13 20 27 7 14 21 28 1 8 15 22 29 2 9 16 23 30 F 3 10 17 24 S 4 11 18 25 Market Holiday Key Dates February 26 Event City Council Meeting to Approve Ordinances Week of March 2 Rating Meetings March 27 April 14 April 29 Receive Ratings and Post POS Price Bonds Closing Preliminary and Subject to Change. 9 Appendix: Other Currently Outstanding AUS Debt Outstanding Debt Summary Austin-Bergstrom Landhost Enterprises, Inc. (ABLE) Series 2017 Total Original Par Outstanding Par Tax Status Maturity Range Coupon Range $45,600,000 $36,160,000 Non-AMT 2026-2036 5.00% Call Date 10/1/2027 $45,600,000 $36,160,000 Principal Interest Fiscal Year Debt Service 10 8 6 4 2 0 s n o i l l i m $ 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 Debt outstanding as of February 1, 2026. 11 Outstanding Debt Summary Rental Car Special Facility Revenue Bonds (CONRAC) Series 2021 Total Original Par Outstanding Par Tax Status Maturity Range Coupon Range $147,330,000 $139,330,000 Taxable 2026-2042 1.027% - 2.858% Call Date Make-Whole / 11/15/2030 $147,330,000 $139,330,000 Principal Interest Fiscal Year Debt Service 16 14 12 10 8 6 4 2 0 s n o i l l i m $ 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 Debt outstanding as of February 1, 2026. 12 Thank you