Squire Patton Boggs served as bond counsel to the Allegheny County Airport Authority (ACAA) for its $410.5 million third tranche of bonds to complete the financing of its Terminal Modernization Program (TMP) for the Pittsburgh International Airport.
Since 2019, the firm has advised ACAA in all phases of bond issuances for its TMP, including in 2021 for its first bond issuance of over $1 billion, and in 2023 for its second bond issuance of more than $400 million.
This third tranche will be used to complete upgrades to the early 1990s terminal complex, transforming the terminal to reflect an origin-and-destination airport for travelers. It will modernize the airport’s facilities, with a focus on consolidating operations, improving passenger experience, and enhancing the airport’s infrastructure. The program includes the construction of a new landside terminal adjacent to the existing airside terminal, a new parking garage, transportation center and roadway system. Construction is expected to be completed in the fall of 2025.
This transaction is particularly noteworthy because ACAA entered the market and closed the transaction despite unprecedented market volatility and uncertainty.
The Squire Patton Boggs team was led by public and infrastructure finance partners Alethia Nancoo and Catherine Romanchek, and included associates Jessica Ice and Alejandra Pazzi, and was led on tax financing by partner Taylor Klavan.
“This innovative modernization project for the Pittsburgh International Airport redefines how airports can and should operate,” said Ms. Nancoo. “Our team is thrilled to be part of that growth by serving as bond counsel to ACAA for its Terminal Modernization Program, advising from project inception to this final financing phase and everything in between.”
Ms. Romanchek added, “This ongoing engagement demonstrates the value of our Public & Infrastructure Finance team’s deep bench of talent and expert knowledge in airport finance which served as a valuable tool for ACAA in financing the TMP. We’re happy to be a part of the transformation of the Pittsburgh International Airport.”