The Los Angeles Board of Airport Commissioners has approved issuing up to USD$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 LAX, LA/Ontario 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 Airport currently has USD$3.51 billion of outstanding debt, the summary noted, adding that the airport's revenue would be able to support an additional USD$1 billion in debt.
LAWA spokeswoman Nancy Castles said the commissioners approved the bond plan at a meeting on Monday.
LAX is the sixth busiest airport in the world and third busiest in the United States, according to LAWA. It ranks number 13 in the world in the amount of air cargo tonnage processed.