RFP-26-24108: Letters of Credit for Commercial Paper & Direct Revolving Loan Facilities for Aviation Enterprise
| Location: | District of Columbia |
|---|---|
| Posted: | May 26, 2026 |
| Due: | Jun 26, 2026 |
| Agency: | Metropolitan Washington Airports Authority |
| Type of Government: | State & Local |
| Category: |
|
| Solicitation No: | RFP-26-24108 |
| Publication URL: | To access bid details, please log in. |
RFP-26-24108: Letters of Credit for Commercial Paper & Direct Revolving Loan Facilities for Aviation Enterprise
NEW
Description: The Airports Authority is seeking proposals for credit facilities to provide interim financing in connection with the Capital Construction Program for its Aviation Enterprise. The Airports Authority is seeking proposals from financial institutions interested in providing financing capacity through credit facilities, including Letters of Credit for Commercial Paper and/or direct revolving loan facilities of up to $700 million.
Estimated Solicitation Issue Date: May 26, 2026
Due Date for Submissions: June 26, 2026
Amendments Issued: None
SLBE Requirement: None
Additional Information
Attachment Preview
METROPOLITAN WASHINGTON AIRPORTS AUTHORITY
REQUEST for PROPOSALS No. RFP-26-24108
ONE or MORE CREDIT FACILITIES – LETTERS OF CREDIT FOR COMMERCIAL PAPER AND
DIRECT REVOLVLING LOAN FACILTIIES
For the AVIATION ENTERPRISE
The Metropolitan Washington Airports Authority (the “Airports Authority”) is seeking proposals for credit facilities to provide
interim financing in connection with the Capital Construction Program for its Aviation Enterprise. The Airports Authority is
seeking proposals from financial institutions interested in providing financing capacity through credit facilities, including Letters
of Credit for Commercial Paper and/or direct revolving loan facilities of up to $700 million.
Please note that the Airports Authority may consider and award one or more credit facilities in order to achieve the desired
capacity level of financing. The Airports Authority has a strong preference for credit facilities with no termination fees to allow
for financial flexibility in managing its debt portfolio.
TITLE VI SOLICITATION NOTICE
The Airports Authority, in accordance with the provisions of Title VI of the Civil Rights Act of 1964 (78 Stat. 252, 42 U.S.C.
§§ 2000d to 2000d-4) and the Regulations, hereby notifies all offerors that it will affirmatively ensure that any contract entered
into pursuant to this advertisement, disadvantaged business enterprises will be afforded full and fair opportunity to submit
proposals in response to this invitation and will not be discriminated against on the grounds of race, color, or national origin
(including limited English proficiency), creed, sex, age, or disability in consideration for an award.
Solicitation Issue Date: May 26, 2026
Response Deadline:
June 26, 2026, no later than 10:00 AM Eastern Time. Responses shall be submitted as “pdf” files
with the signature of the appropriate member of your firm. Submissions should be sent to
contracting@mwaa.com with “Response to RFP No. 26-24108, Aviation Enterprise Credit Facility”
in the subject line.
Questions:
All questions or requests for information must be submitted in writing, no later than 12:00 noon
Eastern time on, June 2, 2026, to contracting@mwaa.com with “Questions re: RFP No. 26-24108,
Aviation Enterprise Credit Facility” in the subject line.
Answers will be posted on the Airports Authority’s website and all registered Planholders will be notified of their availability.
Basis of Award
The Airports Authority is using a competitively negotiated procurement process to award this contract/contracts, and selection
will be made taking into consideration proposed fees and spreads to be evaluated as part of the technical evaluation criteria.
Award(s) will be made to the firm(s) whose offer is judged to be an integrated assessment of the evaluation criteria that are listed
below. The Airports Authority may award one (1) or more contracts as a result of this solicitation.
If negotiations with the firm offering the most advantageous terms are unsuccessful, the Airports Authority has the right to begin
negotiations with the firm(s) providing the next most advantageous terms.
Period of Performance: The contract term may be two years or longer, depending upon final negotiated terms.
The schedule for procuring the new Credit Facility/Facilities anticipates closing in September 2026, therefore the proposed
commitment amount and pricing must be held firm until then.
Evaluation Criteria:
1. Proposed fees, including downgrade pricing, term-out and termination costs, and any other proposed fees relative to
the length and utilization of the proposed credit facility.
2. Proposed terms and covenants, including willingness to accept the Airports Authority’s existing covenants and
indemnification.
1107504204\1\AMERICAS
Metropolitan Washington Airports Authority
Request for Proposals
RFP-26-24108 AVI
Existing Aviation Enterprise Credit Facilities:
Revolving Loan Notes. The Airports Authority has a $200 million Revolving Loan Notes facility with U.S. Bank, which
expires on March 30, 2027. The Revolving Loan Notes are on parity with outstanding Bonds issued under the Indenture
and secured by Net Revenues of the Airports Authority.
Bank Provider
U.S. Bank
U.S. Bank
Facility
Revolving Loan Notes –
Tax Exempt Line
Revolving Loan Notes –
Taxable Line
Commitment Fee
20 bps
20 bps
Pricing for Draws Expiration
80% SOFR + 20 bps 3/30/27
SOFR + 22 bps
3/30/27
Letter of Credit-Backed VRDOs. The Airports Authority has $181.9 million of variable rate demand obligations secured
by Letters of Credit.
Bank Provider
TD Bank
TD Bank
TD Bank
TD Bank
Facility
LoC
LoC
LoC
LoC
Program/
Series
2009D
2010C-2
2010D
2011A
Amount ($
MM)
$44.660
$48.655
$55.625
$32.920
Fee/
Spread (bps)
23.0
23.0
17.0–20.0
17.0–20.0
Expiration Date
February 28, 2029
February 28, 2029
September 29, 2027
September 29, 2027
Additional Information: Please review Exhibit A – Covenants & Indemnification for certain of the terms that the Airports
Authority expects will be included in the Credit Agreement. One of the factors in the Airports
Authority's selection process will be the willingness of a Bank to accept the terms described therein.
In addition, documents related to each of the Airports Authority’s current outstanding credit facilities
are available on EMMA. The Airports Authority will not enter into any covenants or make any
representations or warranties that are substantially different from those previously agreed to with
respect to such credit facilities.
For your review, please find the following documents on the Airports Authority’s website:
(a) Amended and Restated Master Indenture of Trust, as amended
https://www.mwaa.com/sites/mwaa.com/files/legacyfiles/masterindenturemwaaallfirst.pdf
(b) 2025 Annual Comprehensive Financial Report
https://www.mwaa.com/sites/mwaa.com/files/2025%20ACFR%20-
%20FINAL%203.30.26.pdf
(c) 2026 Budget
2026 Budget Book - Metropolitan Washington Airports Authority
(d) Monthly Unaudited Financial Statements
https://www.mwaa.com/about/current-financial-data
(e) Official Statement for the Aviation Enterprise Series 2025A Bonds
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1107504204\1\AMERICAS
Metropolitan Washington Airports Authority
Request for Proposals
RFP-26-24108 AVI
https://www.mwaa.com/sites/mwaa.com/files/2025-
06/2025A%20AVI%20Final%20Official%20Statement.pdf
(f) Financial Advisors Reports
https://www.mwaa.com/about/fa-reports
Trustee/Paying Agent: The Trustee and Paying Agent will be Manufacturers and Traders Trust Company.
Ratings:
As of the date of this RFP, the Airports Authority underlying credit ratings for the Aviation Enterprise
are:
• Moody’s Ratings: Aa3 (Stable outlook);
• S&P Global Ratings: AA- (Stable outlook); and
• Fitch Ratings: AA- (Stable outlook).
The rating reports can be found at https://www.mwaa.com/financial-statistics/investor-
relations/credit-ratings
Information to be Submitted:
Please answer the questions set forth in the Proposal Sheet - Aviation Enterprise Credit Facility and complete Fee Proposals
Attachments A.
Page 3
1107504204\1\AMERICAS
Metropolitan Washington Airports Authority
Request for Proposals
RFP-26-24108 AVI
METROPOLITAN WASHINGTON AIRPORTS AUTHORITY
PROPOSAL SHEET
AVIATION ENTERPRISE CREDIT FACILITY
Form of Response:
Each respondent must submit their term sheet including the following:
A. Proposing Entity Information
1) state the exact legal name of the institution proposing to provide the credit facility; and
2) provide the name, address, email address, and telephone number of the primary contact who would
be responsible for this engagement.
B. Provide the name and contact information for your legal counsel (please include the e-mail address). Provide
an estimate of the legal fees and a cap on such legal fees.
C. Provide a fee proposal for the credit facility (-ies) offered.
D. Provide the period that you are willing to hold the fees.
E. Please provide your institution's long- and short-term ratings, including outlooks, from each:
1) Moody's Ratings
2) S&P Global Ratings
3) Fitch Ratings
F. Indicate your willingness to accept the language contained in Exhibit A– Covenants & Indemnification of the
Request for Proposals. Any changes to Exhibit A should be provided by the proposing entity in a ‘blacklined’
version to assist in reviewing exactly what changes to the documents are requested. Additionally, provide your
firm’s reasoning behind any changes.
G. Specify your (i) downgrade pricing, if any, (ii) your term-out provisions and (iii) your early-termination
provisions.
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1107504204\1\AMERICAS
Metropolitan Washington Airports Authority
Request for Proposals
RFP-26-24108 AVI
ATTACHMENT A
Proposal Sheet - Fee Proposals
Institution: _________________________
Letter of Credit for Commercial Paper
Commitment Amount: $_________________
Term
2 Years
3 Years
4 Years
5 Years
LOC Fee
Direct Revolving Loan Facility
Commitment Amount: $_________________
Term
Unutilized Fee
Spread and Index for
Tax Exempt Notes
2 Years
3 Years
4 Years
5 Years
Spread and Index
for Taxable Notes
Up-Front Fee
Fees
If fees would increase due to a downgrade of the Airports Authority’s underlying credit ratings, please provide a fee
matrix.
For a submittal to be deemed “Responsive”, all fees and information requested below must be provided.
Cap on Legal Fees:
Non-Legal Fees and Expenses1:
Aggregate Drawing Fee:
Bank Interest Rate2:
Default Rate:
1 All other fees and expenses (specify type and nature of expense and whether it is an annual or one-time charge).
2 If based on an index, please specify.
Page 5
1107504204\1\AMERICAS
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