RFP-26-24110
Revolving Direct Funded Loan/Line of Credit for the Dulles Corridor Enterprise
Questions and Answers
Notice: Questions may have been combined and edited for clarity and relevance.
1. Question: For the $90MM Dulles Toll Road Revolver, does the Airports Authority expect to fully
fund the Line at closing to take out the $90,014,100 Term Loan?
Answer: The Airports Authority may use all or a portion of the proposed Revolving Loan/Line of
Credit at closing to repay the outstanding term loan. The Airports Authority may also elect to
apply available cash reserves to repay a portion of the outstanding term loan.
Additionally, is there an anticipated paydown and draw schedule for this Line of Credit?
Currently, there are no plans to make any prepayments on the proposed Revolving Loan/Line of
Credit prior to expiration and no plans to make additional draws on the facility after closing.
2. Question: What are expected debt plans over the next 5 years?
Answer: The Airports Authority may undertake current refundings of outstanding revenue bonds
with call dates in 2028 and 2029 if economically feasible. Any balance on the proposed Revolving
Loan/Line of Credit outstanding at that time may be refinanced with long-term debt.
3. Question: What is debt service coverage projected to be over this time?
Answer: Debt Service Coverage for 2026 is provided on page 311 of the Airports Authority’s 2026
Budget Book, available at the following link: 2026 Budget Book - Metropolitan Washington
Airports Authority
In 2026:
- Senior Lien Coverage – Budgeted at 23.78x
- Second Senior Lien Coverage - Budgeted at 2.00x
- Subordinate Lien Coverage - Budgeted at 1.25x
Debt Service Coverage is expected to remain in compliance with covenants in the Master
Indenture, including;
1) 200 percent of the Maximum Annual Debt Service with respect to all Outstanding First Senior
Lien Bonds;
2) 135 percent of the Annual Debt Service with respect to all Outstanding First Senior Lien Bonds
and all Outstanding Second Senior Lien Bonds for such Fiscal Year;
3) 120 percent of the Annual Debt Service with respect to all Outstanding First Senior Lien Bonds,
all Outstanding Second Senior Lien Bonds, and all Outstanding Subordinate Lien Bonds for such
Fiscal Year; and
4) 100 percent of the Annual Debt Service with respect to all Outstanding Bonds and all other
obligations of the Airports Authority secured by Toll Road Revenues for such Fiscal Year.
The most recent estimate of debt service coverage after 2026 is the table on page 46 of the 2022
Official Statement.
4. Question: Has the unrestricted cash and investments balance changed since the 2025 Annual
Comprehensive Financial Report?
Answer: Unaudited financial statements for April 2026 are available on the Airports Authority’s
website at the following link: DCE Board Financials April 2026.pdf The unrestricted cash and
investments balance as of April 30, 2026 was $345,439,552 million.
5. Question: Please share any updates with respect to the work-from-home environment in the
region and whether there are expectations around return-to-office mandates.
Answer: The toll revenue estimates in the 2026 Budget reflect an assumption that approximately
25 percent of the employees in the region will work from home on a consistent basis. The
percentage of workers who telework three or more days a week remains higher than pre-
pandemic levels but has decreased in recent years.
Executive orders issued in 2025 requiring federal employees to return to in-person work may have
contributed to the small increase in Dulles Toll Road transactions in 2025 (total transactions were
2.0 percent higher than 2024) but there are no expectations regarding future return-to-office
mandates.
6. Question: With regards to the requested liquidity facility, please provide a breakdown of the
amount that will be used to support the Dulles Corridor Capital Improvement Program vs.
closeout of contracts related to the Dulles Corridor Metrorail Project.
Answer: No additional funding is required for the Dulles Corridor Metrorail Project. Funds from
the requested liquidity facility may be used to reimburse all or a portion of the existing term loan
and may be used to support the Dulles Corridor Capital Improvement Program.
7. Question: What is the expected takeout of any draws on the facility?
Answer: Currently, there are no plans to make any prepayments on the proposed Revolving
Loan/Line of Credit prior to expiration. The Airports Authority may undertake current refundings
of outstanding revenue bonds with call dates in 2028 and 2029 if economically feasible. Any
balance on the proposed Revolving Loan/Line of Credit outstanding at that time may be
refinanced with long-term debt.
