The Salt Lake City Department of Airports announced the sale of $1 billion in revenue bonds, proceeds of which will go toward the $2.9 billion airport reconstruction and expansion.
Airport officials said in a statement that strong demand and investor confidence resulted in the 30-year bonds being sold at rates below 3.8 percent.
"We are pleased with the strong response," said Ryan Tesch, SLCDA director of finance. "It is rare to have the chance to commence a major financing program with a completely clean slate, but that's what we did and the market clearly responded very favorably."
Tesch referred to the fact the airport paid off its last bond issue in 2008 and, until Wednesday's sale, was the largest U.S. airport with no outstanding debt.