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DEN Refinances $628M in Subordinate Revenue Bonds, Saving $46M


Minority Business Enterprise underwriting team leads largest financing in city’s history

DENVER – Nov 9, 2023 – The City and County of Denver on behalf of Denver International Airport (DEN) today announced the successful refunding of $628 million of its 2013A and 2013B subordinate airport revenue bonds. The refinancing will save DEN more than $46 million over the next 20 years.

The bond sale was accelerated due to improved market dynamics and strong investor demand. The City received over $4.4 billion in orders from over 70 investors. The financing is set to close on November 22, 2023.

The refinancing was underwritten by Ramirez & Co., Inc. the largest transaction led by a Minority Owned Business Enterprise (MBE) in the City and County of Denver’s history. Ramirez & Co., Inc. is a nationwide, full-service investment bank, brokerage, and advisory firm headquartered in New York. J.P. Morgan Securities LLC, Loop Capital Markets LLC, and Morgan Stanley & Co. LLC also assisted in the transaction.

“This transaction highlights two principles of our Vision100 plan: sustainability and resiliency, and equity, diversity, inclusion, and accessibility. These guiding principles insist we act prudently with our finances, including ensuring that our debt is well managed and has the lowest interest rates the market will allow. And they also underscore the importance of the work of MBE companies like Ramirez & Co., Inc. and Loop Capital Markets LLC,” said DEN CEO Phil Washington.

“Ramirez & Co., Inc. is so pleased to have led the successful transaction and to have lent our expertise to help DEN generate over $46 million of savings on their subordinate bonds. As one of the last prominent family-owned firms on Wall Street – and one of the oldest Hispanic institutions in the financial market – we’re honored to have led the largest municipal bond transaction in the City and County of Denver’s or DEN’s history senior managed by an MBE firm,” said Samuel Ramirez, President and CEO of Ramirez & Co., Inc.

“Our focus in this transaction was to strategically create savings for the airport over the next twenty years, which I am pleased to say we have accomplished,” said Nicole Doheny, City and County of Denver Chief Financial Officer. “We thank Ramirez & Co. and the other firms involved in this transaction for partnering with DEN to support the airport’s long-term financial strategy.”

“As DEN prepares for even more growth over the next decade, our strong cash and liquidity position provides financial flexibility and enables us to successfully deliver on capital projects,” said DEN Chief Financial Officer Mike Nakornkhet.

The 2023A and 2023B refunding bonds, will reach maturity in 2043 and are rated A1 (Stable) by Moody’s, A+ (Stable) by S&P, and A+ (Positive) by Fitch.

Denver International Airport is one of the busiest airports in the world. DEN is the primary economic engine for the state of Colorado, generating more than $36 billion for the region annually. For more information visit, check us out on YouTube and Instagram, like us on Facebook and follow us on Twitter. Sign up for DEN’s monthly newsletter Nonstop News.


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Denver International Airport is one of the busiest airports in the world. DEN is the primary economic engine for the state of Colorado, generating more than $36 billion for the region annually. Follow us on socials!

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