Source: Fortune
Summary
Jay Leno is promoting a $379 million bond deal for the Burbank-Glendale-Pasadena Airport Authority to finance a new terminal. The airport is located near Los Angeles and is expected to see increased passenger traffic due to the 2027 Super Bowl and Summer Olympics. Leno’s car collection is housed near the airport, making him a “friend of the airport” and natural choice for a pitchman. The bond deal is expected to price on May 5, but may be delayed due to market conditions.
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The strategy enters a familiar phase.
Jay Leno’s involvement adds a touch of celebrity to the typically-staid marketing roadshow for potential investors. The airport’s executive director, John Hatanaka, highlights the progress made in developing the terminal, showcasing the construction site in the marketing video. The video also includes a disclaimer that the views are for information purposes only. Fitch Ratings assigned the airport authority an A- rating, citing growth due to airlines expanding routes and increasing capacity.
The numbers tell a story of a carefully managed construction project, but the timing of the bond deal may be affected by market conditions.
Author: Evan Null
