DFW Airport HilltopSecurities Partner

Partners in Progress

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Record Financing Powers $12B Capital Improvement Plan at DFW Airport

HilltopSecurities Advises on DFW’s Historic Bond Issuance

On October 2, 2025, Dallas Fort Worth International Airport (DFW) completed its largest ever single-day bond issuance—$1.96 billion—to advance a transformative Capital Improvement Program (CIP). HilltopSecurities served as lead municipal advisor on the transaction, continuing a decades-long partnership bringing creative financial strategies to DFW’s innovations in infrastructure.

Transforming Travel

This record issuance fuels DFW Forward—a historic $12 billion investment in infrastructure, technology, and passenger experience designed to meet the demands of a growing region and global aviation hub.

Financing Innovation

HilltopSecurities has a proven track record of supporting DFW's ambitious growth, advising on landmark transactions that set industry benchmarks. The Bond Buyer awarded four recent transactions Deal of the Year (2019, 2020, 2024, 2025).

•Creating commercial paper supported by self-liquidity (2019)
•Leading DFW’s inaugural taxable bond sale with a global investor campaign (2019)
•Backing DFW as the first major airport to issue bonds during COVID, selling over $2 billion in 16 days and opening the market for seven other airports in the following two months (2020)
•Introducing Extendable Commercial Paper (ECP) to the airport sector—a first-of-its-kind funding tool (2024)
•Structuring the largest put bond ever issued by an airport (2025)

CIP Highlights

Terminal F Expansion: 31 new gates, advanced screening, baggage systems, and modular construction techniques that set a new industry standard
Central Terminal Area Expansion: 9 new gates, parking garage reconstruction, and concourse renovations in Terminals A & C
Infrastructure Upgrades: Taxiways, runways, and roadway modernization
Technology & Sustainability Investments: Enhancements for operational excellence and environmental goals

Terminal F: A Signature Achievement

Terminal F represents the next chapter in DFW’s evolution — a flagship terminal designed to meet growing demand with state-of-the-art facilities. The project’s use of modular construction is a game-changer in airport development.

In August 2025, DFW completed the move of six prefabricated modules, some nearly the size of a football field, using self-propelled modular transporters. These megastructures — the largest ever used in airport terminal construction — now form the framework of Terminal F.

A Partnership Built on Vision

DFW’s transformation demonstrates what is possible when financial strategy and infrastructure innovation align. HilltopSecurities is honored to support DFW in their remarkable commitment to excellence in service to air travelers.

Contact Us Today

For more information about our transportation financing services, contact us below.

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