County of Kern
Opus Bank Refinances $5,377,000 Lease Revenue Financing for Kern County Airport
Overview of Transaction
- The County of Kern (“County”) was organized in 1866 and is now home to over 890,000 people. It is the third largest county in California by geographical area, covering over 8,100 square miles.
- The County provides public welfare, health, justice, public records, law enforcement, fire protection, public works, and recreational and cultural services to its residents. The County also operates seven airports.
Significance of Transaction
- Opus Bank worked closely with the County’s staff and financing team to refinance the lease in place on the County’s William M. Thomas Passenger Terminal at Meadows Field Airport.
- The refinancing allowed the County to better match debt repayment with passenger charge revenues and to generate cash flow savings that can be used for additional airport improvements.
Opus Bank's Role
- The refinancing was completed on a quick schedule, allowing the County to quickly realize the interest rate savings.