Project Information

Bid Title

RFP-26-24110: Revolving Direct Funded Loan/Line of Credit for Dulles Corridor Enterprise

Issuing Agency

Metropolitan Washington Airports Authority

Location

District of Columbia

Published Date

May 26, 2026

Closing Date

Jun 26, 2026

Government Level

State & Local

Status

Closed

Ref. #

RFP-26-24110

Original Source

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Bid Documents

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Project Description

RFP-26-24110: Revolving Direct Funded Loan/Line of Credit for Dulles Corridor Enterprise NEW
Description: The Airports Authority is seeking proposals from financial institutions interested in providing a Revolving Direct Funded Loan/Line (“Revolving Loan/Line”) in connection with its Dulles Corridor Enterprise to provide for ongoing liquidity needs to support the Dulles Corridor Capital Improvement Program and the closeout of contracts related to the Dulles Corridor Metrorail Project. The Airports Authority is seeking a $90 million commitment. The Revolving Loan/Line will be secured on the Dulles Toll Road Second Senior Lien.
Estimated Solicitation Issue Date: May 26, 2026
Due Date for Submissions: June 26, 2026
Amendments Issued: None
SLBE Requirement: None
Additional Information

Attachment Preview

METROPOLITAN WASHINGTON AIRPORTS AUTHORITY

REQUEST for PROPOSALS No. RFP-26-24110

REVOLVING DIRECT FUNDED LOAN/LINE OF CREDIT

For DULLES CORRIDOR ENTERPRISE

The Metropolitan Washington Airports Authority (the “Airports Authority”) is seeking proposals from financial institutions

interested in providing a Revolving Direct Funded Loan/Line (“Revolving Loan/Line”) in connection with its Dulles Corridor

Enterprise to provide for ongoing liquidity needs to support the Dulles Corridor Capital Improvement Program and the closeout

of contracts related to the Dulles Corridor Metrorail Project. The Airports Authority is seeking a $90 million commitment. The

Revolving Loan/Line will be secured on the Dulles Toll Road Second Senior Lien.

TITLE VI SOLICITATION NOTICE

The Airports Authority, in accordance with the provisions of Title VI of the Civil Rights Act of 1964 (78 Stat. 252, 42 U.S.C.

§§ 2000d to 2000d-4) and the Regulations, hereby notifies all offerors that it will affirmatively ensure that any contract entered

into pursuant to this advertisement, disadvantaged business enterprises will be afforded full and fair opportunity to submit

proposals in response to this invitation and will not be discriminated against on the grounds of race, color, or national origin

(including limited English proficiency), creed, sex, age, or disability in consideration for an award.

Solicitation Issue Date: May 26, 2026

Response Deadline:

June 26, 2026, no later than 10:00 AM Eastern Time. Responses shall be submitted as “pdf” files

with the signature of the appropriate member of your firm. Submissions should be sent to

contracting@mwaa.com with “Response to RFP No. 26-24110, Revolving Loan/Line” in the subject

line.

Questions:

All questions or requests for information must be submitted in writing, no later than 12:00 noon

Eastern time on, June 2, 2026, to contracting@mwaa.com with “Questions re: RFP No. 26-24110,

Revolving Loan/Line” in the subject line.

Basis of Award

The Airports Authority is using a competitively negotiated procurement process to award this contract, and selection

will be made taking into consideration proposed fees and spreads to be evaluated as part of the technical evaluation

criteria. Award will be made to the firm whose offer is judged to be an integrated assessment of the evaluation criteria

that are listed below.

If negotiations with the firm offering the most advantageous terms are unsuccessful, the Airports Authority has the right

to begin negotiations with the firm providing the next most advantageous terms.

Period of Performance: The desired contract term will be two years depending upon final negotiated terms.

The schedule for procuring the new Revolving Loan anticipates closing in September 2026, therefore the proposed commitment

amount and pricing must be held firm until then.

Evaluation Criteria:

1. Proposed credit facility fees, including, but not limited to, downgrade pricing, term-out and terminations costs, and

any other proposed fees relative to the length and utilization of the proposed facility.

2. Proposed terms and covenants, including willingness to accept the Airports Authority’s existing covenants and

indemnification.

Additional Information: Please review Exhibit A – Covenants & Indemnification for certain of the terms that the Airports

Authority expects will be included in the Revolving Loan/Line of Credit agreement. One of the factors

in the Airports Authority's selection process will be the willingness of a Bank to accept the terms

described therein. The Airports Authority has posted the Supplemental Indenture of Trust for its

current outstanding revolving loan on EMMA.

Metropolitan Washington Airports Authority

Request for Proposals

RFP-26-24110 DCE

For your review, please find the following documents on the Airports Authority’s website:

(a) Amended and Restated Master Indenture of Trust, as amended

https://www.mwaa.com/sites/mwaa.com/files/legacyfiles/archive/mwaa.com/file/MWAA_DTR

_Master_Trust_Indenture_FINAL_VERSION.pdf

(b) 2025 Annual Comprehensive Financial Report

https://www.mwaa.com/sites/mwaa.com/files/2025%20ACFR%20-

%20FINAL%203.30.26.pdf

(c) 2026 Budget

2026 Budget Book - Metropolitan Washington Airports Authority

(d) Monthly Unaudited Financial Statements

https://www.mwaa.com/about/current-financial-data

(e) Official Statement for the Dulles Corridor Enterprise Series 2022A Bonds

https://www.mwaa.com/sites/mwaa.com/files/2022-

01/DTR%20Revenue%20Refunding%20Bonds%20Series%202022AB%20Official%20Statem

ent%20-%2001.20.2022.pdf

(f) Financial Advisors Reports

https://www.mwaa.com/about/fa-reports

(g) Dulles Toll Road Permit and Operating Agreement

dullestollroadpermitandoperatingagreement.pdf

(h) Master Transfer Agreement Relating to the Dulles Toll Road and The Dulles Corridor Metrorail

Project

MasterTransferAgreementDullesTollRoad.pdf

Trustee/Paying Agent: The Trustee and Paying Agent will be Manufacturers and Traders Trust Company.

Ratings:

As of the date of this RFP, the Airports Authority’s Dulles Toll Road underlying credit ratings are:

• First Senior Lien: Moody’s “A2” (Stable); S&P “A” (Stable)

• Second Senior Lien: Moody’s “Baa1” (Stable); S&P “A-” (Stable)

• Subordinate Lien: Moody’s “Baa2”(Stable); S&P “A-” (Stable)

The rating reports can be found at https://www.mwaa.com/financial-statistics/investor-relations/credit-ratings

Information to be

Submitted:

Please answer the questions set forth in the Proposal Sheet - Revolving Loan/Line and fill out Fee

Proposals Attachments A.

Page 2

Metropolitan Washington Airports Authority

Request for Proposals

RFP-26-24110 DCE

METROPOLITAN WASHINGTON AIRPORTS AUTHORITY

PROPOSAL SHEET

DULLES CORRIDOR ENTERPRISE REVOLVING LOAN/LINE OF CREDIT

Form of Response:

Each respondent must submit their term sheet including the following:

A. Proposing Entity Information

1) state the exact legal name of the institution proposing to provide the Revolving Loan/Line of Credit;

2) provide the name, address, email address, and telephone number of the primary contact who would

be responsible for this engagement.

B. Provide the name and contact information for your legal counsel (please include the e-mail address). Provide

an estimate of the legal fees and a cap on such legal fees.

C. Provide a fee proposal for the facility offered.

D. Provide the period that you are willing to hold the fees.

E. Please provide your institution's long- and short-term ratings, including outlooks, from each:

1) Moody's Ratings

2) S&P Global Ratings

3) Fitch Ratings

F. Indicate your willingness to accept the language contained in Exhibit A– Covenants & Indemnification of the

Request for Proposals. Any changes to Exhibit A should be provided in a ‘blacklined’ version to assist in

reviewing exactly what changes to the documents are requested. Additionally, provide your firm’s reasoning

behind any changes.

G. Specify your (i) downgrade pricing, if any, (ii) your term-out provisions and (iii) your early-termination

provisions.

Page 3

Metropolitan Washington Airports Authority

Request for Proposals

RFP-26-24110 DCE

ATTACHMENT A

Revolving Loan/Line Proposal Sheet - Fee Proposals

Institution: _________________________

Commitment Amount: $_________________

Term

1 Year

2 Years

Unutilized Fee

Spread and Index

for Tax Exempt

Notes

Spread and Index

for Taxable Notes

Up-Front Fee

If your fees would increase due to a downgrade of the Airports Authority’s underlying credit ratings, please provide

a fee matrix.

For a submittal to be deemed “Responsive”, all fees and information requested below must be provided.

Cap on Legal Fees:

Non-Legal Fees and Expenses1:

Aggregate Drawing Fee:

Bank Interest Rate2:

Default Rate:

Amendments

Amendment Fee to Bank:

Cap on Legal Fees:

Any other Fees/Expenses:

1 All other fees and expenses (specify type and nature of expense and whether it is an annual or one-time charge.)

2 If based on an index, please specify.

Page 4

Metropolitan Washington Airports Authority

Request for Proposals

RFP-26-24110 DCE

Exhibit A

COVENANTS & INDEMNIFICATION

Affirmative Covenants of the Airports Authority So long as the Bank has any commitment under the Liquidity/Credit

Facility or under any other Credit Document, or the Airports Authority shall have any obligation to pay any amount to the

Bank hereunder or under any other Credit Document, or so long as any Advance is available under the Revolving Loan

Agreement or the Airports Authority has any Obligation to pay any amount thereunder or under the Revolving Loan Notes, the

Airports Authority will, unless the Bank shall otherwise consent in writing:

(a) Performance of This and Other Agreements. Punctually pay or cause to be paid all amounts payable under

the Bank Agreement and the other Related Documents and observe and perform all of the conditions,

covenants and requirements of the Bank Agreement and the other Related Documents.

(b) Further Assurances. Execute, acknowledge where appropriate, and deliver, and cause to be executed,

acknowledged where appropriate, and delivered, from time to time promptly at the request of the Bank, all

such instruments and documents as are usual and customary or advisable to carry out the intent and purpose of

the Bank Agreement and the Credit Documents.

(c) Books and Records; Inspection Rights. Keep adequate records and books of account, in which complete

entries will be made, reflecting all financial transactions of the Airports Authority; and at any reasonable time

and from time to time, permit the Bank or any agents or representatives thereof, at the expense of the Bank, to

examine and make copies of and abstracts from the records and books of account of, and visit the properties

of, the Airports Authority and to discuss the affairs, finances and accounts of the Airports Authority with any

of the Airports Authority’s officers, trustees and independent auditors (and by this provision the Airports

Authority authorizes said auditors to discuss with the Bank or its agents or representatives, the affairs, finances

and accounts of the Airports Authority).

(d) Reporting Requirements. Furnish to the Bank (or provide notification of availability on the Airports

Authority’s website or on EMMA):

(i)

as soon as available and in any event within 180 days after the end of each Fiscal Year, a copy of the

annual comprehensive financial report of the Airports Authority for such Fiscal Year, including the

audited financial statements therein;

(ii) as soon as available and in any event within 135 days after the end of each of the first three quarters of

each Fiscal Year, a copy of the unaudited financial statements of the Dulles Corridor Enterprise of the

Airports Authority for such quarter, in the form customarily prepared by the Airports Authority and

distributed to the members of the Board of the Airports Authority;

(iii) concurrently with each delivery of the annual comprehensive financial report referred to in clause (i)

above, a certificate of the Airports Authority’s Chief Financial Officer to the effect that based on a

review of the Bank Agreement and the Related Documents (1) such review [has][has not] disclosed

the existence of a Default or Event of Default during or at the end of the accounting period covered

by such financial statements, and the Chief Financial Officer has no knowledge of the existence of

any Default or Event of Default as of the date thereof, (2) if the Airports Authority were to make the

representations and warranties set forth in the Bank Agreement as of the date thereof, such

representations and warranties would be true and correct in all material respects, or, if such

representations and warranties would not be true and correct in all material respects, a description of

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Commodity Codes

• NAICS 541511Custom Computer Programming Services
• NAICS 541512Computer Systems Design Services
• NAICS 541990All Other Professional, Scientific, and Technical Services

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