Debt & Covenants
February 2026
2019 Second Lien DSCR: 1.31x — 4.8% above 1.25x minimum covenant
Declining trajectory over 4 quarters. Review forecasting page for mitigation options.
| Instrument | Type | Outstanding | Maturity | Coupon | DSCR | Status | |
|---|---|---|---|---|---|---|---|
| 2018 First Lien Revenue Bonds | Revenue Bond | $420M | 2048 | 4.25% | 1.92x | ||
| 2019 Second Lien Revenue Bonds | Revenue Bond | $180M | 2039 | 4.75% | 1.31x | ||
| 2021 Subordinate Lien Notes | Sub Lien | $245M | 2041 | 3.85% | 2.14x | ||
| 2022 GO Bonds (Series A) | GO Bond | $125M | 2042 | 3.50% | 3.24x | ||
| 2023 Revenue Refunding | Revenue Bond | $148M | 2043 | 4.00% | 1.88x | ||
| TIFIA Loan (Ship Channel) | Federal Loan | $85M | 2050 | 2.75% | 2.42x | ||
| TWDB Clean Water SRF | State Loan | $37M | 2035 | 1.50% | 4.86x | ||
| Total Outstanding | $1.24B | ||||||