Assured Insures $920M In Bonds For JFK Airport
Assured Guaranty insured $920 million of bonds for the JFK Airport Terminal 6 Redevelopment Project to refinance JPM’s short-term debt.
A spokesperson said, “Assured Guaranty [AG] has insured $920 million of senior Special Facilities Revenue Bonds issued by the New York Transportation Development Corporation in connection with the JFK Airport Terminal 6 Redevelopment Project. The insured bonds were issued on November 5 as part of an upsized $1.95 billion offering and included $820 million of Series 2024A [Green Bonds] [AMT] fixed rate, current interest bonds with a maturity in 2054 and approximately $100 million of Series 2024B [AMT] fixed rate convertible capital appreciation bonds with a maturity in 2054.
“The bonds were issued to refinance part of JFK Millennium Partners’ [JMP] short term 2022A bonds and bank loans that were used to finance its redevelopment project, which will replace former Terminal 6 and 7 with a new world-class, 1.2 million square foot Terminal 6 with sustainable and innovative technology. JMP is a consortium established by Vantage Group, American Triple I, RXR Realty and JetBlue Airways.”
Lorne Potash, Managing Director, Infrastructure Finance, Americas commented, “We are thrilled to have played a part in the execution of this large bond issue that has refinanced a portion of JMP’s redevelopment project. As major infrastructure improvements continue to be undertaken nationally, AG continues to be a leader in helping provide cost-effective financing for very large, complicated public-private partnership projects for generational assets such as the JFK Terminal 6 Redevelopment Project.”
“We are pleased to work with JFK Millennium Partners and Goldman Sachs on this milestone refinancing for Terminal 6,” said Sam Nakhleh, Director, Infrastructure Finance, Americas. “This will be our second major project with Vantage Group, with whom we worked together successfully on the LaGuardia Airport’s Terminal B Replacement Project.”
The spokesperson said, “Goldman Sachs & Co. LLC and Siebert Williams Shank & Co., LLC served as co-bookrunners and co-senior managers. Hogan Lovells acted as legal advisor to AG.”
