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Construction & Architecture

US$2.55bn green bond issuance concludes at JFK Airport’s New Terminal One

Elizabeth BakerBy Elizabeth BakerJune 28, 20244 Mins Read
The New Terminal One (NTO) at John F. Kennedy (JFK) International Airport in New York has concluded a US$2.55bn green bond issuance, which is reportedly the largest-ever municipal bond financing for an airport project.
Credit: The New Terminal One at JFK

The New Terminal One (NTO) at John F Kennedy (JFK) International Airport in New York has concluded a US$2.55bn green bond issuance, which is said to be the largest-ever municipal bond financing for an airport project.

Series 2024 Special Facilities Revenue Bonds

Proceeds from the 2024 Series bonds will be primarily used to finance and refinance a portion of the costs of constructing the initial phase of the NTO development, a portion that was initially funded with the bank facility that was raised in June 2022.

The Series 2024 Special Facilities Revenue Bonds were initially marketed at US$1.5bn. Due to investor demand indicated during pre-marketing and then demonstrated during the order period, the issuance was upsized to US$2.55bn.

“Our continued success in refinancing through this landmark bond issuance demonstrates the confidence of the capital markets in The NTO and our progress in delivering a new gateway for New York and our nation,” said Jennifer Aument, CEO of The NTO. “This refinancing re-affirms our commitment to maintaining The NTO’s position of financial strength, as we gather momentum toward our scheduled opening in 2026.”

The New York Transportation Development Corporation acted as conduit issuer of the Series 2024 bonds on behalf of The NTO. BofA Securities and Loop Capital Markets acted as joint bookrunners, with Barclays acting as co-senior manager. The bonds were designated as green bonds by Kestrel Verifiers, an independent second-party opinion provider that confirmed that the uses of the bonds conform with green bond principles. Ramirez & Co. served as NTO’s municipal and pricing advisor. Assured Guaranty provided insurance on US$800m of the bonds.

This 2024 Issuance allocated 40% of the underwriting syndicate to designated minority and women-owned business enterprises (MWBEs), continuing The NTO’s commitment to record levels of MWBE participation in its bond transactions.

Manoj Patel, chief financial officer of The NTO, commented, “The record participation by MWBEs in all areas of this transaction (joint book runner, co-managers, financial advisors and counsel) aligns with our core commitment to diverse participation across all aspects of The NTO, ensuring that we continue to deliver impact to our community.”

The NTO finance team, led by Patel and Bryan Rowan, director of financial planning, analysis and strategy, worked with The NTO’s sponsors, bankers, attorneys and advisors to execute this bond issuance. According to the companies, the decision to upsize the bond offering enabled The NTO to capitalize on an improving debt market and significantly de-risk the program at attractive rates.

With a capital commitment of US$9.5bn, The NTO is the country’s largest public-private partnership and the largest single-asset project financing in US history.

The New Terminal One

The NTO is a key component of the Port Authority of New York and New Jersey’s US$19bn transformation of JFK Airport, with two new terminals, two expanded and modernized terminals, a new ground transportation center and a new, simplified roadway network. Scheduled to open in 2026, the privately funded NTO is backed by a consortium of financial, operating and labor partners: Ferrovial, JLC Infrastructure, Ullico and Carlyle.

Scheduled for full completion in 2030, the NTO will offer a total of 23 gates in a 2,600,000ft2 facility over a 133-acre footprint. At completion, the NTO will the largest terminal at JFK and nearly the same size as LaGuardia Airport’s two new terminals combined. NTO will replace the existing Terminal 1 and the former Terminals 2 and 3 and will handle anticipated annual traffic of more than 16 million passengers in 2030 – about three times the number of passengers handled by the existing Terminal 1 in 2023.

The NTO’s Phase A will comprise a headhouse and 14 widebody aircraft gates. The project topped off in March 2024, with the placement of the steel beam marking the development’s highest point. Installation of the headhouse’s curtain wall and key infrastructure systems commenced earlier this year and work is underway to make the building weather-tight.

The NTO is being built on sites now occupied by Terminal 1 and the former Terminal 2 and Terminal 3, where it will anchor JFK’s south side. Construction is taking place in phases. The first phase, including the new arrivals and departures halls and first set of 14 new gates, is expected to open in 2026.

The NTO is being built by union labor and with a commitment to local inclusion and labor participation, focusing on diversity and capacity-building opportunities, including ambitious participation goals of 30% for minority and women-owned enterprises, 10% for local business enterprises and 3% for service-disabled veteran-owned businesses.

Credit: The New Terminal One at JFK

In related news, Unibail-Rodamco-Westfield (URW) Airports and The New Terminal One (NTO) recently launched the Competitive Evaluation Process (CEP) for food hall and travel essentials tenders. Click here to read the full story.

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