, /PRNewswire/ -- The New Terminal One at John F. International Airport has successfully concluded a historic Green Bond issuance, the largest ever municipal bond financing for an airport project. 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 New Terminal One development, a portion of which were initially funded with the bank facility that was raised in June 2022.
The Series 2024 Special Facilities Revenue Bonds were initially marketed at . Due to investor demand indicated during pre-marketing and then demonstrated during the order period, the issuance was ultimately upsized to . This outcome re-affirms investor confidence in the much-anticipated New Terminal One project.
The New Terminal One is a key component of the Port Authority of and transformation of JFK Airport into a world-class gateway, with two new terminals, two expanded and modernized terminals, a new ground transportation center and an entirely new, simplified roadway network. Scheduled to open in 2026, the privately funded New Terminal One is backed by a consortium of financial, operating, and labor partners: Ferrovial, JLC Infrastructure, Ullico and Carlyle. "Our continued success in refinancing through this landmark bond issuance demonstrates the confidence of the capital markets in The New Terminal One and our progress in delivering a new gateway for and our nation," said The New Terminal One Chief Executive.
