NEW YORK, Dec 6 (Reuters) – Municipal bond financing for U.S. airport construction is not unusual. But Wednesday’s issuance of $2 billion in bonds for the new Terminal One at New York’s John F. Kennedy International Airport was – because of the steps needed to get to this point.
Last year, a consortium called New Terminal One secured $9 billion in financing in an unusual private-public transaction that was part of a broader $15 billion overhaul of the airport.
The deal included a $6.5 billion bank loan, the largest ever committed for an airport terminal – and it took several years and two restructurings before the financing was even secured due to municipal bond market volatility and illiquidity.
Reuters
By Doyinsola Oladipo
December 6, 20231