Anatomy of a deal: JFK New Terminal One’s Northeast winner
News provided by: The Bond Buyer
The developers of New Terminal One at New York’s John F. Kennedy International Airport are in the position that any salesperson would want: they have something you can’t find anywhere else.
It’s the biggest airport public-private partnership in the country and the only terminal in the country that solely serves international travel.
That uniqueness, the NTO team learned this year, creates high demand, and allowed NTO to sell $4.5 billion of bonds in six months.
Those New York Transportation Development Corp. deals won the Northeast category of The Bond Buyer’s 2024 Deal of the Year awards.
The New Terminal One is a P3 between the airport’s operator, the Port Authority of New York and New Jersey, and a consortium including Ferrovial, JLC Infrastructure, Ullico, and Carlyle.
The project has been in the works since 2016, said Bob DeMichiel, who at the time was advising the partners through Citi.
Read more here
