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NEW YORK, November 05, 2024--(BUSINESS WIRE)--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."
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.
IMPORTANT NOTICE
All of the securities having been sold, this announcement is for information purposes only. This announcement does not constitute an offer to sell or the solicitation of an offer to buy any securities.
The securities described herein have not been and will not be registered under the United States Securities Act of 1933, as amended ("Securities Act"), or with any securities regulatory authority of any state or jurisdiction of the United States, and may not be offered, sold or transferred, directly or indirectly, in the United States absent registration under the Securities Act or an available exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and the securities laws of any state or other jurisdiction of the United States.
*AG is a subsidiary of Assured Guaranty Ltd. (AGL and, together with its subsidiaries, Assured Guaranty). Through its subsidiaries, Assured Guaranty provides credit enhancement products to the U.S. and non-U.S. public finance, infrastructure and structured finance markets. Assured Guaranty also participates in the asset management business through its ownership interest in Sound Point Capital Management, LP and certain of its investment management affiliates. AGL is a publicly traded (NYSE: AGO) Bermuda-based holding company. More information on AGL and its subsidiaries can be found at AssuredGuaranty.com.