Deal details

JFK New Terminal One Project Financing

Description

The construction debt financing of the public-private partnership to build the $9.5 billion New Terminal One at New York's John F. Kennedy Airport was closed in June 2022.The deal – which comprises $6.33 billion of five-year bank loans, a $200 million liquidity facility, a $50 million working capital facility and a $50 million security deposit facility – is being structured as an on-lending facility borrowed by New York Transportation Development Corp (TDC) as a conduit issuer on behalf the project company New Terminal One (NTO). The debt will cover around 73% of the $9.5 billion project cost.The construction of the first phase of New Terminal One at JFK Airport is expected to be finished in 2026, with additional phases to follow. Once complete, the terminal will be the airport’s largest international terminal, involving the redevelopment and expansion of existing terminals one, two and (already demolished) three into the New Terminal One, a 2.4 million square foot, 23-gate, state-of-the-art terminal for international travel.

Assets involved

Companies involved

  • MUFG
  • MUFG
  • Societe Generale, Sumitomo Mitsui Banking Corporation (SMBC), ING Bank, HSBC, Scotia Bank (The Bank of Nova Scotia), Intesa Sanpaolo, MUFG
  • Societe Generale, MUFG, Scotia Bank (The Bank of Nova Scotia), Intesa Sanpaolo, ING Bank, HSBC, Sumitomo Mitsui Banking Corporation (SMBC)
  • Sumitomo Mitsui Banking Corporation (SMBC), Citi, Korea Development Bank (KDB), Mizuho, Bank Of America (BoA), Intesa Sanpaolo, KfW IPEX-Bank, Kookmin bank, ING Bank, MUFG, HSBC, Bank of China, Scotia Bank (The Bank of Nova Scotia), Societe Generale
  • MUFG
  • Mazars
  • Mizuho, Korea Development Bank (KDB), Bank of China, Citi, Bank Of America (BoA)
  • MUFG, HSBC
  • Infrata
  • JLC Infrastructure, Ferrovial, Carlyle Group, Ullico
  • Allen & Overy, Gibson, Dunn & Crutcher
  • ING Bank, Societe Generale, Sumitomo Mitsui Banking Corporation (SMBC), HSBC, Scotia Bank (The Bank of Nova Scotia), MUFG, Intesa Sanpaolo
  • Skadden, Arps, Slate, Meagher & Flom, Orrick Herrington & Sutcliffe
  • Gensler, Aecom Tishman
  • Milbank LLP
  • MUFG
  • MUFG
  • Steer

Key information

JFK NTO LLC

6630$m

10-06-2022

Transport / Airport

United States

Project & Infrastructure Finance

PPP

Tranche information

Term Loan

1430$m

US Dollar - USD

0

5.0 years

-

-

-

Term Loan

4900$m

US Dollar - USD

0

5.0 years

-

-

-

Term Loan

200$m

US Dollar - USD

0

5.0 years

-

SOFR

200.0

Term Loan

50$m

US Dollar - USD

0

5.0 years

-

SOFR

200.0

Term Loan

50$m

US Dollar - USD

0

5.0 years

-

SOFR

200.0