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.