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 $9.5 billion project cost.The construction of the first phase of New Terminal One at JFK Airport is expected to be finished in 2026, with additional phases to follow. Once complete, the terminal will be the airport’s largest international terminal, involving the redevelopment and expansion of existing terminals one, two and (already demolished) three into the New Terminal One, a 2.4 million square foot, 23-gate, state-of-the-art terminal for international travel.
Assets involved
Companies involved
- Aecom Tishman, Gensler
- Allen & Overy, Gibson, Dunn & Crutcher
- Bank Of America, Bank of China, Citi, Korea Development Bank (KDB), Mizuho
- Bank Of America, Bank of China, Citi, HSBC, ING Bank, Intesa Sanpaolo, KfW IPEX-Bank, Kookmin bank, Korea Development Bank (KDB), Mizuho, MUFG, Scotia Bank (The Bank of Nova Scotia), Societe Generale, Sumitomo Mitsui Banking Corporation (SMBC)
- Carlyle Group, Ferrovial, JLC Infrastructure, Ullico
- HSBC, ING Bank, Intesa Sanpaolo, MUFG, Scotia Bank (The Bank of Nova Scotia), Societe Generale, Sumitomo Mitsui Banking Corporation (SMBC)
- HSBC, ING Bank, Intesa Sanpaolo, MUFG, Scotia Bank (The Bank of Nova Scotia), Societe Generale, Sumitomo Mitsui Banking Corporation (SMBC)
- HSBC, MUFG
- HSBC, ING Bank, Intesa Sanpaolo, MUFG, Scotia Bank (The Bank of Nova Scotia), Societe Generale, Sumitomo Mitsui Banking Corporation (SMBC)
- Infrata
- Mazars
- Milbank LLP
- MUFG
- MUFG
- MUFG
- MUFG
- MUFG
- Orrick Herrington & Sutcliffe, Skadden, Arps, Slate, Meagher & Flom
- Steer
Key information
JFK NTO LLC
6630$m
10-06-2022
Transport / Airport
United States
Project & Infrastructure Finance
PPP
Tranche information
Term Loan
1,430$
Term Loan
1430$m
US Dollar - USD
0
5.0 years
-
-
-
Participant | role | ticket size |
---|---|---|
Intesa Sanpaolo | Lender | 204$m |
Societe Generale | Lender | 204$m |
Scotia Bank (The Bank of Nova Scotia) | Lender | 204$m |
ING Bank | Lender | 204$m |
Sumitomo Mitsui Banking Corporation (SMBC) | Lender | 204$m |
HSBC | Lender | 204$m |
MUFG | Lender | 204$m |
Term Loan
4,900$
Term Loan
4900$m
US Dollar - USD
0
5.0 years
-
-
-
Participant | role | ticket size |
---|---|---|
Bank Of America | Lender | 387$m |
Citi | Lender | 387$m |
MUFG | Lender | 376$m |
HSBC | Lender | 450$m |
Sumitomo Mitsui Banking Corporation (SMBC) | Lender | 450$m |
ING Bank | Lender | 450$m |
Scotia Bank (The Bank of Nova Scotia) | Lender | 450$m |
Societe Generale | Lender | 450$m |
Intesa Sanpaolo | Lender | 450$m |
Bank of China | Lender | 617$m |
Korea Development Bank (KDB) | Lender | 250$m |
Kookmin bank | Lender | 50$m |
KfW IPEX-Bank | Lender | 130$m |
Liquidity Facility
200$
Term Loan
200$m
US Dollar - USD
0
5.0 years
-
SOFR
200.0
Participant | role | ticket size |
---|---|---|
Sumitomo Mitsui Banking Corporation (SMBC) | Lender | 26$m |
HSBC | Lender | 26$m |
Scotia Bank (The Bank of Nova Scotia) | Lender | 26$m |
ING Bank | Lender | 26$m |
Intesa Sanpaolo | Lender | 26$m |
Societe Generale | Lender | 26$m |
Bank of China | Lender | 19$m |
Bank Of America | Lender | 12$m |
Citi | Lender | 12$m |
Working Capital Facility
50$
Term Loan
50$m
US Dollar - USD
0
5.0 years
-
SOFR
200.0
Participant | role | ticket size |
---|---|---|
MUFG | Lender | 50$m |
Security Deposit Facility
50$
Term Loan
50$m
US Dollar - USD
0
5.0 years
-
SOFR
200.0
Participant | role | ticket size |
---|---|---|
MUFG | Lender | 3$m |
Sumitomo Mitsui Banking Corporation (SMBC) | Lender | 3$m |
HSBC | Lender | 3$m |
Scotia Bank (The Bank of Nova Scotia) | Lender | 3$m |
ING Bank | Lender | 3$m |
Intesa Sanpaolo | Lender | 3$m |
Societe Generale | Lender | 3$m |
Bank of China | Lender | 3$m |
Bank Of America | Lender | 3$m |
Citi | Lender | 3$m |
Korea Development Bank (KDB) | Lender | 3$m |
Kookmin bank | Lender | 3$m |
Mizuho | Lender | 3$m |