JFK Millennium Partners, the group-led company selected by the Port Authority of New York and New jersey to build and operate the new JFK Terminal 6, announced last week it had successfully completed a planned issuance of nearly $2 billion in bonds.
Officials said the transaction was one of the top three largest municipal bond financing projects at a U.S airport since 2021. The bond consist of $1.85 billion in Series 2-24A alternative minimum tax (ATM) green bonds, along with an additional $100 million in Series 2024B convertible capital appreciation bonds. The convertible capital appreciation bonds are the first of their kind issued for any U.S. airport, officials said. The bonds will be used to refinance a portion of the first phase of construction at the terminal.
“JFK Millennium Partners is proud to mark this successful transaction and milestone, which demonstrates our team’s continued focus on the successful delivery of a new world-class Terminal 6 at JFK Airport on-schedule and on budget,” George Casey, Board Chair of JFK Millennium Partners, and Chair and CEO of Vantage Group, said. ”Market response to this offering reflects the substantial progress made in construction and terminal leasing, local community involvement in every aspect of the development, and the strength and expertise of the Vantage-led team that is developing and will manage the new Terminal 6.”
The Terminal 6 project is a key piece of the Port Authority’s $19 billion transformation of JFK International Airport. The project consists of two new terminals, two expanded and modernized terminals and a new ground transportation center, as well as a new, simplified roadway network.
“This transaction is further proof of the market’s confidence in the value that Terminal 6 will bring to our airlines, our passengers, and our community – a boutique, state-of-the-art experience, with premium amenities, seamless connections to Terminal 5, and the critical involvement of diverse local businesses– all built and operated sustainably,” Steve Thody, CEO, JFK Millennium Partners, said.