Hogan Lovells advises Assured Guaranty in insuring US$920 million of bonds in JFK Airport redevelopment
Houston, New York, 7 November 2024 – Global law firm Hogan Lovells has advised Assured Guaranty in insuring US$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 as part of an upsized US$1.95 billion offering and included US$820 million of Series 2024A (Green Bonds) (AMT) fixed rate, current interest bonds with a maturity in 2054 and approximately US$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 1.2 million square foot Terminal 6 with sustainable and innovative technology.
More details on the transaction can be found here.
The Hogan Lovells deal team was led by partners David Locascio (Infrastructure, Energy, Resources and Projects, Houston), and Ron Silverman (Restructuring and Special Situations, New York), and associate Mariana Avendano (M&A, Houston).
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