US$2.55bn green bond issuance concludes at JFK Airport’s New Terminal One

Passenger Terminal Today
Elizabeth Baker
28 June 2024

The New Terminal One (NTO) at John F Kennedy (JFK) International Airport in New York has concluded a US$2.55bn green bond issuance, which is said to be the largest-ever municipal bond financing for an airport project.

Series 2024 Special Facilities Revenue Bonds

Proceeds from the 2024 Series bonds will be primarily used to finance and refinance a portion of the costs of constructing the initial phase of the NTO development, a portion that was initially funded with the bank facility that was raised in June 2022.

The Series 2024 Special Facilities Revenue Bonds were initially marketed at US$1.5bn. Due to investor demand indicated during pre-marketing and then demonstrated during the order period, the issuance was upsized to US$2.55bn.

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