The New Terminal One at John F. Kennedy International Airport has closed a $1.37 billion Green Bond issuance to finance the remaining costs of Phase A, scheduled to open in 2026. The New York Transportation Development Corporation served as conduit issuer for the bonds.
The Series 2025 bonds follow a $2.55 billion Green Bond issuance in 2024 and reflect continued investor confidence in the Port Authority of New York and New Jersey’s $19 billion JFK transformation program. The transaction drew $4.3 billion in orders and was repriced to reduce borrowing costs.
Kestrel Verifiers designated the bonds as Green Bonds for meeting sustainability standards. Assured Guaranty insured $600 million of the issuance. Underwriters included BofA Securities, Barclays, Loop Capital Markets, and nine other firms. More than 32% of the underwriting syndicate was allocated to minority- and women-owned business enterprises (MWBEs).
The New Terminal One is being developed through a public-private partnership by a consortium led by Ferrovial, JLC Infrastructure, Ullico, and Carlyle. The 2.6 million-square-foot terminal is under phased construction and will open fully by 2030.