New York’s LaGuardia, Long in Tatters, Borrows Big for Facelift
- Port Authority has businesses share risk of $4 billion project
- Private consortium issues $2.4 billion of municipal bonds
NYC's LaGuardia redesign.
Source: New York State Press OfficeThis article is for subscribers only.
New York is about to find out whether it’s possible to build a 35-gate terminal at LaGuardia Airport around the existing one without disrupting operations or becoming plagued by cost overruns and delays.
To finance construction at the airport in Queens, a group created by Swedish construction company Skanska AB, Canadian airport operator Vantage Airport Group and France’s Meridiam sold $2.4 billion of debt Tuesday in the biggest offering of municipal bonds since March. The group, which has put up $200 million in equity for the $4 billion project, has guaranteed it will be finished on-budget in six years.