JFK Airport Project to Tap Muni Market for Over $6 Billion
- Multiple muni sales will be used to refinance bank loan
- First phase of JFK project is expected to open in 2026
Rendering of the New Terminal One at John F. Kennedy International Airport.
Source: The Port Authority of New York and New JerseyThis article is for subscribers only.
The finance team behind the new terminal at New York’s John F. Kennedy International Airport expects to sell more than $6 billion of municipal bonds in the coming years to help pay for the project.
The group plans to issue taxable or tax-exempt debt in the $4 trillion muni market to refinance a $6.6 billion bank loan originally secured to fund the project, according to the project’s acting CFO Marc McGrady. That loan, led by Mitsubishi UFJ Financial Group Inc., closed on June 10 and will fund the first phase of the project, called New Terminal One.