NY’s JFK Airport Taps Munis for $1.5 Billion to Revamp Terminal
- November refinancing of bank loan was upsized to $2 billion
- US airports need $151 billion of upgrades through 2027
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John F. Kennedy International Airport is seeking funds to help it build its New Terminal One, making it the latest facility to tap investors amid an airport bond boom.
Next week, the group behind the public-private partnership running the project will offer debt to refinance part of the $6.6 billion bank loan taken out in 2022 for the development. In November, $1.5 billion in bonds were offered to start taking down the facility, and upsized the deal to $2 billion to meet demand. When that debt trades, which isn’t often, it does so at premium prices.