The New Terminal One at JFK Successfully Concludes $1.37 Billion 2025 Green Bond Issuance

The New Terminal One at New York John F. Kennedy International Airport has successfully closed its $1.367 billion Green Bond issuance, underscoring strong investor support and confidence in the project, which is set to deliver a transformational gateway for New York.

Proceeds from the Series 2025 Bonds will be used to finance the remainder of the anticipated costs relating to New Terminal One’s Phase A, opening in 2026. The latest bond issuance follows the terminal’s historic $2.55 billion Green Bond issuance in 2024 – the largest ever municipal bond financing for an airport project.

The New Terminal One is a key component of the Port Authority of New York and New Jersey’s $19 billion transformation of JFK Airport into a world-class gateway, which includes two new terminals, modernization of two others, a new ground transportation center, and a simplified roadway network.

“The success of our green bond issuance reaffirms investor confidence in the New Terminal One and further strengthens our foundation for innovation and delivery as we progress towards our 2026 opening,”
— Jennifer Aument, Chief Executive Officer, The New Terminal One.

Even with a large slate of competing offerings on the day of pricing, investors submitted nearly $4.3 billion in orders for the Series 2025 bonds. This high demand enabled the transaction to be repriced, reducing overall borrowing costs.

“In a highly competitive market, the strength of investor demand allowed us to tighten pricing and optimize our cost of capital — a testament to both the quality of this project and the disciplined financial strategy we’ve maintained since inception,”
— Manoj Patel, Chief Financial Officer, The New Terminal One.

Key Details of the Issuance:

• Issuer: New York Transportation Development Corporation (as conduit issuer on behalf of New Terminal One)

• Designation: Green Bonds (by Kestrel Verifiers)

• Insurance: $600 million insured by Assured Guaranty

• Lead Underwriters:

  • BofA Securities (left lead bookrunner)

  • Barclays, Loop Capital Markets (joint bookrunners)

  • Blaylock Van, Cabrera Capital Markets, Goldman Sachs, J.P. Morgan, Ramirez & Co., RBC Capital Markets, Rice Financial Products Company, Stern Brothers & Co.

• MWBE Participation: Over 32% of the underwriting syndicate designated for minority- and women-owned business enterprises (MWBEs)