Assured Guaranty insures new JFK terminal bonds
A subsidiary of Bermuda-based Assured Guaranty has insured a second issuance of bonds for the construction of a new terminal at New York City's JFK airport.
Assured Guaranty Municipal said it had insured $800 million of senior special facilities revenue bonds issued by the New York Transportation Development Corporation on behalf of JFK New Terminal One (JFK NTO), a consortium comprising Ferrovial Airports, JLC Infrastructure, Ullico Infrastructure Fund and Carlyle Group.
The insured bonds were issued on June 27 as part of a $2.55 billion Series 2024 issue of fixed-rate bonds. This increases AGM-insured bonds to an aggregate of $1.6 billion out of the $4.55 billion of bonds issued to date by JFK NTO.
Lorne Potash, managing director, infrastructure finance, Americas said: “For the second time in less than seven months, Assured Guaranty’s bond insurance on $800 million of bonds once again helped the issuer achieve a highly successful execution. The 2023 and 2024 insured issues together represent the largest commitment Assured Guaranty has to a single public-private partnership credit. We are the only bond insurer with the experience, scale and financial strength to provide meaningful cost savings for issues of this size and complexity.”
The bonds will be fully amortizing after an initial interest-only period, with a final maturity in 2060. AGM insured $14,290,000 of serial bonds due 2039; $32,715,000 of serial bonds due 2042; $145,000,000 of term bonds due 2049; $184,845,000 and $48,150,000 of term bonds due in 2054; and $375,000,000 of term bonds due 2060.
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