A subsidiary of Bermudian-based Assured Guaranty Ltd has insured $920 million of senior Special Facilities Revenue Bonds issued by the New York Transportation Development Corporation in connection with the JFK Airport Terminal 6 Redevelopment Project.

The insured bonds were issued on November 5 as part of an upsized $1.95 billion offering and included $820 million of Series 2024A (Green Bonds) (alternative minimum tax) fixed-rate, current interest bonds with a maturity in 2054 and approximately $100 million of Series 2024B (alternative minimum tax) fixed-rate convertible capital appreciation bonds with a maturity in 2054.

The bonds were issued to refinance part of JFK Millennium Partners’ short-term 2022A bonds and bank loans that were used to finance its redevelopment project, which will replace former Terminal 6 and 7 with a new 1.2 million square foot Terminal 6 with sustainable and innovative technology.

JMP is a consortium established by Vantage Group, American Triple I, RXR Realty and JetBlue Airways.