Assured Guaranty subsidiary insures $920m bond issuance
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.
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