The Vantage Group-led JFK Millennium Partners (JMP) announced the successful issuance of $2 billion in bonds to finance the construction of the new Terminal 6 at John F. Kennedy International Airport (JFK). Of the $2 billion marked to finance the first phase of the T6 project, $1.85 billion are Series 2024A alternative minimum tax (AMT) green bonds and $100 million are Series 2024B (AMT) convertible capital appreciation bonds (CCABs).
Goldman Sachs & Co. LLC and Siebert Williams Shank & Co., LLC led the transaction, with bonds underwritten by 13 banks, including six New York State certified minority-owned, women-owned and service-disabled veteran-owned business enterprises (M/W/SDVOBs): Siebert Williams Shank & Co., Academy Securities Inc., Cabrera Capital Markets, Mischler Financial Group, Inc., Ramirez & Co., Inc., and Rice Financial Products Company.
“JFK Millennium Partners is proud to mark this successful transaction and milestone, which demonstrates our team’s continued focus on the successful delivery of a new world-class Terminal 6 at JFK Airport on schedule and on budget,” said Vantage Group chair and CEO George Casey. “Market response to this offering reflects the substantial progress made in construction and terminal leasing, local community involvement in every aspect of the development, and the strength and expertise of the Vantage-led team that is developing and will manage the new Terminal 6.”
“This transaction is further proof of the market’s confidence in the value that Terminal 6 will bring to our airlines, our passengers, and our community – a boutique, state-of-the-art experience, with premium amenities, seamless connections to Terminal 5, and the critical involvement of diverse local businesses – all built and operated sustainably,” added JMP CEO Steve Thody.
