FREE MEMBERSHIP Includes » ABL Advisor eNews + iData Blasts | JOIN NOW ABLAdvisor Gray ABLAdvisor Blue
 
Skip Navigation LinksHome / News / Read News

Print

SMBC Closes Deal on $6.63B New Terminal One Development Project at JFK Airport

August 02, 2022, 07:45 AM
Related: SMBC, SMBC Group

SMBC, a member of SMBC Group, recently closed on $6.63 billion in credit facilities for the New Terminal One (NTO) Development Project at John F. Kennedy International Airport (JFK) in Queens, New York.

SMBC acted as Coordinating Lead Arranger (CLA), Underwriter, and Deal Contingent Hedge Provider, underwriting $1.3 billion of the facilities with an expected hold of under $400 million shortly after completion of the retail syndication.

The project is being developed by JFK NTO LLC, a special-purpose vehicle formed to enter into a lease agreement with the Port Authority of New York and New Jersey to design, build, finance, operate, and maintain a renovated Terminal One at JFK. The deal is backed by a consortium consisting of The Carlyle Group, Ferrovial S.A., JLC Infrastructure, and Ullico Inc.

This deal includes a full demand risk passenger airline transaction. SMBC underwrote 20% of the entire financing and is serving as an active bookrunner on the syndication, along with two other banks on behalf of the CLAs.

“We are proud to contribute to a crucial infrastructure project like this,” said Raymond DiPrinzio, Managing Director, Sponsor Coverage and Co-Head of Infrastructure Finance North America, SMBC. “SMBC’s multiple roles in this significant infrastructure transaction truly demonstrates the importance of durable and mutually profitable client relationships built over many years.”








Comments From Our Members

You must be an ABL Advisor member to post comments. Login or Join Now.