A rendering of a busy retail area in The New Terminal One at John F. Kennedy International Airport (JFK)

Press Release: The New Terminal One at JFK issues Green Bond


Press Release hub banner blue with title in red white and blueThe New Terminal One at John F. Kennedy International Airport has successfully concluded a historic $2.55 billion Green Bond issuance, the largest ever municipal bond financing for an airport project. 

Proceeds from the 2024 Series bonds will be primarily used to finance and refinance a portion of the costs of constructing the initial phase of the New Terminal One development, a portion of which were initially funded with the bank facility that was raised in June 2022.  

The Series 2024 Special Facilities Revenue Bonds were initially marketed at $1.5 billion. Due to investor demand indicated during pre-marketing and then demonstrated during the order period, the issuance was ultimately upsized to $2.55 billion. This outcome re-affirms investor confidence in the much-anticipated New Terminal One project. 

JFK Redevelopment aerial daytime photo

The New Terminal One is a key component of the Port Authority of New York and New Jersey’s $19 billion transformation of JFK Airport into a world-class gateway, with two new terminals, two expanded and modernized terminals, a new ground transportation center and an entirely new, simplified roadway network. Scheduled to open in 2026, the privately funded New Terminal One is backed by a consortium of financial, operating, and labor partners: Ferrovial, JLC Infrastructure, Ullico and Carlyle. 

“Our continued success in refinancing through this landmark bond issuance demonstrates the confidence of the capital markets in The New Terminal One and our progress in delivering a new gateway for New York and our nation,” said The New Terminal One Chief Executive Officer Jennifer Aument. “This refinancing re-affirms our commitment to maintaining The New Terminal One’s position of financial strength, as we gather momentum towards our scheduled opening in 2026.” 

The New York Transportation Development Corporation acted as conduit issuer of the Series 2024 bonds on behalf of The New Terminal One. BofA Securities and Loop Capital Markets acted as joint bookrunners, with Barclays acting as co-senior manager. The bonds were designated as Green Bonds by Kestrel Verifiers, an independent second-party opinion provider that confirmed that the uses of the bonds conform with Green Bond principles. Ramirez & Co. served as New Terminal One’s municipal and pricing advisor. Assured Guaranty provided insurance on $800 million of the bonds.

This 2024 Issuance allocated 40% of the underwriting syndicate to designated minority and women-owned business enterprises (MWBEs), continuing NTO’s commitment to record levels of MWBE participation in its bond transactions. 

“The record participation by MWBEs in all areas of this transaction (joint book runner, comanagers, financial advisors, and counsel) aligns with our core commitment to diverse participation across all aspects of The New Terminal One, ensuring that we continue to deliver impact to our community,” said The New Terminal One Chief Financial Officer Manoj Patel. 

The New Terminal One finance team, led by Patel and Director of Financial Planning, Analysis and Strategy Bryan Rowan, worked with the New Terminal One’s sponsors, bankers, attorneys and advisors to execute this historic bond issuance. The decision to upsize the bond offering enabled The New Terminal One to capitalize on an improving debt market and significantly derisk the program at attractive rates. 


With a capital commitment of $9.5 billion, The New Terminal One is the country’s largest public private partnership and the largest single-asset project financing in US history. 

The New Terminal One’s Phase A will comprise a headhouse and 14 widebody aircraft gates. The project topped off in March 2024, with the placement of the steel beam marking the development’s highest point. Installation of the headhouse’s curtain wall and key infrastructure systems commenced earlier this year and work is underway to make the building weather-tight. 

Scheduled for full completion in 2030, the New Terminal One will offer a total of 23 gates in a 2.6 million square feet facility over a 133-acre footprint. It will replace the existing Terminal 1 and the former Terminals 2 and 3 and will handle anticipated annual traffic of more than 16 million passengers in 2030 – about three times the number of passengers handled by the existing Terminal 1 in 2023. 

About The New Terminal One 

The New Terminal One (NTO) at John F. Kennedy International Airport is a bold and exciting project to develop a world-class international terminal that will serve as an anchor terminal in the Port Authority’s $19 billion transformation of JFK into a global gateway to the New York metropolitan area and the United States. NTO will set a new standard for design and service, aspiring to obtain a Top 5 Skytrax ranking and be considered one of the finest airport terminals in the world.

The New Terminal One is being built on sites now occupied by Terminal 1 and the former Terminal 2 and Terminal 3, where it will anchor JFK’s south side. Construction is taking place in phases. The first phase, including the new arrivals and departures halls and first set of 14 new gates, is expected to open in 2026. At completion, anticipated in 2030, the New Terminal One will be 2.6 million square feet, making it the largest terminal at JFK and nearly the same size as LaGuardia Airport’s two new terminals combined. 

A rendering of the New Terminal One at John F. Kennedy International Airport check-in area with passengers milling about and lots of natural light flooding in.

NTO will be a 23-gate, state-of-the-art, international-only terminal. Sustainably designed and future-focused, the terminal will feature expansive, naturally lit public spaces, cutting-edge technology, and an array of amenities, all designed to enhance the customer experience and compete with some of the highest-rated airport terminals in the world. 

The New Terminal One at John F. Kennedy International Airport (JFK) arrivals area is full of natural light and views of greenery outside.

The New Terminal One consortium of labor, operating, and financial partners is led by Ferrovial,  JLC Infrastructure, Ullico, and Carlyle. NTO is being built by union labor and we are committed to local inclusion and labor participation, focusing on diversity and capacity-building opportunities, including ambitious participation goals of 30% for minority and women-owned enterprises, 10% for local business enterprises and 3% for service-disabled veteran-owned businesses. 

A rendering of a busy retail area in The New Terminal One at John F. Kennedy International Airport - JFK.

To learn more about the New Terminal One at JFK International Airport, visit here.

All images credited to The New Terminal One at JFK