John F. Kennedy Airport Terminal 6

Overview

Deal Type Debt Capital Markets
Size $1.9 Billion
Special Facilities Revenue Bonds
Client & Transactional Partners John F. Kennedy Airport Terminal 6: Vantage Airport Group
American Triple I, RXR Realty LLC
JetBlue Airways
Our Role Co-Manager

Summary

On November 5, 2024, KeyBanc Capital Markets served as Co-Manager on the successful closing of $1.9 billion in Special Facilities Revenue Bonds (the Bonds) for the John F. Kennedy Airport Terminal 6 Redevelopment (the Project). The proceeds will be used to refinance bank debt used to finance the Project, which is a $5 billion terminal redevelopment with a 30-year lease agreement with the Port Authority of New York and New Jersey (PANYNJ). 

The new Terminal 6 is a public-private partnership between the PANYNJ and JFK Millennium Partners (JMP) — a consortium that includes Vantage Airport Group, American Triple I, RXR Realty LLC and JetBlue Airways. The JMP consortium will develop the new terminal in two phases, with the first new gates opening in 2026 and project completion anticipated in 2028. The Port Authority will commit $130 million in capital funding to build enabling infrastructure for the new Terminal 6. The project involves the buildout out of a 1.2 million-square-foot. terminal, featuring up to 12 international gates and ~74,000 square feet of commercial dining and amenities. Construction on the new terminal, with ~100,000 square feet of retail and restaurant space, began in early 2023.

Vantage Airport Group is a Canadian airport operator with a current portfolio of 10 airports. The privately owned organization has two equal shareholders: Vancouver Airport Authority and Gateway Airports LP. American Triple I Partners (ATI) is a New York-based investor, owner, developer and manager of infrastructure assets and infrastructure-focused companies. ATI deploys capital into infrastructure projects and businesses throughout the United States. RXR Realty LLC operates as a real estate company with expertise in investment management, property management, development, design, construction, leasing and financing.

KeyBanc Capital Markets is a trade name under which the corporate and investment banking products and services of KeyCorp and its subsidiaries, KeyBanc Capital Markets Inc., member FINRA/SIPC (“KBCMI”), and KeyBank National Association (“KeyBank N.A.”), are marketed. Securities products and services are offered by KeyBanc Capital Markets Inc. and by its licensed securities representatives. Banking products and services are offered by KeyBank N.A.

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