The New Terminal One at JFK completes $2.55 billion bond issuance

The New Terminal One (NTO) and New York John F. Kennedy International (JFK) has concluded a successful $2.55 billion Series 2024 bond issuance, which were upsized by over $1 billion due to investor demand. The terminal Operator also received credit ratings Baa3 (Stable), BBB- (Stable), and BBB- (Stable) from Moody's, Fitch, and KBRA, respectively. 

NTO is part of the Port Authority of New York an New Jersey’s $19 billion transformation of JFK into a global gateway to the United States and the New York Metropolitan Area.

Steer is proud to have been supporting the development of New Terminal One as the lead traffic and business advisor since 2017. 

For more details on the progress and milestones of the New Terminal One project, including its recognition as North America Airport Deal of the Year and the continued support from Steer, read our previous update: "Finance Approved for John F. Kennedy International Airport's (JFK) New Terminal One (NTO)." This article covers the project's initial financial close, job creation, and ongoing developments as we work towards the planned 2026 opening.

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Aerial view of The New Terminal One, redefining JFK's skyline.
Aerial view of The New Terminal One, redefining JFK's skyline.
Newly revamped departure concessions area at The New Terminal One.
Newly revamped departure concessions area at The New Terminal One.
Welcoming meet and greet area at the new concessions.
Welcoming meet and greet area at the new concessions.
Modern concessions area bustling with travelers at The New Terminal One, JFK.
Modern concessions area bustling with travelers at The New Terminal One, JFK.
Ian Sample Steer Director
Steer Director, Ian Sample (pictured) and Adrian Leung, were invited to attend and speak alongside the client leadership team at the Project Investor presentation and site visit

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