Assured Guaranty Municipal Insures $800 Million of Bonds for JFK International Airport’s New Terminal One Project
06 Décembre 2023 - 4:05PM
Business Wire
Part of $2 Billion Issue to Fund Expanded
Capacity to Meet Future Needs
Assured Guaranty Municipal Corp. (AGM)* insured $800 million of
senior Special Facilities Revenue Bonds, Series 2023, issued by the
New York Transportation Development Corporation on December 6. The
bonds insured by AGM are part of a $2 billion issue of fixed-rate
bonds that has been designated as Green Bonds.
The bonds have been issued to refinance a portion of the costs
relating to the New Terminal One Project of John F. Kennedy
International Airport (JFK) in New York City by a consortium
comprised of Ferrovial Airports (which will manage the project),
JLC Infrastructure, Ullico Infrastructure Fund and Carlyle Group.
The consortium will develop, design, construct, finance, operate
and maintain the new international passenger terminal facility to
replace the existing Terminal One at JFK.
Lorne Potash, Managing Director, Infrastructure Finance,
Americas commented, “Assured Guaranty’s bond insurance on $800
million of bonds helped to optimize the cost for this important
oversubscribed $2 billion financing and we are thrilled to have
played such a significant role in what has resulted in a remarkable
execution by Citi on behalf of New Terminal One for such a
high-profile transaction. This is precisely the kind of meaningful
value-add that AGM is positioned to deliver for large
infrastructure projects through its cost savings and capacity.”
Sam Nakhleh, Director, Infrastructure Finance, Americas added,
“This project is the largest U.S. P3 transportation project to date
and is one of the largest insured bond transactions Assured
Guaranty has participated in during the post global financial
crisis era. It was great to work with all involved.”
The bonds will be fully amortizing after an initial
interest-only period, with a final maturity in 2060. AGM insured
$97,995,000 of serial bonds with maturities of 2042, 2043 and 2044;
$217,510,000 of a term bond due 2049; and $484,495,000 of a term
bond due 2060.
Citigroup served as book-running senior manager on the
transaction. Hogan Lovells served as AGM’s legal counsel.
IMPORTANT NOTICE
All of the securities having been sold, this announcement is
for information purposes only. This announcement does not
constitute an offer to sell or the solicitation of an offer to buy
any securities.
The securities described herein have not been and will not be
registered under the United States Securities Act of 1933, as
amended ("Securities Act"), or with any securities regulatory
authority of any state or jurisdiction of the United States, and
may not be offered, sold or transferred, directly or indirectly, in
the United States absent registration under the Securities Act or
an available exemption from, or in a transaction not subject to,
the registration requirements of the Securities Act and the
securities laws of any state or other jurisdiction of the United
States.
*AGM is a subsidiary of Assured Guaranty Ltd. (AGL and, together
with its subsidiaries, Assured Guaranty). Through its subsidiaries,
Assured Guaranty provides credit enhancement products to the U.S.
and non-U.S. public finance, infrastructure and structured finance
markets. Assured Guaranty also participates in the asset management
business through its ownership interest in Sound Point Capital
Management, LP and related entities. AGL is a publicly traded
(NYSE: AGO) Bermuda-based holding company. More information on AGL
and its subsidiaries can be found at AssuredGuaranty.com.
Cautionary Statement Regarding Forward-Looking
Statements:
Any forward-looking statements made in this press release
reflect Assured Guaranty’s current views with respect to future
events and are made pursuant to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. Such statements
involve risks and uncertainties that may cause actual results to
differ materially from those set forth in these statements. These
risks and uncertainties include, but are not limited to,
difficulties executing Assured Guaranty’s business strategy; the
demand for Assured Guaranty’s financial guarantees; actions that
the rating agencies may take with respect to Assured Guaranty’s
financial strength ratings; adverse developments in Assured
Guaranty’s guaranteed portfolio; other risks and uncertainties that
have not been identified at this time; management’s response to
these factors; and other risk factors identified in Assured
Guaranty’s filings with the Securities and Exchange Commission.
Readers are cautioned not to place undue reliance on these
forward-looking statements, which are made as of December 6, 2023.
Assured Guaranty undertakes no obligation to publicly update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise, except as required by
law.
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version on businesswire.com: https://www.businesswire.com/news/home/20231206697450/en/
Robert Tucker, 212-339-0861 Senior Managing Director, Investor
Relations and Corporate Communications
rtucker@assuredguaranty.com
Media: Ashweeta Durani, 212-408-6042 Vice President, Corporate
Communications adurani@assuredguaranty.com
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