White & Case Advises Lenders to JFK Millennium Partners on US$4.2 Billion Redevelopment of Terminals 6 and 7 at JFK Airport - Modernizing the Largest International Gateway Airport in the United States
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Global law firm White & Case LLP has advised a group of 13 commercial banks in connection with a non-recourse senior secured financing of the US$4.2 billion redevelopment of Terminals 6 and 7 at JFK International Airport.
The financing deployed a novel multi-source debt financing structure, comprising a combination of taxable commercial bank loans provided by twelve commercial bank lenders alongside tax-exempt bonds purchased by Royal Bank of Canada and its affiliates for approximately US$3.4 billion.
The new Terminal 6 is a public-private partnership between the Port Authority of New York and New Jersey and JFK Millennium Partners, LLC ("JMP"), a special purpose company owned by Vantage Airport Group, American Triple I, RXR Realty and JetBlue Airways. The JMP consortium will develop the terminal in two phases – the first new gates will open in 2026 and project completion is anticipated in 2028.
The redevelopment is the final piece of the JFK Vision Plan to modernize the United States’ largest international gateway airport.
The White & Case team was led by partners Dolly Mirchandani, Armando Rivera Jacobo, Ian Cuillerier, Seth Kerschner, (all in New York), and Jeannine Acevedo (Miami). The team also included counsel Rhys Bortignon and partner of counsel Jim Hayden (both in New York), and associates Evelyn Balassiano, Stephen Fitzpatrick, Jesse Fleck, Gahyun Kim, Zhou Bo (Joseph) Chen (all in New York). Law clerk Michael Sciascia also assisted the team on the transaction.
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