New Terminal One at JFK secured $1.4 billion bond

By Global Infrastructure Sherpa · Feb 26, 2026

Financing Transport announced New York, USA Feb 26, 2026

USD1.4B

Deal Value

construction

Stage

New Terminal One

Project

New Terminal One (NTO) at JFK secured commitments from 25 airlines and completed Phase A refinancing through the issuance of a $1.4 billion long-term bond.

Deal Analysis

New Terminal One (NTO) at JFK International Airport has successfully secured $1.4 billion in long-term bond financing, marking a significant milestone in the ongoing redevelopment of the airport. This financing, backed by commitments from 25 airlines, enables the completion of Phase A refinancing for the project. The involvement of Webber, a construction company specializing in infrastructure projects, suggests a focus on efficient and timely execution of the terminal's construction. This deal underscores the continued investment in modernizing critical transportation infrastructure within the United States. The size of the bond issuance ($1.4 billion) highlights the scale and importance of the New Terminal One project. The participation of a large number of airlines (25) demonstrates strong industry confidence in the project's viability and future success. This financing is crucial for advancing the NTO project, which aims to enhance passenger experience and increase JFK's capacity, ultimately contributing to the airport's competitiveness as a major international hub.

Secured $1.4 billion in long-term bond financing.
Backed by commitments from 25 airlines.
Involves Webber, a construction company specializing in infrastructure.
Facilitates the completion of Phase A refinancing for New Terminal One.

Market Context: The transport sector, particularly airport infrastructure, is experiencing significant investment aimed at modernizing facilities and increasing capacity to meet growing passenger demand. This deal reflects the ongoing trend of public-private partnerships and large-scale financing initiatives driving infrastructure development in the United States.

Source Intelligence

KEY DETAILS

The project has secured commitments from 25 airlines (16 executed agreements and nine letters of intent). Quote: Ferrovial said the project was 82% complete at year-end and has secured commitments from 25 airlines (16 executed agreements and nine letters of intent).

“

Deal Size

financed by a $1.4 billion bond

“

Location

New Terminal One at JFK

“

Financials

making $236 million of equity injections into New Terminal One (NTO) at New York’s JFK Airport

“

COD

Phase A now targeted for fall 2026

PARTIES MENTIONED IN SOURCE

Ferrovial developer

"Ferrovial NASDAQ: FER executives told investors the company delivered a “robust performance” across its divisions in 2025, led by strong growth in North American toll road assets and an “outstanding” year in construction, while maintaining a net cash position and continuing to rotate capital through divestments and reinvestment in growth projects."

high quality Enriched Feb 27, 2026