New Terminal One, P3 project of the year by Project Finance International


The NTO project at John F. Kennedy International Airport JFK in New York City has been recognized
  • The project has been awarded “Transportation Deal of 2022”
  • PFI recognizes the NTO’s ability to overcome unprecedented obstacles

The New Terminal One (NTO) project at John F. Kennedy International Airport (JFK) in New York City has been recognized as America’s P3 Deal of the Year 2022 by Project Finance International (PFI). PFI is an industry-leading publication that features core infrastructure projects globally for their innovation and impact, and more specifically public-private partnerships (P3s).

The US$6.6bn, five-year bank financing, rated Baa3/BBB–/BBB– by Moody’s, Kroll, and Fitch, respectively, was successfully closed on June 10. Final syndication was completed with a group of 48 lenders. The facilities include a US$4.9bn floating-rate delayed draw facility, a US$1.43bn floating-rate facility, a US$200m liquidity facility, a US$50m working capital facility, and a US$50m security deposit facility. The transaction benefits from an interest rate swap for 75% of the debt that will cover the full life of the concession acting as a hedge for higher interest rates.

The new all-bank financing provided the sponsors with speed and execution certainty, which was essential to lock-in interest rate and construction costs in a volatile and turbulent market. The deal was extremely well received by the bank market due to the strong sponsorship, the essential nature and competitive strength of the asset, and appropriate economics for the risk profile.

A challenging project

The partners in the consortium, spearheaded by Ferrovial as the primary investor with a 49% stake ($1.14bn), have been acknowledged by PFI for financing the NTO infrastructure, overcoming the obstacles that come with a project of such size and nature. The NTO consortium was awarded a contract for the design, construction, and maintenance of a 23-gate, 2.5 million square feet terminal under a lease with the Port Authority of New York and New Jersey (PANYNJ) in late 2021 ($9.5bn project). NTO is poised to be JFK’s largest international terminal once construction is completed by 2030. The consortium will operate the new terminal until 2060.

A phase-based approach

NTO will be completed in phases to match traffic demand and mitigate risks. The initial development phase related to the initial financing (phase A) provides replacement capacity only for the existing Terminal 1, which will be demolished, and for other airlines expected to be displaced by the reconfiguration and demolition of other JFK terminals, in line with PANYNJ’s JFK master plan. Phase A construction started in June 2022 and will be extended until 2026.

Once fully built, NTO will serve as a global gateway to the New York metropolitan area and aim to set a new standard for world-class design and service. The terminal will feature expansive, naturally lit public spaces, cutting edge technology, and an array of amenities, all designed to enhance the customer experience and compete with some of the highest-rated airport terminals in the world.

And an experienced consortium

Overseen by leading global infrastructure operator Ferrovial, construction and design of the project will be steered by AECOM Tishman, which has managed the development of some of the world’s most iconic buildings, as well as Gensler, a leading global design and architecture firm.

About this award, Luke Bugeja, CEO of Ferrovial Airports said: “Fantastic recognition from Project Finance International (PFI) as part of our involvement with the renovation of the Terminal One at New York’s JFK International Airport. Despite the volatility of the year and the complexities of the deal, this was a collaborative effort from partners and the rest of the stakeholders to see this through to fruition. I am proud of the excellent team at Ferrovial Airport. Congratulations to all involved.”

Ferrovial brings 70 years of experience in infrastructure construction, including 25 years of experience investing in, constructing, and managing sustainable, award-winning airports and projects, such as London’s Heathrow Airport, Glasgow, Aberdeen, and Southampton Airports in the United Kingdom, and, more recently, YDA Dalaman International Airport in Turkey. In 2020, Ferrovial Airports created Ferrovial Vertiports, a leading developer of the vertiports infrastructure required to operate electric Vertical Take-Off and Landing (eVTOL) aircraft.


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