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Delta Air Lines, Inc — LaGuardia Airport Terminals C&D Redevelopment Project

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Deal of the Year: New York Transportation Development Corp:

Delta Air Lines, Inc — LaGuardia Airport Terminals C&D Redevelopment Project

In voting conducted by institutional investors, The 2018 All-Star Deal of the Year was awarded to the New York Transportation Development Corporation for the Delta Airlines, Inc - LaGuardia Airport Terminals C&D Redevelopment Project.

The New York Transportation Development Corporation issued $1.38 billion special facilities revenue bonds for Delta Airlines to fund a portion of the renovation of its LaGuardia Airport Terminals C and D and other facilities supporting its operations at LaGuardia. Citigroup Global Markets is the lead underwriter on the deal. The bond indenture allows subsequent issuances of additional bonds, capped at a maximum outstanding at any time of $4 billion.

Last July, the Port Authority of New York & New Jersey board renewed Delta's ground lease at LaGuardia Airport through 2050. The Port Authority also announced that the airline's financing partner, West Street Infrastructure Partners III, a Goldman Sachs-managed fund, had pulled its financing for the development of the airline's new terminal at LGA. Goldman's exit forced Delta to take over.

New operations will be phased in to Delta's new terminal building by 2020.

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FOMB Commits to No Cuts to Public Pensions

A letter sent by the Financial Oversight and Management Board for Puerto Rico to the Governor and the Legislature, commits to no cuts to public pensions.

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California Confronts the Gap

The state has a long history of closing budget gaps. This time should be no different. The reasons for the gaps vary over time. This time is different due to the delay in tax collections in the state to November of 2023 due to the climate change induced events that had taken place. What is the same factor this time is that capital gains declined appreciably in 2022 into 2023 due to the downturn in the markets. The turnaround for the markets did not take place until late 2023.

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Beirut’s Agony: Ports, Food, and China

On August 4th the port of Beirut was the scene of a horrific explosion, which killed more than 150 people, injured 6,000 and left some 300,000 homeless. The damages are estimated to be in excess of $15 billion. The city’s hospitals, already struggling due to the COVID-19 pandemic, were damaged by the blast and swamped with injured. On top of already raging economic and political crises, the explosion now raises the question of food security. Prior to the explosion, 80 percent of Lebanon’s imports passed through Beirut’s port. Without a functioning port in Beirut, the country now relies on a handful of secondary ports, chief among them being Tripoli in the north, to import food and to export its products.

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