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.