Squire Patton Boggs Serves as Co-Bond Counsel in US$1.5 Billion Redevelopment Bond Financing for Delta Air Lines at LaGuardia Airport

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Squire Patton Boggs has served as co-bond counsel to the New York Transportation Development Corporation, a local development corporation and affiliate of Empire State Development, which is the umbrella organization for economic development for the State of New York, on a conduit revenue bond issuance for Delta Air Lines, Inc. The financing will be used to provide funds to Delta for Phase 2 of Delta’s plan to demolish the existing Terminals C and D at LaGuardia Airport and design and construct new terminal facilities and related improvements at LaGuardia.

This transaction is particularly noteworthy because Delta successfully entered the market and closed the transaction on September 4, 2020, despite the significant uncertainty for the future economic prospects of the airline industry caused by the COVID-19 pandemic.

The firm team was led by partners Alethia Nancoo, Catie Romanchek, John Thomas, and Johnny Hutchinson, and associates Taylor Klavan and Alexis Chandler.

With its role in this financing, Squire Patton Boggs has now served as co-bond counsel for each of the three recent mega-financings (totaling more than $5 billion) to provide funds to transform LaGuardia Terminals B, C, & D into a unified modern airport terminal structure. The first portion, which replaces the old Terminal B, and which was financed with an approximately $2.4 billion bond and P3 structure in 2016, is now fully operational.

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