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 third issuance of conduit revenue bonds for Delta Air Lines, Inc. valued at US$875 million. The financing will be used to provide funds to Delta for the completion 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. The firm has now advised on four mega-financings totaling almost US$6 billion in connection with the redevelopment of LaGuardia Terminals B, C and D into a unified modern airport terminal structure.
This transaction is particularly noteworthy because Delta successfully entered the market and closed the transaction on November 2, 2023, despite the turbulent market conditions that have been in place since 2022.
The Squire Patton Boggs team was led by partner Alethia Nancoo, with support by partner Catie Romanchek, principal Lauren Trialonas, of counsel Laurie Schwartz, and associates Jessica Ice and Beverly Diaz-Kenyon; together with public finance tax experts, led by principal Taylor Klavan; and real estate partner John Thomas.
Ms. Nancoo commented: “We are delighted to have played such an important role in one of the country’s most significant airport redevelopment projects over the last 20 years, with our specialist expertise enabling the delivery of a complex series of financing to support the transformation of LaGuardia.”