Citi, Bank of America among 12 banks to provide financing for JFK Terminal One construction

A total of 12 banks including U.S. lenders Bank of America Corp. and Citigroup Inc. have teamed up to provide financing to build the new $9.5 billion, 2.4 million square foot Terminal One at JFK Airport in New York City. The banks will provide debt while sponsors Ferrovial SA [es:fer], Carlyle Group , JLC Infrastructure, and Ullico will contribute equity for the project, described as the largest private investment ever for a U.S. airport terminal. The banks include coordinating lead arrangers Mitsubishi UFJ Financial Group Inc. , HSBC Holdings PLC , Sumitomo Mitsui Financial Group Inc. , ING Groep N.V. , Scotiabank , Societe Generale SA , and Intesa Sanpaolo Spa . Participating banks include Citi and Bank of America, as well as Bank of China, KfW, and Korea Development Bank. The close, which was announced Friday, came after the Carlyle Group on June 3 said it agreed to sell a 51% stake in the concessionaire for the new Terminal One at JFK International Airport for $1.14 billion to buyer Ferrovial.

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