Assured Guaranty Municipal Insures $800 Million of Bonds for JFK International Airport’s New Terminal One Project

Assured Guaranty Municipal Corp. (AGM)* insured $800 million of senior Special Facilities Revenue Bonds, Series 2023, issued by the New York Transportation Development Corporation on December 6. The bonds insured by AGM are part of a $2 billion issue of fixed-rate bonds that has been designated as Green Bonds.

The bonds have been issued to refinance a portion of the costs relating to the New Terminal One Project of John F. Kennedy International Airport (JFK) in New York City by a consortium comprised of Ferrovial Airports (which will manage the project), JLC Infrastructure, Ullico Infrastructure Fund and Carlyle Group. The consortium will develop, design, construct, finance, operate and maintain the new international passenger terminal facility to replace the existing Terminal One at JFK.

Lorne Potash, Managing Director, Infrastructure Finance, Americas commented, “Assured Guaranty’s bond insurance on $800 million of bonds helped to optimize the cost for this important oversubscribed $2 billion financing and we are thrilled to have played such a significant role in what has resulted in a remarkable execution by Citi on behalf of New Terminal One for such a high-profile transaction. This is precisely the kind of meaningful value-add that AGM is positioned to deliver for large infrastructure projects through its cost savings and capacity.”

Sam Nakhleh, Director, Infrastructure Finance, Americas added, “This project is the largest U.S. P3 transportation project to date and is one of the largest insured bond transactions Assured Guaranty has participated in during the post global financial crisis era. It was great to work with all involved.”

The bonds will be fully amortizing after an initial interest-only period, with a final maturity in 2060. AGM insured $97,995,000 of serial bonds with maturities of 2042, 2043 and 2044; $217,510,000 of a term bond due 2049; and $484,495,000 of a term bond due 2060.

Citigroup served as book-running senior manager on the transaction. Hogan Lovells served as AGM’s legal counsel.

IMPORTANT NOTICE

All of the securities having been sold, this announcement is for information purposes only. This announcement does not constitute an offer to sell or the solicitation of an offer to buy any securities.

The securities described herein have not been and will not be registered under the United States Securities Act of 1933, as amended ("Securities Act"), or with any securities regulatory authority of any state or jurisdiction of the United States, and may not be offered, sold or transferred, directly or indirectly, in the United States absent registration under the Securities Act or an available exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and the securities laws of any state or other jurisdiction of the United States.

*AGM is a subsidiary of Assured Guaranty Ltd. (AGL and, together with its subsidiaries, Assured Guaranty). Through its subsidiaries, Assured Guaranty provides credit enhancement products to the U.S. and non-U.S. public finance, infrastructure and structured finance markets. Assured Guaranty also participates in the asset management business through its ownership interest in Sound Point Capital Management, LP and related entities. AGL is a publicly traded (NYSE: AGO) Bermuda-based holding company. More information on AGL and its subsidiaries can be found at AssuredGuaranty.com.

Cautionary Statement Regarding Forward-Looking Statements:

Any forward-looking statements made in this press release reflect Assured Guaranty’s current views with respect to future events and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties that may cause actual results to differ materially from those set forth in these statements. These risks and uncertainties include, but are not limited to, difficulties executing Assured Guaranty’s business strategy; the demand for Assured Guaranty’s financial guarantees; actions that the rating agencies may take with respect to Assured Guaranty’s financial strength ratings; adverse developments in Assured Guaranty’s guaranteed portfolio; other risks and uncertainties that have not been identified at this time; management’s response to these factors; and other risk factors identified in Assured Guaranty’s filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which are made as of December 6, 2023. Assured Guaranty undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

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