Insured Bonds are Part of a $2.55 Billion Issue

Assured Guaranty Municipal Corp. (AGM)* has, for the second time, insured $800 million of senior Special Facilities Revenue Bonds issued by the New York Transportation Development Corporation on behalf of JFK New Terminal One (JFK NTO), a consortium comprising Ferrovial Airports, JLC Infrastructure, Ullico Infrastructure Fund and Carlyle Group. Following a successful, similar December 2023 bond issuance, the insured bonds were issued on June 27 as part of a $2.55 billion Series 2024 issue of fixed-rate bonds. This increases AGM-insured bonds to an aggregate of $1.6 billion out of the $4.55 billion of bonds issued to date by JFK NTO.

Lorne Potash, Managing Director, Infrastructure Finance, Americas commented, “For the second time in less than seven months, Assured Guaranty’s bond insurance on $800 million of bonds once again helped the issuer achieve a highly successful execution. The 2023 and 2024 insured issues together represent the largest commitment Assured Guaranty has to a single public-private partnership credit. We are the only bond insurer with the experience, scale and financial strength to provide meaningful cost savings for issues of this size and complexity.”

“JFK NTO is the largest public-private partnership transportation project in the United States, and we are pleased to be a part of the team that brought this investment grade and highly essential project to its second successful bond execution,” said Sam Nakhleh, Director, Infrastructure Finance, Americas.

The bonds will be fully amortizing after an initial interest-only period, with a final maturity in 2060. AGM insured $14,290,000 of serial bonds due 2039; $32,715,000 of serial bonds due 2042; $145,000,000 of term bonds due 2049; $184,845,000 and $48,150,000 of term bonds due in 2054; and $375,000,000 of term bonds due 2060.

BofA Securities and Loop Capital Markets served as co-bookrunners and Barclays as co-senior manager. Hogan Lovells acted as legal advisor to AGM.

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 June 27, 2024. 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240627862838/en/