Chapman served as counsel to the lender/purchaser in a transaction involving the direct purchase of $435 million tax-exempt bonds issued by the New York Transportation Development Corporation as part of the financing for the Terminal 6 infrastructure redevelopment project at the John F. Kennedy International Airport (JFK), named The Bond Buyer’s 2023 P3 Deal of the Year. The transaction was unique in its complexity and that the privately placed tax-exempt bond financing was provided entirely by commercial banks and sponsor equity.
The JFK Terminal 6 financing is the third P3 deal recognized in recent years for innovation involving Chapman. Chapman served as counsel to the underwriter in connection with a first-of-its-kind $236 million tax-exempt receivables financing of the Lincoln South Beltway project in Nebraska, named The Bond Buyer’s 2020 P3 Deal of the Year, and served as underwriter’s counsel for the Fredericksburg toll road extension financing in Virginia, named The Bond Buyer’s inaugural P3 Deal of the Year in 2019.
