Delta delivering second round of LGA bonds

A $1.4 billion sale from New York Transportation Development Corp., for Delta’s redevelopment at LaGuardia Airport is the bellwether deal of a near $8 billion week of new issuance. This will mark the first time in six years that Delta has issued in the tax exempt market and will be the second largest airline special facility bond ever completed in the municipal market.

VOICEOVER: Citi will run the books on the largest deal of the week on Tuesday – a $1.4 billion offering from the New York Transportation Development Corp., for Delta’s redevelopment at LaGuardia Airport.

This will be another piece in Delta’s $3.9 billion commitment for its new and improved terminal and this project completes Governor Cuomo’s vision for a new LGA airport and it’s expected to be finished in 2026.

Delta has not issued in the tax-exempt market since 2012, and this will be the second largest airline special facility bond ever completed in the municipal market.

Will this deal do as well as the other one? Only time will tell.