NYTDC loans USD1.5bn to Delta Air Lines to finance New York LaGuardia Airport construction project

Delta Air Lines announced (04-Sep-2020) it was loaned USD1.5 billion from the New York Transportation Development Corporation (NYTDC) to finance a portion of the costs for the construction project currently ongoing at New York LaGuardia Airport. The NYTDC issued its Special Facilities Revenue Bonds, Series 2020 on 04-Sep-2020. Delta is required to pay debt service on the 2020 bonds through payments under loan agreements with the NYTDC, with obligations under the guarantee, loan agreements and the related notes secured by mortgages on Delta's lease of the facilities and related property from the Port Authority of New York and New Jersey. [more - original PR]