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Delta Air Lines, Inc — LaGuardia Airport Terminals C&D Redevelopment Project

Deal of the Year: New York Transportation Development Corp:

Delta Air Lines, Inc — LaGuardia Airport Terminals C&D Redevelopment Project

In voting conducted by institutional investors, The 2018 All-Star Deal of the Year was awarded to the New York Transportation Development Corporation for the Delta Airlines, Inc - LaGuardia Airport Terminals C&D Redevelopment Project.

The New York Transportation Development Corporation issued $1.38 billion special facilities revenue bonds for Delta Airlines to fund a portion of the renovation of its LaGuardia Airport Terminals C and D and other facilities supporting its operations at LaGuardia. Citigroup Global Markets is the lead underwriter on the deal. The bond indenture allows subsequent issuances of additional bonds, capped at a maximum outstanding at any time of $4 billion.

Last July, the Port Authority of New York & New Jersey board renewed Delta's ground lease at LaGuardia Airport through 2050. The Port Authority also announced that the airline's financing partner, West Street Infrastructure Partners III, a Goldman Sachs-managed fund, had pulled its financing for the development of the airline's new terminal at LGA. Goldman's exit forced Delta to take over.

New operations will be phased in to Delta's new terminal building by 2020.

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Disastrous Puerto Rico Elections

Puerto Rico's elections were a mess. On Sunday, August 9, Puerto Rico was forced to partially suspend voting for primaries marred by a lack of ballots, as officials called on the president of the Commonwealth's elections commissioner Juan Ernesto Davila to resign. The primaries for voting centers that had not received ballots by early Sunday afternoon were expected to be rescheduled, while voting would continue elsewhere, the commission said.

Persistent Drought Conditions in the West Require New Water Policies and Compacts

Over six days during the middle of June 2021, a dome of hot air languished over the western United States, causing temperatures to rise to unprecedented levels. From June 15-20, all-time maximum temperature records were set at locations in seven different states

La Niña and Arctic Oscillation Bring Winter Storms

Extreme winter weather hit 44 states and caused power outages for millions of Americans. Texas reported 10 deaths due to the cold temperatures. Smith's ESGradings has conducted decades of research on climate change. This year's events are due, in part, to La Nina.

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