Following the ceremonial opening of the first concourse to comprise Delta’s state-of-the-art terminal at LaGuardia Airport last month, all Delta Shuttle flights to Boston, Chicago, and Washington, D.C., will relocate to these new gates from Terminal C starting Nov. 16, 2019.
The spacious new concourse, which houses gates 92 through 98, features floor-to-ceiling views of Citi Field and Flushing Bay and dining options from favorite New York chefs and eateries.
“Our Shuttle customers are among the very first to experience Delta’s newest facility at LaGuardia, and we’re so excited for them to enjoy all of the amenities it has to offer,” said Ginny Elliott, V.P. — Delta’s LGA Operations. “Its modern design, spacious gate areas, and delicious dining offerings are sure to elevate the travel day for some of our most frequent fliers.”
Until the terminal’s centralized check-in lobby in the new headhouse opens (scheduled for early 2022), the new concourse will be accessible via a pedestrian walkway on the east side of Delta’s existing Terminal D. The security checkpoint in Terminal D is being expanded to support both concourses. Customers arriving into the new gates with checked bags will claim their bags in Terminal D baggage claim.
Volunteer wayfinders from Delta’s Peach Corps will be stationed at the airport throughout the week to assist customers.
The new concourse, a major milestone in Delta’s $4 billion redevelopment investment at LGA, opened on Oct. 29, to rave reviews and participation by Delta CEO Ed Bastian, New York Gov. Andrew Cuomo, Queens Borough President Melinda Katz, and representatives of the Port Authority of New York and New Jersey.
Shuttle customers will continue to have access to benefits including:
Check-in as close as 15 minutes prior to departure without bags or 30 minutes with checked bags
Boarding up to 5 minutes prior to departure
Consistent gates
Expedited security options via Clear and dedicated TSA PreCheck lanes
Complimentary onboard snacks and beverages
Weekday flights to Washington, D.C., operated by Delta Connection partner Republic Airline using E-170 and E-175 aircraft, will continue departing near the top of the hour beginning at 6 a.m. with 10 peak-day departures on the November schedule. Flights to Chicago, operated by Delta on mainline Boeing 717 aircraft, will continue to depart at 10 minutes past the hour beginning at 6:10 a.m. with 13 peak-day departures on the November schedule. And flights to Boston will continue departing near the top of the hour beginning at 6 a.m. with 17 peak-day departures on the November schedule. Boston flights are operated by a mix of Delta mainline B717 and A220 aircraft and Delta Connection partner Republic Airline using E-170 and E-175 aircraft.
NEW YORK, Aug. 29, 2019 (GLOBE NEWSWIRE) — Apollo Global Management, LLC (together with its consolidated subsidiaries, “Apollo”) (APO); Athene Holding Ltd. (ATH); and GE Capital, the financial services arm of GE (GE), today announced that they have entered into a definitive agreement for Apollo and Athene to purchase PK AirFinance, an aviation lending business, from GE Capital’s Aviation Services (GECAS) unit. In connection with this transaction, Apollo will acquire the PK AirFinance aircraft lending platform and Athene will acquire PK AirFinance’s existing portfolio of loans.
PK AirFinance is a leading aircraft lending business that serves airlines, aircraft traders, lessors, investors and financial institutions globally with loans to borrowers in more than 40 countries. Financial details of the transaction were not disclosed, although the $3.6 billion of PK AirFinance financing receivables that were held for sale in the second quarter of 2019 are being sold at a premium to book value in this transaction.
Alec Burger, GE Capital President & CEO, said, “Apollo’s vast lending experience, complementary platforms, and exceptional track record across diversified assets and geographies make it the ideal partner to accelerate PK AirFinance’s growth. This sale is aligned to GE Capital’s overall strategy to become smaller and simpler, and our commitment to reduce our assets by $10 billion in 2019 is now more than halfway complete. We continue to focus on shrinking GE Capital’s balance sheet, achieving a debt-to-equity ratio of less than 4x by 2020, and supporting GE Industrial growth through our remaining GECAS, Energy Financial Services, and Industrial Finance businesses.”
Jim Belardi, CEO of Athene, said, “This transaction provides us with a unique opportunity to acquire a large, diversified portfolio of high-quality loans with attractive risk-adjusted returns. In addition, this deal is another great example of the unique benefits of our strategic relationship with Apollo and its commitment to building direct origination platforms in support of the continued growth of our business.”
James Zelter, Co-President of Apollo, said, “We are very excited to be acquiring the PK AirFinance platform which, under GE’s outstanding stewardship, has become one of the world’s leading aircraft lending businesses, and is highly complementary to our existing aircraft leasing capabilities. This transaction also demonstrates our ongoing commitment to meet the investment needs of Athene and our clients, and is consistent with our objective to continue to expand Apollo’s capabilities to directly originate high quality assets.”
PK AirFinance’s team of investment professionals, who primarily focus on originations and syndications as well as underwriting and portfolio management, will transfer to Apollo upon completion of the transaction.
Per Waldelof, president of PK AirFinance, said, “We have a great team of experts with tremendous execution capabilities and a proven ability to deliver results. We are confident that this transaction will ensure the continued stability of our business. We are excited for the opportunity to continue to serve our customers and the industry as part of the team at Apollo.”
The completion of the acquisition is subject to customary conditions and is expected to close during the fourth quarter of 2019. Citi and Goldman Sachs & Co. LLC provided financial advice and Paul, Weiss, Rifkind, Wharton & Garrison LLP and Clifford Chance LLP provided legal advice to GE Capital. Citi, RBC Capital Markets, and Mizuho provided debt financing for the transaction, and RBC Capital Markets served as financial advisor to Apollo.
New renderings showcase light-filled, environmentally sustainable concourse offering views of Citi Field and Flushing Bay.
New York favorites Birch Coffee, H&H Bagels and Juice Press among featured dining options from OTG.
Construction to date features 2,000 tons of steel, 50,000+ cubic yards of concrete, 40+ miles of piping, cabling and other infrastructure.
As summer begins, Delta teams are already looking ahead to the fall – and to celebrating the next major milestone in the airline’s history of investment in New York and at LaGuardia Airport.
The first of four concourses that will comprise Delta’s new state-of-the-art terminal at LGA is scheduled to open this fall, furthering the airline’s commitment to enhancing the New York customer experience from ground to air. The spacious 105,000-square-foot concourse will feature floor-to-ceiling views of Citi Field and Flushing Bay, gates that can accommodate a range of aircraft types, and dining options from favorite New York chefs and eateries.
“The historic infrastructure project underway at LaGuardia is a significant component of the more than $12 billion Delta is currently investing in airport redevelopment efforts around the country,” said Delta CEO Ed Bastian. “Our customers and employees are excited to see the LaGuardia of the future more fully come into view. Many thanks to everyone who has been working hard to launch an exciting new era for Delta in New York.”
“This new milestone in LaGuardia’s transformation brings us another step closer in converting the airport into a superb flight hub in line with New York standards,” said New York Governor Andrew M. Cuomo. “Our collaboration with Delta in the development of this concourse and their new LaGuardia terminal is another demonstration of the effectives of public-private partnerships at work to modernize our state’s infrastructure.”
Delta operates more than 275 peak-day departures from its LGA hub and began construction of a $3.9 billion replacement of Terminals C and D in 2017, building on the airline’s extensive investment in New York airports over the past decade. When complete, the new terminal will feature 37 gates across four concourses connected by a centralized check-in lobby, security checkpoint, and baggage claim; dual taxiways that will help reduce hold outs and taxi times; a new, larger Delta Sky Club with a Sky Deck; larger gate areas and more concessions space; and more efficient airport roadways.
The large airport infrastructure project supports the significant investments Delta has also made in the skies to provide more consistency, comfort and convenience on flights to and from New York. The airline has added thousands more flights on new aircraft in the market and offers more seatback entertainment and more first class seats than any other airline out of New York City.
New dining options highlight star-powered chefs, favorite flavors of New York
Delta has again partnered with airport hospitality group OTG to bring chef-driven dining options and authentic local flavors to the new concourse. Chef Mark Iacono of Brooklyn’s Lucali consulted on Rossi Pizzeria, a Neapolitan-style pizza and calzone concept; and chefs Jess Shadbolt and Clare de Boer of King Restaurant in Soho consulted on Flatiron Tavern & Provisions, a contemporary tavern that will feature chops, burgers and fresh fish. OTG will also be introducing New York favorites Birch Coffee, H&H Bagels and Juice Press. To ensure dining offerings are relevant throughout the day, the H&H Bagels outpost – available in the morning – will transition to Rossi Pizzeria in the afternoon and evening. Each of the full-service concepts will place power outlets and USB ports at every seat, along with tablets allowing customers to track their flight, browse the web, play games, and order food, drinks and amenities.
“OTG is thrilled to have partnered on such an important project for Delta, its customers and employees, and really the city of New York,” said Rick Blatstein, OTG CEO. “The dining options we’re introducing at these dynamic concepts reflect the best of what’s available in our city, offering Delta’s LaGuardia customers the flavors we love and appreciate as New Yorkers.”
Meanwhile, Stellar Partners, Inc., a wholly-owned subsidiary of HMSHost, will design retail options for the new facility that provide a wide selection of travel essentials.
“We are very pleased to be part of Delta’s elevated and differentiated concessions program at LaGuardia Airport,” said Padraig Drennan, Stellar President & CEO. “This is truly a visionary program that will change the airport experience for New Yorkers and visitors to the city, and we could not be more excited to partner with Delta in making this vision a reality.”
Concourse construction, highlighted by unique and sustainable attributes, enters final phase
As final preparations continue for the opening of the new concourse, Delta teams recently installed passenger boarding bridges at the gates and energized the facility with permanent power. They’ve also been paving the aircraft ramp areas, testing building systems, and constructing the temporary pedestrian walkway that will connect the new concourse to Delta’s existing Terminal D. The security checkpoint in Terminal D will expand to support both concourses until the centralized check-in lobby opens in late 2021.
The new facility features a 12-megawatt Con Edison substation, which is integrated into the upper level of the concourse, providing power for the new terminal. Additionally, all major electrical and mechanical equipment is housed on the upper level to protect such systems from water damage in the event of a major storm. The concourse also features an ice-generation system that reduces electrical consumption at times of peak demand by creating ice at night, when energy demand is lower, and using it to cool the building during the day.
The opening of Delta’s first new gates represents another step forward in the comprehensive $8 billion redevelopment of LaGuardia Airport announced by Governor Cuomo in 2015. Under the governor’s plan, old facilities are being demolished only as new facilities are completed, enabling the airport – which services 30 million passengers each year – to remain fully operational as the multi-phased construction project continues. To date, Delta’s construction features 2,000 tons of steel, more than 50,000 cubic yards of concrete, and more than 40 miles of piping, cabling and other infrastructure.
Delta has invested more than $7 billion in airport projects since 2006, and along with its airport partners, will be involved in an additional $12 billion worth of facilities infrastructure projects in coming years, including improvements in Atlanta, Los Angeles, New York, Salt Lake City and Seattle.
SAN FRANCISCO (Reuters) – Tesla shares extended their recent sell-off on Wednesday after Citi cut its price target on the struggling electric car maker, leaving buyers of its recent share offer, including Chief Executive Elon Musk, $175 million in the hole.
Tesla’s stock dropped 5.5% to $193.88, on track to close below $200 for the first time since late 2016. It has lost a fifth of its value since the company sold a $1.84 billion convertible bond and almost $900 million of stock on May 2 to raise fresh capital and give it more time to stop losing money.
Citi analyst Itay Michaeli, who has a “sell” rating on Tesla, cut his price target to $191 from $238. He pointed to a an email Musk sent to employees last week, telling them he would increase cost-cutting, and that the $2.7 billion in recently raised capital would give Tesla just 10 months to break even at the rate it burned cash in the first quarter.
“The recent reported internal memo, which seemingly called into question prior guidance, didn’t help the risk/reward calculus. The implications can be serious, since an automaker’s balance sheet is always subject to the confidence ‘spiral’ risk,” Michaeli wrote in a client note.
Consumer Reports warned on Wednesday that a recent update to Tesla’s Autopilot driver assistance software does not work well and could be unsafe.
“It doesn’t appear to react to brake lights or turn signals, it can’t anticipate what other drivers will do, and as a result, you constantly have to be one step ahead of it,” Jake Fisher, Consumer Reports’ senior director of auto testing, said in a news release.
Tesla did not immediately respond to a request for comment. On April 22, Musk told investors that driverless Tesla “robotaxis” would be available in some U.S. markets next year, a claim met by skepticism by some self-driving experts.
UPPING HIS STAKE
Musk is battling to convince investors that demand remains high for the Model 3, the sedan targeted to propel Tesla to sustainable profit, and that it can be delivered efficiently and swiftly to customers around the world. Tesla lost $702 million in the first quarter and warned that profit would be delayed until the latter half of the year.
On Monday, Musk exercised options to buy 175,000 Tesla shares at $31.17 per share, increasing his indirect stake in the company to 34,102,560 shares, according to a filing. With Tesla’s stock down 41% year to date, Musk’s shares, including 102,880 he bought in this month’s capital raise, were worth $6.6 billion on Wednesday.
Tesla’s debt has stalled at lows hit earlier this week. Its recently issued convertible bond due in 2024 priced at 89.09 cents on the dollar, a record low. Its $1.8 billion junk bond traded at 82.5 cents on the dollar, slightly up from the all-time lows it hit on Monday and Tuesday.
The cost to insure Tesla’s debt, as measured by its credit default swap, edged up to roughly 28% of the face value of Tesla’s 2025 bond, from 27.6 % the day before.
(Reporting by Noel Randewich; additional reporting by Kate Duguid in New York and Vibhuti Sharma in Bengalaru; editing by Nick Zieminski and Jonathan Oatis)
