Deal of the Year Fi­nal­ists Named

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The Bond Buyer Tues­day an­nounced the fi­nal­ists for its 16th an­nual Deal of the Year awards.

Is­suers were hon­ored in eight cat­e­gories, and all the award win­ners are also fi­nal­ists for the na­tional Deal of the Year Award, which will be an­nounced at a Dec. 6 cer­e­mony held at 583 Park Av­enue in New York City. The win­ner will also be re­vealed on­line at BondBuyer.com later that evening.

For more than a decade and a half, the ed­i­tors of The Bond Buyer have se­lected out­stand­ing mu­nic­i­pal bond trans­ac­tions for spe­cial recog­ni­tion. The 2017 awards, which con­sid­ered deals that closed be­tween Oct. 1, 2016 and Sept. 30, 2017, drew nom­i­na­tions that rep­re­sent the full di­ver­sity of the com­mu­ni­ties and pub­lic pur­poses that are served by the mu­nic­i­pal fi­nance mar­ket.

“The nom­i­nees faced stiff com­pe­ti­tion from many em­i­nently qual­i­fied deals,” said Ed­i­tor in Chief Michael Scarchilli. “We chose the fi­nal­ists for in­no­va­tion, the abil­ity to pull com­plex trans­ac­tions to­gether un­der chal­leng­ing con­di­tions, the abil­ity to serve as a model for other fi­nanc­ings, and the pub­lic pur­pose for which a deal’s pro­ceeds were used.”

For the sev­enth year, the Deal of the Year gala will also in­clude

the pre­sen­ta­tion of the Freda John­son Award for Trail­blaz­ing Women in Pub­lic Fi­nance. This year marks the third in which the or­ga­ni­za­tion is hon­or­ing two pub­lic fi­nance pro­fes­sion­als; one from the pub­lic sec­tor and one from the pri­vate. The 2017 hon­orees are Chicago chief fi­nan­cial of­fi­cer Ca­role Brown and Julie Mor­rone, a prin­ci­pal at Rose­mawr Man­age­ment.

The fi­nal­ists are:

NORTH­EAST RE­GION

The Mas­sachusetts Bay Trans­porta­tion Au­thor­ity’s $370 mil­lion is­suance of sus­tain­abil­ity bonds and bond an­tic­i­pa­tion notes. Pro­ceeds of the of­fer­ing, the first tax-ex­empt sus­tain­abil­ity bonds ever is­sued in the United States, will go ex­clu­sively to­ward projects that ben­e­fit the en­vi­ron­ment or so­ci­ety more broadly.

SOUTH­WEST RE­GION

The Fort Worth Trans­porta­tion Au­thor­ity’s first-ever trans­ac­tion, a $325 mil­lion pri­vate place­ment to fund a com­muter rail line that will al­le­vi­ate traf­fic, pro­vide much-needed rail ser­vice to Dal­las-Fort Worth air­port, con­nec­tiv­ity to Dal­las Area Rapid Tran­sit’s rail sys­tem, as well as im­prov­ing air qual­ity.

MID­WEST RE­GION

The $1.3 bil­lion in­au­gu­ral fi­nanc­ing from the newly-cre­ated Great Lakes Wa­ter Au­thor­ity, among the most siz­able wa­ter and sewer sys­tems in North Amer­ica. The sale un­locked sub­stan­tial debt ser­vice sav­ings for ratepay­ers and pro­vided nec­es­sary funds for wa­ter sys­tem cap­i­tal projects at an at­trac­tive bor­row­ing rate.

SOUTH­EAST RE­GION

The Ken­tucky Eco­nomic De­vel­op­ment Fi­nanc­ing Au­thor­ity’s $472 mil­lion deal to ben­e­fit Owens­boro Health. The sale rep­re­sents the first new use of com­mer­cial bond in­sur­ance and first use of a surety in place of a Debt Ser­vice Re­serve Fund in non-profit health­care fi­nance since the credit cri­sis a decade ago.

FAR WEST RE­GION

The Bay Area Toll Au­thor­ity’s $1.9 bil­lion sale as part of its San Fran­cisco Bay Area Toll Bridge Seis­mic Retro­fit Pro­gram. Over the past decade, BATA has com­pleted more than $13.7 bil­lion of bond fi­nanc­ings and re­fi­nanc­ings as part of the pro­gram, which has pro­vided crit­i­cal fund­ing for retrofitting seven bay area bridges in­clud­ing the San Fran­cisco-Oak­land Bay Bridge.

HEALTH­CARE FI­NANC­ING

Kaiser Per­ma­nente’s $4.2 bil­lion sale which rep­re­sented the largest ag­gre­gate fi­nanc­ing by a 501(c)3 health­care in­sti­tu­tion, the largest tax­able is­suance by a 501(c)3 health­care in­sti­tu­tion, and the largest Green Bond is­suance by any health­care or­ga­ni­za­tion. The Cal­i­for­nia Health Fa­cil­i­ties Fi­nanc­ing Au­thor­ity was the con­duit is­suer on the $2.1 bil­lion tax-ex­empt com­po­nent.

NON-TRA­DI­TIONAL FI­NANC­ING

The City of Cam­bridge, Mass.’ $2 mil­lion sale of mini­bonds, with min­i­mum de­nom­i­na­tions of $1,000, to fund city-wide mu­nic­i­pal and school projects. The mini­bond struc­ture al­lowed Cam­bridge to re­spond to an un­met need of its res­i­dents, who reg­u­larly ex­pressed in­ter­est in ac­tively in­vest­ing in cap­i­tal projects through­out the city.

SMALL IS­SUER FI­NANC­ING

The City of Mis­soula, Mont.’s $138 mil­lion sale of bond an­tic­i­pa­tion notes to pur­chase its wa­ter sys­tem from a pri­vate com­pany. This was the in­au­gu­ral fi­nanc­ing for the city’s newly formed wa­ter en­ter­prise and the cul­mi­na­tion of over six years of le­gal bat­tles to pur­chase the wa­ter sys­tem through Mon­tana em­i­nent do­main statutes.

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