We provide practical advice and creative solutions to achieve our clients’ business goals in a rapidly changing financial marketplace, navigating them clear of structuring pitfalls and regulatory issues.
Nixon Peabody’s Public Finance group has a national reputation for innovative work in financing a wide range of municipal and infrastructure projects—from mass transit and hospitals to baseball stadiums, student loans, public power and housing.
We are consistently ranked among the nation’s top bond, underwriter’s and disclosure counsel in dollar value of bonds issued.
As part of one of the largest public finance practices in the U.S., our attorneys provide knowledge, versatility and creativity to clients for any financing need, including assistance with federal tax law issues.
Who we work with
- State and local governments
- Private placement agents
- Bond insurers
- Corporate and nonprofit obligors
- Commonwealth of Massachusetts: Nixon Peabody serves the Commonwealth of Massachusetts as its bond counsel, underwriter’s counsel and swaps/derivatives counsel. The firm served as bond counsel to the Commonwealth in connection with issuance of over $1 billion in general obligation from 2010 through 2013 in addition to its $1 billion Accelerated Bridge Program, which was selected as 2011 “Deal of the Year” by The Bond Buyer. Other entities we serve within the Commonwealth include Massachusetts School Building Authority, Massachusetts Water Pollution Abatement Trust, Massachusetts Development Finance Agency, University of Massachusetts Building Authority and Massachusetts Municipal Wholesale Electric Company.
- Goethals Bridge Replacement: Lenders’ counsel in connection with the issuance of tax-exempt bonds to fund the replacement of the Goethals’ Bridge and the demolition of the existing bridge for the benefit of the concessionaire in connection with a public private partnership transaction with the Port Authority of New York and New Jersey.
- Iowa Fertilizer Corporation: The firm recently served as underwriter’s counsel on a project financing for a $1.8 billion nitrogen-based fertilizer production plant owned by Iowa Fertilizer Company LLC (IFC) and located in Lee County, Iowa. IFC is an affiliate of OCI N.V., a global nitrogen-based fertilizer producer and engineering and construction company based in Amsterdam, the Netherlands. The financing involved the issuance of $1.2B of non-investment grade, tax-exempt bonds through the Iowa Finance Authority—the largest such financing in the tax-exempt market in U.S. history.
- New York’s Metropolitan Transportation Authority and Triborough Bridge and Tunnel Authority: New York’s MTA and the Triborough Bridge and Tunnel Authority (“TBTA”) have a common board and principals in the firm have served as disclosure counsel and bond counsel for both entities for decades, including on their 2002 $14 billion debt restructuring, the largest in municipal bond history. MTA is North America’s largest public transportation provider and TBTA operates seven vehicle bridges, two tunnels and other public facilities in New York City.
- Whitney Museum of American Art: In 2011 we served as institution’s counsel to the Whitney Museum of American Art, which closed on $125 million financing in a new bond issue through The Trust for Cultural Resources of the City of New York. The firm advised the institution on the structure of the fixed rate bond issue. The financing, done on the museum’s own “A” rating, was one of 2011’s most noteworthy for New York cultural institutions. Proceeds of the issue will be used to finance construction of the museum’s new facility downtown in the Meatpacking District.
- Washington Metrorail Extension: The firm served as underwriters’ counsel and prepared, in that role, the initial draft of MWAA’s trust indenture for the Dulles Airport rail project providing for the extension of Washington Metrorail system to Dulles International Airport. We played a major role in structuring this financing and in negotiating critical revisions to Virginia Department of Transportation’s Permit and Operating Agreement in order to make the project financeable. We were subsequently appointed to serve as bond counsel to MWAA for this credit and in 2010 we served in that role on MWAA’s issuance of additional debt.
- San Francisco 49ers: Representation of underwriters in the syndicated construction loan for the new stadium for the San Francisco 49ers of the NFL. We were involved in the review and negotiation of the financing documents including the complex consent letter with the NFL as well as the first funding option provided by the NFL under the new G-4 stadium financing resolution.
- N.Y. MTA official says derivatives under control
The Bond Buyer | October 26, 2016
This article is about New York Metropolitan Transportation Authority’s (MTA) derivatives program and its recent $632 million closing of Series 2016D transportation revenue refunding bonds. Nixon Peabody is mentioned as co-bond counsel on the deal.
- Rising Stars
The Bond Buyer | September 21, 2016
Los Angeles public finance partner Rudy Salo is recognized among The Bond Buyer’s 2016 Rising Stars.
- L.A. Port Brings Green Bond Deal
The Bond Buyer | September 13, 2016
This article discusses that the Port of Los Angeles will price a nearly $220M revenue bond financing, representing the first green bond sale by a port. Nixon Peabody is noted as bond counsel.