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.
Our firm is ranked among the ten most active bond, underwriters and disclosure counsel nationally 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.
- GFOA Pushing Regulators on HQLA
The Bond Buyer | June 1, 2015
Washington, DC, Public Finance partner Mitch Rapaport is quoted throughout this piece on the Government Finance Officers Association’s efforts to galvanize public officials to pressure federal banking regulators into more permissive rules on municipal securities.
- Venture Capital for Social Service Organizations
Rochester Business Journal | April 3, 2015
Partner and leader of our Nonprofit Organizations practice Mike Cooney and Boston Public Finance counsel Navjeet Bal authored this piece discussing how social impact bonds can help address some of Rochester's social challenges.
- MTA Finance Chief Touts 40-Year Bond
The Bond Buyer | March 23, 2015
Nixon Peabody is noted as bond counsel in this article on the benefits of New
York's Metropolitan Transportation Authority’s use of 40-year bonds.