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Nixon Peabody Client Selected as Bond Buyer “Deal of the Year”; Metropolitan Washington Airports Authority Recognized for Creative $900M Revenue Bond Issue

New York, NY. The Bond Buyer recognized the Metropolitan Washington Airports Authority (MWAA) as 2009 Deal of the Year. The deal was recognized for its creativity in capturing the revenue generated by an existing toll highway and using it to pay for expanding transit during a tough economy when funding for such projects is becoming increasingly harder to identify.

12/4/2009

The MWAA completed a $963M bond transaction to fund construction of a new Metrorail line that will connect riders with Dulles International Airport. The project includes the addition of eleven new stations and will extend the Metro system into the suburbs of Northern Virginia. Nixon Peabody LLP served as underwriters’ counsel to co-senior managers Citigroup and Morgan Stanley on the financing to fund this construction. Nixon Peabody’s legal team was led by Michael Vaccari, Ken Lind, Virginia Wong, Mitch Rapaport, and Desiree Verdejo.

In being selected as Southeast Large Issuer Deal of the Year, the MWAA transaction earned a spot among the other finalists for the Deal of the Year, other deals selected from each region of the U.S. in categories for both large and a small issuers. Other honorees were cited by the publication’s editors for their innovation, risk-taking, and the ability for a deal to serve as a model for other financings. The 2009 awards, which considered deals that priced between October 1, 2008, and September 30, 2009, drew more than 60 nominations for transactions ranging in size from a few million to several billion dollars.

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