Nixon Peabody Clients Recognized as Bond Buyer’s “Deals of the Year” in 2008

The Bond Buyer recognized the Puerto Rico Housing Finance Authority project and the Capital Beltway Funding Corp. project as 2008 Northeast Regional Deal of the Year and Non-traditional Deal of the Year, respectively. Honorees were cited by the publication’s editors for being some of the country’s most innovative, strategically risky and financially complex. Additionally, winners were recognized for being model deals for future financings and their eventual public purposes served.

11/17/2008

The Puerto Rico Housing Finance Authority was named Northeast winner for its $384 million capital fund modernization program. This project helped finance the modernization of more than 4,000 units of public housing. Our team led by Peter White, Ken Lind and Jim Montes, represented the underwriter, JP Morgan, in this complex financing.

The Capital Beltway Funding Corp. of Virginia was recognized as Nontraditional Deal of the Year for the Interstate 495 toll lanes expansion project. The project entails widening the Beltway from 8 to 12 lanes along a 14-mile stretch and converting the four inner lanes to limited access HOT lanes operated by Transurban under an 80-year operating concession. The financing included $588 million of senior PABs, $588 million of TIFIA subordinate debt, $409 million VDOT contribution and $340 million of equity. Our team led by Michael Vaccari and Virginia Wong represented TIFIA in this groundbreaking public/private partnership financing, featuring the first use of private activity bonds for a transportation project and utilizing a congestion pricing model.
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