Roderick N. Devlin

What do you focus on?

I assist private and public sector parties in developing, financing, consummating, operating and maintaining significant infrastructure projects domestically and overseas, with a particular focus on P3s.

On the private side I represent project sponsors, lenders, underwriters and construction companies in their P3 and project development efforts in a wide range of sectors. No two projects are the same and no two sectors are the same. With this in mind, I ensure that my team includes the sector and subject matter experts required to provide my clients with optimal outcomes.

I have also assisted a number of public entities in coming to the market with their first P3 projects. P3s raise myriad complicated issues for the public sector owner. I assist my public sector clients in assessing and properly allocating the key project risks among project participants in a manner that serves the goals of the owner and the needs of public users.

Global Scope

I have been involved in P3 transactions across the United States, the Caribbean, South America and Europe. These projects have involved roadways, airports, bridges, ports, water projects and entertainment assets. For example, I advised the bond issuer in connection with the multi-source financing of the $4 billion LaGuardia Airport Central Terminal P3 project in New York City, procured by The Port Authority of New York and New Jersey. The $2.6 billion of bonds issued for this project is the largest bond issuance to date for a U.S. P3 project.

What do you see on the horizon?

There is wide recognition that U.S. infrastructure—from roads, bridges and airports to water systems, schools and civic buildings—requires significant new investment, both to maintain existing assets at an acceptable level and to add necessary additional assets.

I believe that P3s will be an important part of the solution. Although not right for every project, a properly structured P3 can tap the technical know-how and efficiencies of the private sectors, as well as private sector financing, while allowing the public owner to continue its traditional role of ensuring that infrastructure assets are properly operated and maintained to meet the needs of the public users.

Representative experience

• Representing the winning bidder in City of Nashville Parking Concession P3 procurement.
• Acting for the owners in the sale of the Connecticut Roadside Service Areas P3 Concession.
• Represented the lenders to a shortlisted bidding team on the Miami-Dade Courthouse Project procurement.
• Advising bidding team on the I-75 Modernization P3 Project regarding bifurcated not-for-profit/governmental entity tax exempt financing structure.
• Advising the Puerto Rico Aqueduct and Sewer Authority (PRASA) on financing their comprehensive Water Meter System replacement P3.
• Representing private sector consortium in connection with a civil build P3 being undertaken with the City of Los Angeles.
• Advising shortlisted bidder on Honolulu Rail Transit P3 Project regarding no-for-profit/governmental entity tax exempt financing structure.
• Representing the City of Phoenix on their P3 projects at Sky Harbor International Airport in all aspects of their procurement process.
• Advising bond issuer in connection with the multi-source financing of the $4 billion LaGuardia Airport Central Terminal P3 project in New York City, procured by The Port Authority of New York and New Jersey. The $2.6 billion of bonds issued for this project is the largest bond issuance to date for a U.S. P3 project.
• Representing the lenders to a shortlisted bidding team in connection with I-70 East Project in Colorado being procured by the Colorado Department of Transportation (CDOT) and the High Performance Transportation Enterprise (HPTE).
• Representing Westchester County in all aspects of their P3 procurement with respect to its airport.
• Acting as P3 counsel to shortlisted bidding consortium on the Southport Marine Terminal Complex P3 project in Pennsylvania being procured by the Philadelphia Regional Port Authority.
• Acting as lenders counsel to shortlisted bidding team on the Transform 66 (Outside the Beltway I-66) P3 greenfield project in Virginia being procured by the Virginia Department of Transportation (VDOT).
• Acting for lenders in connection with a proposal to Pennsylvania’s Northampton County for its bridge rehabilitation and replacement P3 project.
• Represented the lenders to a shortlisted bidding team in connection with the I-285 & SR 400 Reconstruction DBF Project in Georgia.
• Advised Georgia Department of Transportation in connection with its $833.7 million Northwest Corridor P3 Project in Atlanta, Georgia, including drafting of procurement documentation and underlining P3 agreement and overseeing procurement process.
• Advising equity team in connection with the successful proposal for the I-4 Ultimate Managed Lanes P3 Project in Florida, a $2.3 billion availability payment project.
• Representing the Miami-Dade Water and Sewer Department in Florida as P3 counsel in connection with the initial feasibility analysis for the South Miami Heights Water Treatment Plant P3.
• Representing design/build team in connection with proposal for the Knik Arm Bridge P3 in Alaska.
• Acting as P3 counsel to a bidding consortium in connection with the Goethals Bridge P3 Project in New York, procured by The Port Authority of New York and New Jersey.
• Acting as P3 counsel to one of the shortlisted bidding teams in connection with the Presidio Parkway Project in California procured by the California Department of Transportation (Caltrans), one of the first U.S. projects to use the availability payment structure.
• Represented project sponsor in connection with a proposed EuroVegas Casino Project and entertainment complex near Budapest, Hungary. The project was being developed pursuant to a governmental concession agreement.
• Advised Georgia Department of Transportation (GDOT) in connection with its proposed Atlanta Multi Modal Passenger Terminal (MMPT) project in downtown Atlanta (to provide connections between commuter rail, high speed rail, regional commuter bus lines and train services).
• Advised the Schiphol-controlled JFK International Air Terminal LLC in connection with the financing, management and operation of the new Terminal 4 facility at John F. Kennedy International Airport in New York City. This was one of the first airport P3 projects undertaken in the U.S.
• Represented a major monoline insurer in connection with the $1.07 billion multi-source financing of Autopista Central Toll Road, an electronically tolled urban toll road project in Santiago, Chile. This was the first toll road in Chile to be financed by dual U.S. and Chilean offerings. The project was awarded Euromoney Magazine’s award as “Best Project Finance Deal” in Latin America.
• Represented Aeroflot, the operator of Terminal 3 at Sheremetyevo Airport in Moscow, in connection with the proposed financing and construction of a new international terminal at the Airport.
• Represented a monoline insurance company in connection with the $440 million multi-source financing of Americo Vespucio Norte Toll Road, an electronically tolled urban toll road concession in Santiago, Chile. The transaction was the recipient of Latin Finance Magazine’s “Best Project Finance Deal” award.
• P3 counsel to institutional lenders in the financing of the Camino Columbia P3 toll road in Texas.
• P3 counsel to the private consortium selected to undertake the establishment, construction and operation of a proposed new airport for the Chicago metropolitan area on a public-private partnership basis.
• Represented a major monoline insurance company in the $750 million financing of the Santiago-Talca Toll Road in Chile. This project was recognized as a “Deal of the Year” by Project Finance Magazine.
• Represented a major monoline insurance company in the financing of both the Chillán-Collipulli Toll Road and the Collipulli-Temuco Toll Road in Chile. The later was given a “Deal of the Year” award by Project Finance Magazine.

Publications & Presentations

• “Private Investment for the Public Benefit,” The Convention, Sports & Entertainment Facilities Conference, Webinar, August 12, 2020
• “Best Practices in Risk Allocation and Surety,” Public-Private Partnership Conference & Expo, Dallas, TX, March 2020
• “New Trends in P3s—Smaller P3s and More Complicated P3s,” Bond Buyer Transportation Finance/P3 Conference, Denver, CO, November 2019
• “Best Practices in Deal Structuring & Contract Management,” 2019 Public Private Partnership Airport Summit, San Diego, CA, July 2019
• “Best Practices in Risk Allocation and Surety,” 2019 Public Private Partnership Airport Summit, San Diego, CA, July 2019