Supporting our clients from start to finish, we offer a mix of innovative solutions, timely service and common-sense problem solving.
We begin by assessing your unique needs and assign the right two-attorney team for your transaction, ensuring knowledgeable counsel is always immediately available.
Having a national footprint and collaborative spirit gives us wide exposure to the latest financing concepts and techniques. We work across almost every sector in the market including transportation, housing, utilities, nonprofit organizations and infrastructure, as well as states, municipalities and agencies of all varieties.
Serving issuers/borrowers as well as banks, we see the national deal flow and provide clients with valuable advice on market trends and opportunities as they arise.
Our team includes former bankers and issuers who are supported by Nixon Peabody’s firmwide strengths in public finance, tax and securities practices.
Mindful of increasing scrutiny by government regulators, rating agency analysts and the money market funds as well as other purchasers of municipal debt, the banking team stays current with proposed changes to federal government tax and securities law, the Dodd-Frank Act and the Basel Committee.
Who we work with
- Institutional purchasers and lenders
- Banks that offer credit and liquidity for debt
- Municipalities, states and state agencies
- Local development authorities
- Broad Experience with Commercial Paper Programs: Nixon Peabody has served as bond counsel and bank counsel on numerous commercial paper programs including, most recently, commercial paper programs for the Metropolitan Washington Airports Authority (“MWAA”) for its Dulles Toll Road credit, the Metropolitan Transportation Authority (New York), the Pennsylvania Infrastructure Investment Authority, and the District of Columbia Water and Sewer Authority. Our extensive experience working on both sides of the table is an advantage to our clients because it makes it easier for us, knowing each side’s concerns, to resolve negotiations.
- Port of Long Beach: Representing two national banks, Nixon Peabody developed revolving credit agreements offering myriad borrowing options to the Port of Long Beach that allowed the Port daily SIFMA and LIBOR-based floating rates, as well as SIFMA and LIBOR-based fixed rates for periods of up to six months, while securing tax-exempt and taxable loans. Both facilities allowed the Port maximum flexibility for its construction projects at pricing that compared very favorably to publicly offered commercial paper, without the need to prepare disclosure documents and/or engage intermediaries to handle remarketing efforts.
- City of San José Lease Revenue Commercial Paper Program: Representing two large banks, Nixon Peabody negotiated letters of credit (and reimbursement agreements) to support the City’s Finance Authority Commercial Paper Program. We assisted our clients in working through the complicated lease exception to California’s debt limitation, which required negotiating within the legal framework to ensure protections for the bank to the maximum extent allowed under California law.
- Long Island Power Authority: Switching gears from its customary role as underwriters’ counsel for LIPA to serve as purchaser’s counsel to an affiliate of a national banking client, Nixon Peabody was able to negotiate, document and close a direct purchase of refunding bonds by this financial institution within two weeks that included a three-day national holiday weekend. The speed with which this was accomplished was made possible by the team work of the attorneys serving both the bank and LIPA and the commitment to mission evidenced by all of the parties. For LIPA, it was a ground-breaking experience that allowed it to seize a market opportunity in record time.
- Johns Hopkins University: In order to maintain its status as one of the premier institutions of higher and graduate education in the world, JHU has addressed its capital needs over the years by the issuance of fixed and floating rate debt through the Maryland Community Development Authority. In order to accommodate the liquidity requirements associated with the floating rate debt, which includes variable rate demand bonds with optional tender features and commercial paper notes maturing on varying dates, Nixon’s bank client created a hybrid revolving loan facility in favor of JHU that the University could employ as and when appropriate to address its other financial needs.
- Connecticut Housing Finance Authority: The firm was engaged to negotiate and document the direct purchase of mortgage revenue bonds by an affiliate of a national banking client within two weeks of the client reaching agreement with CHFA to do so. Although this was a first for CHFA, the deadline was achieved by virtue of the cooperation among all the parties and their counsel and because the focus of the working group was not distracted with the preparation of disclosure documents, remarketing agreements and other indicia of a publicly offered transaction. Needless to say, the costs of issuance were also significantly lower as a result of this direct purchase of bonds by our firm’s client.