Infrastructure

Our approach

No matter what the challenge, we offer practical solutions to support our clients’ objectives.

We understand the complexities of infrastructure and are involved with landmark projects across the country—from bridges across the Ohio River, transit hubs in New York City and San Francisco, to multiple solid waste and wastewater and energy projects.

Our team serves as bond counsel, underwriters’ counsel, disclosure counsel, consortium counsel and lenders’ counsel. We frequently represent clients in matters involving procurement, contracts, permitting, finance, energy, real estate, environmental and tax syndication.

Few firms have our proficiency in identifying and securing revenue streams that can be leveraged effectively for the useful life of the revenue-producing project.

We have close involvement in publicly owned and operated project financings throughout the United States and internationally, in-depth knowledge of capital market transactions and public-private partnerships (“PPPs”) as well as more traditional project finance methods.

Nixon Peabody now helps clients handle more complicated combinations of capital market debt and project finance debt, the use of convertible instruments and various forms of leasing transactions.

Who we work with

State and local governments
Lenders
Underwriters
Developers
Water and wastewater firms
Construction firms

Recognition

Consistently ranked by ThomsonReuters among the top bond counsel and underwriter’s counsel in the country and among the most active disclosure and special tax counsel.
In five of the last seven years, nominated as a finalist or winner as counsel to “Deals of the Year” by The Bond Buyer, the municipal market’s paper of record.
Project Finance Magazine’s “North America Leisure Deal of the Year 2006” for the financings in connection with Yankee Stadium and Citi Field.

Recent experience

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.
Private fertilizer plant: Served as lender’s counsel in connection with a $1.8 billion nitrogen-based fertilizer plant owned and operated by an affiliate of a global nitrogen-based fertilizer producer, engineering and construction company based in Amsterdam, the Netherlands.
Privatized toll payment system: We have been engaged by, and have drafted the financing portion of the submission on behalf of, one of the bidders in connection with the proposal by the Washington Metropolitan Area Transit Authority to install a new electronic payments program on its rail system.
Transbay Joint Powers Authority: Serving as financing counsel to the Transbay Joint Powers Authority in San Francisco, California, in connection with a multi-year, multi-billion dollar mixed use development to replace the former bus depot with a commuter rail/high-speed rail/regional bus facility that will service Bay Area commuters, portions of which will be financed with developer contributions and related real estate-based taxes. Parts of that project may be privatized.
Dulles Toll Road—Metropolitan Washington Airports Authority: MWAA obtained a 50-year permit to operate the Dulles Toll Road from the Virginia Department of Transportation and the permit agreements created many obstacles to the financing of the project that the firm was able to resolve. The bonds issued by MWAA are secured by a concession agreement in the form of a 50-year Permit and Operating Agreement. The tolls on the Dulles Toll Road are being used to finance an extension of the WMATA rail system to Dulles Airport. The firm was underwriters’ counsel on the first transaction and was subsequently appointed by the Authority to serve as bond counsel and disclosure counsel for their bond and commercial paper programs. We are currently working with WMAA in order to bond out expected payments under its full funding grant agreement.
Puerto Rico Highways and Transportation Authority: We served as special counsel and tax counsel to PRHTA in connection with its recently closed P3 transaction relating to two toll roads. The firm resolved all indenture issues in connection with the defeasance of just under $1 billion of tax-exempt bonds and the negotiation of closing agreements with the IRS and delivered legal opinions concerning the relevance of the roads as assets from the current indenture.

Media Clips

Bank Gives Purple Line Firms More Time to Reach a Settlement with Maryland and Avoid Potential Default on Debt

The Washington Post | November 08, 2020

In this article on a forbearance agreement between the concessionaire of Maryland’s Purple Line transit project and the bank representing bondholders, New York City Project Finance & Public Finance partner Roddy Devlin provides third-party commentary on what the forbearance agreement means in practical terms.

Four Key Transportation Matters to Watch on Election Day

Forbes | October 27, 2020

This contributed article by Los Angeles Project Finance & Public Finance partner Rudy Salo discusses how the results of national and statewide elections could have major impacts on the future of ride-sharing and infrastructure.

Rising Stars

The Bond Buyer | October 19, 2020

This article features Rochester Project Finance & Public Finance partner Barry Carrigan for being named as one of The Bond Buyer’s “Rising Stars,” a top accolade in the public finance industry. The article also quotes Project Finance & Public Finance practice group leader and New York partner Ken Lind on Barry’s ground-breaking financing for clients such as BNY Mellon Capital Markets, LLC.

Catholic Charities Starts Work on New Queens Development

Real Estate Weekly | September 28, 2020

This article on the ground-breaking of Bishop Valero Residence, an affordable housing development for low-income seniors and formerly homeless adults, quotes New York Affordable Housing & Real Estate partner Joe Lynch for leading the team that advised Catholic Charities Progress of Peoples Development Corporation. The deal team also included Rochester Affordable Housing & Real Estate partner Darren Miller and associate Matt Carrigg.

Taxable Issuance May Be Expanding Muni Base; NYC Tops $9.8B Slate

The Bond Buyer | September 11, 2020

In this article on the state of the municipal bond market, the firm is mentioned for serving as bond counsel to the MTA in its $900 million sale of Series 2020D transportation revenue climate bond certified green bonds in three offerings of $300 million each.

Five ways COVID-19 may impact the future of infrastructure and transportation

Forbes | March 31, 2020

The latest contributed column from Los Angeles Project Finance and Public Finance partner Rudy Salo looks at how the unfolding COVID-19 pandemic could alter the infrastructure and transportation landscapes.

Lots of muni supply in a short week as market to see $7.6B bonds, $1B+ notes

Bond Buyer | September 03, 2019

This roundup of municipal market news mentions Nixon Peabody for serving as bond counsel to the New York Metropolitan Transportation Authority in its sale of $1 billion of Series 2019D-1 transportation revenue bond anticipation notes.

Rhode Island Infrastructure Bank to sell drinking water bonds

The Bond Buyer | June 12, 2019

This article mentions Nixon Peabody as bond counsel for the sale of $42.3 million in fixed-rate safe drinking water bonds.

A deal to note: Los Angeles County sells $700M of TRANs in negotiated deal

The Bond Buyer | June 06, 2019

Nixon Peabody is mentioned in this story as bond counsel to Loudon County, Virginia’s sale of $170.37 million in GO public improvement bonds.

Train’s fate no deterrent: High-speed rail contracts proliferate

Los Angeles Business Journal | February 12, 2019

Los Angeles Project Finance and Public Finance partner Rudy Salo is quoted in this story about the benefits and accompanying uncertainty for small businesses involved in large-scale infrastructure projects.

How driverless cars will reshape cities

Spectrum TV | January 08, 2019

Los Angeles Office Managing Partner Justin Thompson appeared in this live TV segment to discuss how the increasing number of driverless cars on the road will change the way cities operate.

Garden State law to advance P3s, but obstacles remain

Inframation News | October 01, 2018

New York City Project Finance & Public Finance partner Roddy Devlin is quoted in this article about new legislation in New Jersey designed to expand to state’s ability to improve infrastructure through P3 projects.

Design-build a vehicle to fix New York City’s highway to hell

Bond Buyer | October 01, 2018

New York City Project Finance & Public Finance partner Roddy Devlin is quoted in this story about the advantages of using a design-build model for the pending reconstruction of a portion of the Brooklyn-Queens Expressway.

MTA deal leads municipal market into SOFR era, away from LIBOR

Bond Buyer | September 25, 2018

Nixon Peabody is mentioned in this article as co-bond counsel for a recent SOFR-linked offering of $107.3 million in bonds by New York’s Metropolitan Transportation Authority.

How autonomous vehicles disrupt transportation planning

The Bond Buyer | July 26, 2018

Los Angeles Project Finance and Public Finance partner Rudy Salo is quoted in this article on how autonomous vehicles will impact the future of transportation planning.

The Jetson effect on transportation

The Bond Buyer | July 23, 2018

Los Angeles Project Finance and Public Finance partner Rudy Salo provides his perspective on how driverless cars will impact mass transit planning in this Bond Buyer podcast.

Time to express interest in federal water infrastructure loans

Law360 | April 28, 2018

San Francisco energy and environmental partner Alison Torbitt, New York City project finance partner Scott Singer and Rochester senior environmental health engineer Libby Ford co-wrote this article outlining an EPA loan program for new water infrastructure projects.

MTA bringing $100 million to market in shadow of S&P downgrade

The Bond Buyer | March 20, 2018

This article about the Metropolitan Transportation Authority’s (MTA) plan to sell $100 million in transportation revenue variable rate refunding bonds mentions Nixon Peabody as co-bond counsel for the sale.

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