Tobacco Securitization

Our tobacco securitization team, assisted by firm attorneys versed in other forms of securitization, brings a depth of understanding to each financing or refinancing that few firms can match.

Our approach

As one of the most active firms involved in the securitization of tobacco settlement revenue, we’re familiar with all of the structures as well as the types of issuers. Our tobacco financing team is made up of a dozen dedicated attorneys.

We face and successfully address all the issues that arise in these transactions, including:

  • Tax issues relating to use of proceeds
  • Structuring assumptions
  • Flexible and fixed amortization structures
  • Tobacco industry and litigation risk
  • Bankruptcy issues

We work on all of the structures of tobacco settlement bond issues that have been developed to date (e.g., full or partial turbo redemption, residual).

They have had different credit rating goals and involve every conceivable use of proceeds (e.g., capital, working capital, refunding/defeasance). They also use different types of issuers (e.g., local nonprofit corporation, state public authority, joint powers agency, public trust).

Who we work with

  • Special purpose authorities
  • State and local governments
  • Underwriters

Recent experience

  • Minnesota Tobacco Securitization Authority: Served as Disclosure Counsel for the $756,955,000 Minnesota Tobacco Settlement Revenue Bonds, Series 2011.
  • Railsplitter Tobacco Settlement Authority: Served as Bond Counsel for the $1,503,460,000 Tobacco Settlement Bonds Series 2010.


Kenneth C. Lind

Team Leader, Project Finance and Public Finance

Phone: 212-940-3005

Scott R. Singer


Phone: 212-940-3182

Virginia Wong


Phone: 212-940-3028

Elizabeth M. Columbo


Phone: 212-940-3183

  • Named by by U.S. New/Best Lawyers 2021 as ‘Law Firm of the Year’ for Public Finance Law
  • Recognized by U.S. New/Best Lawyers 2020 as a National Tier 1 leader for Public Finance Law
  • Recognized by U.S. News/Best Lawyers 2020 as a Metro Tier 1 leader for Public Finance Law in Chicago, Los Angeles, Rochester, and Washington, DC
  • Recognized by U.S. News/Best Lawyers 2019 as a National Tier 1 leader for Public Finance Law
  • Consistently ranked Top 10 in bond counsel, underwriter’s counsel, disclosure counsel, and special tax counsel by Thomson Reuters
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