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Hawkins Update

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Hawkins Update

  1. 1. H A W K I N S U P D A T E DECEMBER 2016 EDITION HAWKINS DELAFIELD & WOOD LLP Hawkins Assists Metropolitan Transporta on Authority with First Green Bonds Hawkins served as special disclosure counsel to the Metropolitan Transporta on Authority in its issuance of over $1.3 billion of green bonds in 2016. The MTA manages North America’s largest transporta on network, serving a popula on of 15.3 million people in New York City, Long Island, southeastern New York State and Connec cut. The issuances were the first of their kind for the MTA and will fund the con nuing work on infrastructure renewal and upgrade projects on New York City Transit, Long Island Rail Road and Metro-North Railroad. The Climate Bonds Standard Board has approved the projects as “Climate Bond Cer fied,” (con nued on page 2) Hawkins as Underwriters’ Counsel in Financing for LaGuardia Airport’s Terminal B Replacement Project, The Bond Buyer’s Northeast Region Deal of the Year In June 2016, Hawkins served as sole underwriters’ counsel on the $2.4 billion financing for LaGuardia Airport to pay for the complete demoli on of the exis ng Terminal B and reconstruc on of a new replacement Terminal B (the main terminal building). LaGuardia Airport is operated by the Port Authority of New York and New Jersey. The Port Authority developed the project as a public-private partnership, and selected a team of Meridiam Infrastructure, Vantage Airport Group and Skanska to be the primary investors in a private (con nued on page 2) Hawkins as Underwriters’ Counsel in Financing for Vanderbilt University Medical Center, The Bond Buyer’s Southeast Region Deal of the Year Hawkins served as underwriters’ counsel in connec on with the issuance of $1.13 billion in tax exempt and taxable revenue bonds by The Health and Educa on Facili es Board of The Metropolitan Government of Nashville and Davison County, Tennessee for the benefit of Vanderbilt University Medical Center (“VUMC”). The bonds financed the dives ture of the medical center (con nued on page 2) For 162 Years Hawkins Delafield & Wood LLP has Guided Clients through Changing Times; Hawkins Passes One Trillion Dollar Mark in Volume of Transac ons As the year 2016 draws to a close, the outlook for the public finance market includes good news of record annual bond volume and a proposed one trillion dollar federal infrastructure ini a ve, but also uncertainty from rising interest rates, a new administra on and proposed major tax reform. For 162 years, Hawkins has been serving its clients through mes of change, risk and opportunity. In 1854, Dexter Hawkins founded the Firm at 10 Wall Street. Now, as then, Hawkins stands ready to guide its clients through changing mes and the matrix of issues in bond financings and public projects. Since 1980 (the date from which reliable data have been gathered), Hawkins has completed over one trillion dollars in public finance deals as bond counsel and underwriters’ counsel, according to data collected by (con nued on page 2) Hawkins Advisories on Securi es Law and Tax Law Developments in Public Finance ADorneys at Hawkins have recently authored several Hawkins Advisories on legal topics of interest to issuers and professionals in the tax-exempt finance industry, including updates on several important developments in tax and securi es law. By circula ng Advisories aEer important legal developments in public finance, Hawkins keeps its clients and friends well informed as to these topics. (con nued on page 2) Hawkins Assists City and County of San Francisco with Financing of 55-Story Residen al Building In December 2016, Hawkins served as disclosure counsel to the City and County of San Francisco in connec on with its issuance of $240 million Variable Rate Mul family Housing Revenue Bonds (Transbay Block 8 Tower) issued on behalf of an affiliate of the developer, Related Companies. The bonds will finance a por on of the cost of a new $600 million 55-story tower and surrounding buildings in downtown San Francisco. The (con nued on page 3)
  2. 2. HAWKINS UPDATE Hawkins Assists Metropolitan Transporta on Authority with First Green Bonds (con nued from page 1) based on a Climate Bonds Standard Verifica on LeDer provided by Sustainaly cs. In its capacity as special disclosure counsel, Hawkins worked closely with MTA to craE new green bonds disclosure for their offering documents and also to develop ongoing con nuing disclosure policies and procedures. In addi on to being a leader in the financing of transporta on and other infrastructure projects, Hawkins is a leader in the fast-growing area of green bonds and other environmentally significant projects. Through November 30, 2016, Hawkins is ranked the number one bond counsel firm in the na on for green bonds based on the number of transac ons (12 issues), and ranked the number three bond counsel firm in the na on for green bonds based on dollar volume ($1.8 billion in volume). Hawkins as Underwriters’ Counsel in Financing for LaGuardia Airport’s Terminal B Replacement Project (con nued from page 1) en ty that would develop, finance, construct and operate the project. This transac on was named The Bond Buyer’s 2016 Northeast Region Deal of the Year. Hawkins is a recognized leader in financing airports, highways, railroads, ports and other transporta on facili es, as well as being a leading firm in represen ng governmental organiza ons in developing and implemen ng P3 alternate project delivery structures, including design, build, finance, own and operate. Hawkins as Underwriters’ Counsel in Financing for Vanderbilt University Medical Center (con nued from page 1) from Vanderbilt University (the “University”). The transac on presented a unique challenge in terms of disclosure, as VUMC was a new credit with no prior ac vi es, assets or liabili es. Hawkins aDorneys played a key role in draEing disclosure that would accurately describe VUMC as well as the complex interrela onship between the University and VUMC. This transac on was named The Bond Buyer’s 2016 Southeast Region Deal of the Year. Hawkins is recognized as a na onal leader in finance transac ons in the health care sector. Since 1980, Hawkins has par cipated in more than $97 billion of health care transac ons in nearly every state. The Hawkins health care finance team has unique depth and perspec ve on the complicated disclosure and tax issues that arise in connec on with tax- exempt financing for health care facili es. For 162 Years Hawkins has Guided Clients through Changing Times; Hawkins Passes One Trillion Dollar Mark in Volume of Transac ons (con nued from page 1) Thomson Reuters. Since 1980, Hawkins is the number one ranked underwriters’ counsel firm and number two ranked bond counsel firm in the na on, based on dollar volume. In 2015 and 2016 (to date), Hawkins was ranked first na onally as underwriters’ counsel and second as bond counsel. In connec on with this significant milestone for Hawkins, Howard Zucker, a member of the Hawkins Management CommiDee, stated that “[o]ur rela onships with our clients and the quality and experience of our aDorneys are the keys to our achievements. Hawkins is 162 years old, and has been doing public finance for over 135 years, but we know we cannot rest on our laurels – we come to work each and every day to earn and deserve the trust and confidence of our clients.” Hawkins is the only na onal law firm in the United States whose prac ce is devoted primarily to public finance and public projects. Each of the Firm’s specialty areas supports and complements its public finance prac ce. The Firm has more aDorneys engaged in the full- me prac ce of public finance and projects than any other law firm in the country. Hawkins Advisories on Securi es Law and Tax Law Developments in Public Finance (con nued from page 1) John McNally and other aDorneys in the Hawkins securi es law group authored Hawkins Advisories on the SEC cease-and-desist seDlement orders with 71 municipal issuers and obligated persons pursuant to the MCDC Ini a ve and on MSRB Rule G-42. ADorneys in the Hawkins tax department authored Hawkins Advisories on new final regula ons published by the IRS amending certain provisions of the exis ng arbitrage regula ons and on IRS Revenue Procedure 2016-44, which modifies exis ng procedures on treatment of management contracts involving property financed with tax-exempt bond proceeds. These Hawkins Advisories and many others on topics of interest may be found at www.hawkins.com. 2DECEMBER 2016 EDITION
  3. 3. HAWKINS UPDATE Hawkins Assists City and County of San Francisco with Financing of 55-Story Residen al Building (con nued from page 1) project will provide affordable rental housing and change the skyline of downtown San Francisco. The bonds were supported by a leDer of credit issued by Bank of China. The tower was designed by architect Rem Koolhaas. This transac on is one of the most significant mul -family housing financings in California. Hawkins is proud to have served as disclosure counsel for this exci ng transac on. Hawkins is a leader in the areas of disclosure, affordable housing and conduit finance. 3DECEMBER 2016 EDITION About Hawkins Update The Hawkins Update is intended to provide updates on the ac vi es and prac ce of Hawkins Delafield & Wood LLP and the public finance industry. Ar cles in the Hawkins Update should not be considered opinions of Hawkins Delafield & Wood LLP. The Hawkins Update is not intended to provide legal advice as a subs tute for seeking professional counsel; readers should not under any circumstance act upon the informa on in this publica on without seeking specific profes- sional counsel. Hawkins Delafield & Wood LLP will be pleased to provide addi onal details regarding any ar cle upon request. Hawkins Update is aDorney adver sing and prior results do not guarantee a similar outcome. New York 28 Liberty Street New York, NY 10005 Tel: (212) 820-9300 Los Angeles 333 South Grand Avenue Los Angeles, CA 90071 (213) 236-9050 Sacramento 1415 L Street Sacramento, CA 95814 Tel: (916) 326-5200 Newark One Gateway Center Newark, NJ 07102 Tel: (973) 642-8584 Washington, D.C. 601 Thirteenth Street, N.W. Washington, D.C. 20005 Tel: (202) 682-1480 Har-ord 20 Church Street HarSord, CT 06103 Tel: (860) 275-6260 Portland 200 SW Market Street Portland, OR 97201 Tel: (503) 402-1320 San Francisco One Embarcadero Center San Francisco, CA 94111 Tel: (415) 486-4200 Ann Arbor 2723 South State Street Ann Arbor, MI 48104 Tel: (734) 794-4835

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