Hawkins acts as Underwriters Counsel in the Largest Unrated Municipal Bond Issue in Market History
In October of 2014, the New York Liberty Development Corporation issued approximately $1.6 Billion of Liberty Revenue Bonds and Recovery Zone Bonds to finance the construction of Tower 3 of the World Trade Center – an office tower to consist of 69 floors and 2.5M rentable square feet when built.
Hawkins acted as underwriters counsel for this financing, the largest unrated municipal bond issue in market history. The financing was structured to create three classes of bonds having differing collateral and priority rights, and The Port Authority of New York and New Jersey provided limited financial support for various phases of the tower’s construction, operation and leasing.
The presence of potential conflicts of interests and risk factors made the offering document one of the most challenging disclosure documents in municipal offerings.
Also of Interest
- Brian Garzione drafts NABL's “Analysis of SIFMA Model Memorandum to Underwriter's Counsel”
The purpose of the NABL analysis is to highlight issues to consider when reviewing the Memorandum or other written guidance modeled on the Memorandum and it also includes recommendations on how the proposed duties may be modified and/or limited in scope.
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Hawkins Delafield & Wood LLP is pleased to announce the election of Alexis Harrington to the partnership, effective January 1, 2019.
- Arthur Cohen is Recognized by Continental Who's Who
Arthur Cohen is recognized by Continental Who's Who as a Pinnacle Lifetime Member in the field of Law in recognition of his role as Partner of Hawkins Delafield & Wood LLP.
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Four of eleven attornyes named in the area of Government Finance are from Hawkins.