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
- Hawkins serves as Underwriters’ Counsel in 2016 Northeast Region Deal of the Year
Hawkins Delafield & Wood LLP served as sole underwriters’ counsel on the recently completed $2.4 billion financing for LaGuardia Airport that financed the complete demolition of the existing Terminal B and reconstruction of a new replacement Terminal B.
- Hawkins serves as Underwriters’ Counsel in 2016 Southeast Region Deal of the Year
Hawkins Delafield & Wood LLP served as underwriters’ counsel in connection with the issuance of tax exempt and taxable revenue bonds by The Health and Education Facilities Board of The Metropolitan Government of Nashville and Davison County, Tennessee for the benefit of Vanderbilt University Medical Center.
- Disclosure of Third-Party Due Diligence Reports by Municipal Issuers
This edition of the Hawkins Advisory describes rules governing the required disclosures by issuers and underwriters of findings and conclusions of certain third-party due diligence reports relating to asset-backed securities. Such rules go into effect on June 15, 2015.
- MSRB Rule G-17 Interpretive Notice
This Advisory provides a brief analysis of an MSRB interpretive notice recently approved by the SEC. The notice interprets MSRB Rule G-17 (fair dealing) to require an underwriter in a negotiated underwriting to make disclosures to the issuer as to its role, its compensation, and actual or potential material conflicts of interest.