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 Served as Counsel to Four Bond Buyer Deal of the Year Winning Transactions
Hawkins is proud to have served as counsel on four financings that won The Bond Buyer deal of the year award for 2020. - Guidance from Treasury regarding USD LIBOR Phase-Out
The Hawkins Advisory discusses recently published Proposed Treasury Regulations that provide guidance as to the ability of parties to variable rate debt and other contracts that currently rely on LIBOR as an interest rate benchmark to alter the documents for these transactions for the purpose of incorporating interest rates reflective of other reference rates. The Advisory also reviews the status of other regulatory efforts to prepare the capital markets to transition from broad reliance upon LIBOR. - Hawkins Attorneys Named to 2019 New York Metro Super Lawyers Lists
Hawkins is pleased to announce that three of the firm's attorneys have been selected to the 2019 New York Metro Super Lawyers list. - Carol McCoog Elected to the American College of Bond Counsel
Carol McCoog has been elected a Fellow of the American College of Bond Counsel (ACBC).