Triborough Bridge and Tunnel Authority SOFR Index Financing

 Hawkins served as special disclosure counsel to the Triborough Bridge and Tunnel Authority in connection with the remarketing of the variable rate 2001B bonds and a new money variable rate bond issue to finance various bridge and tunnel projects.  The authority’s remarketing transaction and new money bond issue utilized the use of the Secured Overnight Financing Rate or SOFR index as a successor to the LIBOR index to determine periodic interest rates for the respective bonds.  These transactions were the first municipal market transactions to pioneer the use of the SOFR index in the United States.  

Client Triborough Bridge and Tunnel Authority
Role Disclosure Counsel
Distinction First SOFR Index Municipal Bond Financing
Issuer Triborough Bridge and Tunnel Authority
Issue Size $ 107 Million
Awards Bond Buyer Deal of the Year, Northeast Regional Award