The Bond Buyer has named the recipients of 10 regional and supplemental categories for its annual “Deal of the Year” Awards, recognizing outstanding achievement in municipal finance. Squire Patton Boggs is honored to have worked on two of the transactions that were named “Midwest Region Deal of the Year” and “Southeast Region Deal of the Year”.
The Bond Buyer's editorial board judged the transactions on a range of factors, including: creativity, the ability to pull a complex transaction together under challenging conditions, the ability to serve as a model for other financings, and the public purpose for which a deal's proceeds were used.
In what is considered to be the industry’s largest and most complex deal of 2020, the Buckeye Tobacco Settlement Financing Authority’s issuance of US$5.3 billion of bonds to refund the Authority’s outstanding tobacco bonds issued in 2007 earned the designation of “Midwest Region Deal of the Year.” The original 2007 bonds securitized the tobacco payments to the State of Ohio under the Master Settlement Agreement between the tobacco companies and the 46 settling states and territories. Squire Patton Boggs served as co-transaction counsel on this financing as well as the original 2007 financing. The firm team was comprised of partners Allison M. Binkley, Ryan K. Callender, and Michael A. Cullers, senior attorneys Anthony E. Core and Cynthia C. Mog, and associate Ben Tobias.
The City of Tampa, Florida's US$362.8 million issuance of water and wastewater systems revenue and refunding revenue bonds was named “Southeast Region Deal of the Year”. Notably, at the time of the sale, it was the “largest bond sale in Florida completed since the start of the pandemic,” as well as the largest Southeast water and wastewater financing by par amount. Serving as underwriter’s counsel, the firm team was led by partner Sandy MacLennan and associate Gilberto Delgado, Jr.
The category winners are also finalists for the national Deal of the Year Award, slated to be announced on December 16, 2020.