Hunton & Williams LLP Bond Counsel For Infrastructure Journal's 2009 'Transport Deal of the Year'
March 27, 2009
New York — March 27, 2009 — Hunton & Williams LLP served as bond and issuer’s counsel to Virginia’s I-495, Capital Beltway HOT Lanes Public-Private Partnership (PPP), which was awarded Infrastructure Journal’s “Transport Deal of the Year” for its successful financial close despite market constraints. According to Infrastructure Journal: The Capital Beltway financial close—valued at almost $2 billion—is testament to creative thinking from the participants, combined with the perseverance to carry out a bond financing with adverse market conditions and the collapse of the monoline insurers.
The $589 million private activity bond (“PABs”) tranche was credit-enhanced by irrevocable, direct-pay letters of credit. This transaction marks the first time that PABs have been used for a US transport project.
The Hunton & Williams Transportation Infrastructure Group team members involved in the financing for this project included Waverly Pulley, John O’Neill, Bryar Nettles and Martha Warthen in Richmond and Drew Kintzinger in Washington, DC.
About Hunton & Williams LLP
Hunton & Williams LLP provides legal services to corporations, financial institutions, governments and individuals, as well as to a broad array of other entities. Since our establishment more than a century ago, Hunton & Williams has grown to more than 1,000 attorneys serving clients in 100 countries from 19 offices around the world. While our practice has a strong industry focus on energy, financial services and life sciences, the depth and breadth of our experience extends to more than 100 separate practice areas, including bankruptcy and creditors rights, commercial litigation, corporate transactions and securities law, intellectual property, international and government relations, regulatory law, products liability, and privacy and information management.