Dickinson Wright Attorneys Work Recognized as National Deal of the Year by The Bond Buyer
December 13, 2012
Dickinson Wright PLLC is pleased to announce that The Bond Buyer, the only comprehensive news outlet for municipal finance, selected The Michigan Finance Authority’s multibillion dollar refinancing of the state’s federal unemployment insurance loan as the 2012 National Deal of the Year.
“This was a transaction that was big, precedent setting and AAA all around,” said Gavin Murphy, editor in chief of The Bond Buyer, at the award ceremony in New York City on Dec. 5. “It provided a template for subsequent deals, a low cost of capital and benefits for both the public and private sectors.”
Dickinson Wright Attorneys Terence M. Donnelly, Kester K. So, and Thomas V. Yates served as co-bond counsel to the Michigan Finance Authority on the bond issue. The Michigan Finance Authority’s $3.3 billion of unemployment obligation assessment revenue bonds allowed the state to save millions of dollars in interest costs associated with a loan from the federal government for unemployment insurance benefits. It served as a model for subsequent transactions by other states in the municipal bond market.
The 2012 awards, which considered deals that closed between Oct. 1, 2011 and Sept. 30, 2012, drew approximately 90 nominations throughout the nation for transactions ranging in size from a few million to billions of dollars. One finalist was selected from each of the five regions covered by The Bond Buyer. The entries were evaluated by The Bond Buyer’s editors and bureau chiefs. They looked for deals that involved innovation, the ability to pull complex transactions together under challenging conditions, deals that could or did serve as a model for other financings, and the public purpose for which a transaction’s proceeds were used.
The transaction also won the Deal of the Year award for the Midwest region.
Dickinson Wright’s municipal law & finance practice consists of a team of lawyers with a national reputation as one of Michigan’s top bond counsels. Our lawyers have served as bond counsel in virtually every type of public financing transaction. Additionally, the team acts as underwriter’s counsel, trustee’s counsel, counsel to credit enhancement providers, counsel to purchasers of municipal bonds and borrower’s counsel in connection with all types of tax exempt and tax credit bond financings. Our lawyers have been recognized by both Best Lawyers in America and Super Lawyers in the areas of municipal law & finance.