DETROIT, Mich. (PRWEB) November 19, 2014
Dickinson Wright PLLC is pleased to announce that The Bond Buyer, the only comprehensive news outlet for municipal finance, selected the Karegnondi Water Authority’s multimillion dollar financing of a pipeline to Lake Huron as a 2014 Deal of the Year Finalist.
The Karegnondi Water Authority’s $220.5 million financing to fund a 63-mile pipeline to Lake Huron completed Michigan’s Flint and Genesee County’s breakaway from their dependence on the Detroit water system. Entering a market where local governments across Michigan have faced heightened penalties, the authority sold the bonds to more than 30 investors and achieved an all-in borrowing cost below projections. Dickinson Wright Attorneys Terence M. Donnelly and Kester K. So served as underwriters’ counsel to J.P. Morgan Securities LLC, Wells Fargo Securities and Stifel, Nicolaus & Company, Incorporated on the deal.
The 2014 awards, which considered deals that closed between Oct. 1, 2013, and Sept. 30, 2014, drew nominations that represent the full diversity of the communities and public purposes that are served by the municipal finance market. One finalist was selected from each of the five regions with the Karegnondi Water Authority deal representing the Midwest Region. 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 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 regional finalists are in the running for the National Deal of the Year Award, which will be announced on Dec. 4th at a ceremony at the Waldorf Astoria Hotel in New York City.
In 2012, Dickinson Wright Attorneys Terence M. Donnelly, Kester K. So, and Thomas V. Yates served as co-bond counsel to the Michigan Finance Authority’s multibillion dollar refinancing of the state’s federal unemployment insurance loan. The deal was named the “National Deal of the Year” by The Bond Buyer.
About Dickinson Wright PLLC
Dickinson Wright PLLC is a full-service law firm with more than 40 practice areas. Founded in 1878, Dickinson Wright PLLC has over 360 lawyers in offices located in Detroit, Troy, Grand Rapids, Ann Arbor, Lansing, and Saginaw, Mich.; Columbus, Ohio; Las Vegas, Nev.; Nashville, Tenn.; Phoenix, Ariz.; and Washington, D.C. Dickinson Wright LLP has over 35 lawyers in Toronto, Canada.