Mintz Levin Represents Commonwealth of Massachusetts in Complex Bond Deal
1/26/2005
Boston, MA - Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. announced that its Public Finance Section recently served as counsel to the Commonwealth of Massachusetts in a $215,765,000 bond issue that ranks as one of the most complex transactions in the state's history.
The bonds were special obligation bonds payable from a portion of the Commonwealth's gasoline tax and were issued to refund earlier issues of gasoline tax bonds, as well as to provide money for new highway projects. Approximately half of the issue was sold as "CPI" bonds - an innovative structure in which bonds bear an interest rate that varies with the consumer price index. The CPI bonds were then converted to synthetic fixed rates through interest rate swaps.
This transaction was particularly notable because of the timetable. It was an advance refunding and was feasible only if interest rates on municipal bonds and Fannie Mae securities were at the right levels. The deal was confirmed with the Treasurer's office on December 15th and the bond issue was priced just four business days later on December 21st.
"This transaction reflects Mintz Levin's ability to respond to our clients' needs at a moment's notice and our continued dedication to providing our clients with top quality work," said Greg Sandomirsky, a senior member of the Public Law Section. "It also represents our extensive expertise with a variety of complex financing techniques."
Public Finance attorneys Navjeet Bal, John Regier, tax attorney Mike Solet and legal assistant Kathy Connolly all played vital roles in bringing the transaction to completion.
Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, PC is a multidisciplinary law firm with over 450 attorneys and senior professionals in Boston, Washington D.C., Reston, VA, New York, Stamford, CT, Los Angeles and London.
Mintz Levin is distinguished by its reputation for responsive client service and expertise in the areas of bankruptcy; business and finance; communications; employment; environmental; federal; health care; immigration; intellectual property; litigation; public finance; real estate; tax; and trust and estates. Mintz Levin's international clientele range from privately held start-ups to Fortune 100 companies in a wide array of industries including biotechnology, venture capital, telecommunications, health care and high technology.
Mintz Levin was one of the first law firms to develop complementary consulting capabilities to provide complete solutions to clients' problems, including investment/wealth management, and government and public affairs.
