Mintz served as bond counsel for the 2017 The Bond Buyer Northeast Deal of the Year awarded to the Massachusetts Bay Transportation Authority. The MBTA issued approximately $574 million of subordinated sales tax bonds and notes – including the first tax-exempt Sustainability Bonds sold in the United States.
Sustainability Bonds fund projects with environmental and/or social benefits. Prior to issuing the bonds, the MBTA formed a Sustainability Committee and adopted a Sustainability Bond Framework conforming to the standards of the International Capital Market Association and guiding future sustainability issuances. The sale included both traditional bonds and Sustainability Bonds, providing comparative data on the economic impact of the Sustainability Bond designation.
“We congratulate our client, the MBTA, on receiving this well-deserved honor,” said Meghan Burke, Head of Mintz’s Public Finance Section. “We are proud to have collaborated with the MBTA on this innovative bond program that will have great impact throughout the Commonwealth.” The issue was also notable as the MBTA’s first use of its subordinated sales tax credit.
The Mintz team, including Ms. Burke and Matthew Page, were present to honor the MBTA at the 16th annual Deal of the Year event on December 6 in New York City.