Ice Miller Congratulates Indiana Finance Authority on Winning National Deal of the Year
Ice Miller proudly congratulates its client the Indiana Finance Authority (IFA) for its recent selection by The Bond Buyer as the 12th annual national Deal of the Year for the Ohio River Bridges East End Crossing Project. The Bond Buyer, a national publication covering the municipal finance industry, chose the IFA as the national winner from a field of seven regional nominees on Dec. 5 at a ceremony in New York City. Kendra York, the Public Finance Director for the State of Indiana, who led the transaction on behalf of the IFA, was also recognized that evening as a Trailblazing Woman Issuer.
“Ice Miller was delighted to work with the Indiana team on this landmark public-private partnership for the Ohio River Bridges East End Crossing Project. The Indiana approach to this procurement was extremely efficient and tapped into private sector innovation and competition to the benefit of the State and its citizens,” said Brenda Horn, deputy managing partner at Ice Miller. "The opportunity to participate with the Ice Miller team as special counsel to the IFA for this innovative and challenging transaction was one of the most rewarding experiences I have had in the more than 30 years that I have been in the industry.
The Ohio River Bridges East End Crossing Project was funded through the sale of approximately $675 million of tax-exempt private activity bonds, including $195 million of milestone PABs, a new security type for P3 projects. This was the first time the Deal of the Year award was given to a P3 transaction. WVB East End Partners, a consortium comprised of Vinci Concessions, Walsh Investors and Bilfinger Project Investments, was the private sector partner.
Under a development agreement for the Ohio River Bridges Project between Indiana and Kentucky, Kentucky is responsible for developing, constructing, financing and maintaining the downtown Louisville bridges, and Indiana is responsible for developing, constructing, financing, operating and maintaining the East End Crossing bridge. Indiana used an availability payment form of public-private partnership, an alternative to traditional transportation bonding that leverages traditional state and federal highway appropriations to attract low-cost private sector financing.
Ice Miller has served as bond and special counsel to state and local governments since 1910. Each year Ice Miller approves hundreds of financings with a total principal amount of up to $6.5 billion. Ice Miller has served as finance and special counsel for the public private partnerships or bonds for Citizens Gas, the Circle Centre Mall, the Indiana Municipal Power Agency, the Indiana Stadium and Building Authority, the Indianapolis Bond Bank and the Indiana Finance Authority.
“Indiana’s approach to allocation of risks and rewards, while limiting the exposure of the public sector to cost overruns and operational expenses is a model for governments in Ohio and elsewhere, especially in the area of transportation infrastructure,” said Kip Wahlers, Municipal Finance Group partner in Ice Miller’s Columbus, Ohio, office.
“Our bond lawyers in Illinois, Indiana and Ohio are regularly involved with bond issues that combine private and governmental resources. The Ohio River Bridges project is a great example of our firm using our P3 capabilities in the Midwest,” said Jim Snyder, Municipal Finance Group partner in the Firm’s DuPage County, Ill., office.
About Ice Miller LLP
Founded in 1910, Ice Miller LLP is an Am Law 200 Firm with a nationally recognized reputation in many of its practice areas. Ice Miller offers a broad array of capabilities in virtually all areas of legal practice including: corporate, patents and trademarks, bankruptcy, lobbying, labor and employment, litigation, employee benefits, environment, tax, trusts and estates, real estate, municipal finance and government law. With offices in Chicago; Cleveland; Columbus; DuPage County, Ill.; Indianapolis; and Washington, D.C., the Firm has more than 300 lawyers, 40 paraprofessionals and 280 support staff members.
This press release is intended for general information purposes only and does not and is not intended to constitute legal advice.