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Bonds issued to save hockey team

January 31, 2008

McGuireWoods' Pittsburgh and Baltimore offices recently teamed up to serve as counsel to PNC Capital Markets LLC in connection with the issuance of $313,265,000 of tax-exempt and taxable bonds by the Sport & Exhibition Authority of Pittsburgh and Allegheny County. The bonds were issued to finance the development and construction of a new 18,000-seat arena in downtown Pittsburgh for the NHL's Pittsburgh Penguins. The completion of this financing was an important component to keeping the Penguins in Pittsburgh. The bonds will be backed by lease revenues from the Penguins and various Commonwealth of Pennsylvania revenue sources.