A team of Capital Markets lawyers recently closed the first public offering of Build America Bonds (BABs) for the University of Virginia in Charlottesville, Va. BABs are new bonds authorized under the American Recovery and Reinvestment Act of 2009, and the university was the first issuer in the United States to get to market with a $250 million AAA-rated offering that will fund its new capital expenditures.
McGuireWoods served as bond counsel to the university, and JP Morgan was the lead underwriter. The pricing of the bonds was highlighted in the April 16, 2009, issue of the Bond Buyer. The McGuireWoods Capital Markets team included Dave Richardson, Renee Fain, Lisa Williams and Jessica Kleinhans (all Richmond), with Bob Kaplan (Washington, D.C.) providing tax support.