Public Finance

We help clients navigate a range of issues, such as a rise in variable rate demand tender bonds, the ebb and flow of guaranteed investment contracts and arbitrage earnings, the use of swaps and other derivative products, municipal defaults, the resurrection of the direct placement, and the combination of multiple subsidies with tax-exempt debt.

The team includes thought leaders who monitor developments in the public finance space and draft responses to proposed regulations, desk book materials and industry whitepapers.

How We Help

The Public Finance Practice Group leads municipal capital projects and working capital financings as bond counsel, disclosure counsel, underwriter’s counsel and lender’s counsel. The team’s work encompasses nearly every type of government and private activity project.

When serving as bond or disclosure counsel, we advise local governments, development authorities, other special purpose issuers and public companies. As underwriter’s or lender’s counsel, the group represents top investment banking firms, commercial banks, and non-traditional tax-exempt lenders and purchasers.

Tax and Securities Experience

All McGuireWoods bond attorneys are well-versed in federal tax and securities laws. The group is distinguished by its roster of tax lawyers who focus on public finance law. They are nationally recognized for tax-exempt finance work and client representation before the Internal Revenue Service, including IRS audits and enforcement actions. Active in the municipal securities law community, our team produces thought leadership and practical desk book materials.

We serve as lead counsel in the full spectrum of transactions.

Representative Matters

• Bond counsel on the second largest healthcare financing in 2023;
• bond counsel to the City of Atlanta in the issuance of $410 million General Obligation Public Improvement Bonds, Series 2022A-C;
• underwriters’ counsel and dealer manager’s counsel to a leading financial institution for the Virginia College Building Authority’s issuance of $960.6 million Education Facilities Revenue Bonds (21st Century College and Equipment Programs), Series 2023A-B and related bond tender transaction;
• underwriters’ counsel to an American multinational bank in connection with multiple City of Chicago Midway International Airport revenue bond offerings;
• underwriters’ counsel and dealer managers’ counsel to an American multinational bank in a $2.9 billion general obligation bond tender offer with a 10-month forward delivery period, including a tender offer, new money bonds (two social bond series), refunding bonds and a forward delivery series of bonds; and
• underwriters’ and bond counsel on bond offerings for public companies or private developers in the investor-owned utility, industrial materials and renewable energy markets.