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Bond Buyer “Deal of the Year” Finalist

News | December 2, 2014

Kutak Rock attorneys Tom Weihe, Michael Thomas and Mike Johnson served as underwriter’s counsel for the Denver Regional Transportation District’s $441 million offering of certificates of participation (COP). The proceeds of the certificates will be used to develop the North Metro Rail Line from Denver Union Station to 104th Avenue.

The deal is particularly unique as it is the first time an issuer has used a proposed commuter rail line as the leased property in a COP financing. In addition, it is the largest COP issuance in the transportation sector in the past decade, as well as the second-largest tax-exempt issuance of COPs in the last five years. The structure presented the finance team with a number of legal questions of first impression for Colorado COPs and several hurdles unique to leases of rail lines.

The Bond Buyer selected the deal as its 2014 “Southwest Region Deal of the Year,” qualifying the deal for the publication’s 13th annual “Deal of the Year” award. The “Deals of the Year” honor outstanding municipal bond transactions in eight categories (Northeast Region, Southwest Region, Midwest Region, Southeast Region, Far West Region, Non-Traditional Financing, Health Care Financing and Small-Issuer Financing) from municipal bond deals that were closed between Oct. 1, 2013 and Sept. 30, 2014.