McNees Wallace & Nurick served as bond counsel to the Pittsburgh Water and Sewer Authority (PWSA) in its sale of almost $400 million of revenue bonds issued to fund critical investments in water, sewer and stormwater infrastructure. By undertaking this project and refinancing its existing debt, both the PWSA and Pittsburgh ratepayers are saving money.
Due to the high volatility in the bond markets, the McNees team, together with PWSA’s leadership team, financial advisors and investment bankers, explored multiple financing options over the course of five months. The final plan reduces PWSA’s overall interest expense and risk by replacing some of its existing debt that carries interest at variable rates with a fixed-rate debt option. This aligns with the PWSA’s long-term financing strategy.
McNees’ Public Finance & Government Services attorneys regularly handle large, complex transactions involving rate swaps, variable rate demand obligations and complex tax questions. Governments, authorities, school districts and nonprofit organizations should contact McNees’ David Unkovic, Timothy Horstmann and Terry Snyder to learn more about how they can bring bonds to market to accomplish important community projects.David Unkovic, a Pittsburgh native, has practiced as a municipal bond lawyer in Pennsylvania for over 40 years and served as chief counsel of the Pennsylvania Department of Community and Economic Development as well as the first state-appointed receiver for the City of Harrisburg. Unkovic can be reached at dunkovic@mcneeslaw.com or 484-329-8038.
Timothy Horstmann has spent his entire legal career advising banks and financial institutions, government issuers, school districts and nonprofits in matters related to state, local and federal taxation, including the structuring of taxable and tax-exempt revenue bond and general obligation bond financings. Horstmann can be reached at thorstmann@mcneeslaw.com or 717-237-5462.
Terry Snyder is a paralegal with over 35 years of experience in the municipal and private sector finance industries. She has worked with municipal clients, financial institutions and non-profit entities in connection with tax-exempt and taxable public or private placement financings. Snyder can be reached at tsnyder@mcneeslaw.com or 717-237-5379.
Original source can be found here.