Baird Public Finance Transaction Receives "Deal of the Year" Award
WINSTON-SALEM, North Carolina, Dec. 16, 2013
A Baird Public Finance transaction has been honored as a 2013 “Deal of the Year” by The Bond Buyer, the only national daily newspaper dedicated to the municipal bond industry. The deal recognized was Harnett County, North Carolina’s issuance of $20 million in Limited Obligation Bonds (LOBs) to refinance the debt of its seven water and sewer districts. Baird served as senior managing underwriter to Harnett County on the transaction, which was recognized in the Southeast regional category.
In the transaction, Baird helped the County use a new deal structure that enabled it to utilize the public capital markets – something which, previously, was largely inaccessible – and refinance 12 existing debt obligations for the County’s seven water and sewer districts. The districts collectively achieved $4.9 million in gross debt service savings or $2.4 million in present value savings.
Since the time that Baird first marketed this structure to debt issuers in North Carolina in 2012, eight counties (including Harnett) – the majority of them in rural areas of the state – have utilized this financing structure to realize significant debt service savings.
“This award is another great example of Baird’s innovative approach and commitment to outstanding client service” said Keith Kolb, Baird’s Director of Public Finance.
Ryan Maher, a Director in Baird’s Winston-Salem, North Caroline Public Finance office who worked with Harnett County on the deal added, “Baird is very pleased to have helped provide Harnett County with this unique deal structure so that its water and sewer districts could leverage the efficacy of the public debt markets to lower their overall debt service costs. It’s a real win-win-win: the County and its districts use a better financing structure, the taxpayers realize savings and other rural North Carolina Counties can and have replicate the model for their financing needs.”
This is the sixth time since 2005 that a Baird public finance transaction has been honored by The Bond Buyer as a “Deal of the Year.”
About Baird’s Public Finance Group
Baird is a major underwriter and financial advisor to municipalities, schools, government agencies, nonprofits and corporations. In 2012, Baird ranked first in the nation for total number municipal bond underwritings; second in the nation for number of municipal bond underwritings of $50 million or less; and among the Top 10 in the nation for municipal bond issues of $100 million or less according to Thomson Reuters. Baird was honored by The Bond Buyer as advisor of the 2012 “Deal of the Year,” as underwriter for the “Small Issue Deal of the Year in 2011, “Nontraditional Financing Deal of the Year” in 2009 and advisor of the “Midwest Regional Deal of the Year” in 2007.
Baird is an employee-owned, international wealth management, capital markets, private equity and asset management firm with offices in the United States, Europe and Asia. Established in 1919, Baird has more than 2,900 associates serving the needs of individual, corporate, institutional and municipal clients. Baird has more than $100 billion in client assets. Committed to being a great place to work, Baird ranked No. 14 on FORTUNE’s 100 Best Companies to Work For in 2013 – its tenth consecutive year on the list. Baird’s principal operating subsidiaries are Robert W. Baird & Co. in the United States and Robert W. Baird Group Ltd. in Europe. Baird also has an operating subsidiary in Asia supporting Baird’s investment banking and private equity operations. For more information, please visit Baird’s Web site at www.rwbaird.com.