Baird Public Finance Transaction Receives “Deal of the Year” Award
LANSING, Mich., Dec. 6, 2012
A Baird Public Finance
transaction has been honored as the 2012 “Deal of the Year” by The Bond Buyer
, the only national daily newspaper dedicated to the municipal bond industry. The deal recognized was the Michigan Finance Authority’s (“MFA”) $3.323 billion refinancing of its entire outstanding Federal unemployment insurance loan. Baird co-advised the MFA on the transaction.
In the two part transaction, MFA refinanced all of its unemployment insurance (UI) bonds in Dec. 2011 and then refunded those bonds into a largely fixed-rate bond structure in June 2012, which saved over $45 million in the first six months of 2012 and restored tax credits for 200,000 of Michigan’s private sector employers. Unprecedented in the market, MFA’s UI financing provides a model for other UI issuers. The deal also represents the two largest financings in State of Michigan public finance history.
“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.
, Managing Director in Baird’s Lansing, Mich., Public Finance office who worked with the MFA on the deal added, “The cooperation required to swiftly and successfully execute this deal was very high, but we were able to work together to make the transaction a reality. As a result, the MFA was able to substantially lower costs for the business community, and we were able to create a model that other states might be able to use.”
This is the fifth time a Baird-advised public finance transaction has been honored by The Bond Buyer
and the second time a deal involving Baird’s work with the State of Michigan has been recognized.
About Baird’s Public Finance Group
Baird is a major underwriter and financial advisor to municipalities, schools, government agencies, nonprofits and corporations. According to Thomson Reuters, in the first half of 2012 Baird ranked first in the nation for total number municipal bond underwritings; first 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. Baird was honored by The Bond Buyer
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 2,700 associates serving the needs of individual, corporate, institutional and municipal clients. Baird has nearly $97 billion in client assets. Committed to being a great place to work, Baird ranked No. 21 on FORTUNE’s 100 Best Companies to Work For in 2012 – its ninth 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 rwbaird.com