Public finance, bond issuance and economic development

Porter Wright attorneys have served as lender counsel and borrower counsel in tax-exempt and taxable bond transactions totaling hundreds of millions of dollars. Our attorneys have worked on economic development and public finance transactions for a wide range of projects, including health care facilities, manufacturing plants, corporate headquarters, residential and corporate real estate developments and other financings. We leverage our deep and varied experience representing lenders, such as national and state banks, insurance companies and non-bank lenders and investors, as well as corporate borrowers, capital lessees, bond contracting parties and others incurring indebtedness, to bring creative solutions to the challenges confronted in financing projects.

We have served as counsel for borrowers or capital lessees in connection with bonds issued by traditional governmental entities and commissions, port authorities, community improvement organizations and other quasi-governmental agencies. Our attorneys have represented numerous financial institutions and other providers of credit, underwriters and credit enhancement arrangements in connection with taxable and tax-exempt bonds. With insight from our tax, government affairs, business growth and finance attorneys, we can prompt alignment among multiple government bodies and guide public finance transactions to completion. 

Recent transactions

  • Served as bond purchaser counsel in the $68 million refinancing of existing bonds and taxable bond indebtedness that provided funds to construct additions and improvements to existing healthcare facilities.
  • Represented a bank as administrative agent, lender and issuing bank in a syndicated construction loan facility in an amount in excess of $73 million consisting of a construction loan and hedging obligations in connection with the construction of a new surgical hospital in Akron, Ohio.  
  • Served as borrower counsel in a $22.5 million-plus financing to assist in the construction of a major addition to a manufacturing facility, already subject to bond financing. The transaction involved multiple financing sources including an Ohio Enterprise Bond Fund issuance, a capital lease with Dayton-Montgomery County Port Authority and JobsOhio. 
  • Served as borrower counsel in the issuance of $70 million in bond financing for the construction of a new corporate headquarters facility.
  • Served as bank counsel in two separate tax-exempt bond financings for $46 million and $38 million respectively for improvements to skilled nursing, memory-care and related health campuses owned by an Ohio nonprofit corporation.
  • Served as bank counsel in a TIF financing with the Port Authority of Summit County.
  • Served as bank counsel in a $46 million bond financing for redevelopment of a brownfield property as an apartment complex.
  • Served as bank counsel in connection with a “club” syndicated bond purchase agreement and disbursing, payment and collateral agreement in respect of taxable lease revenue bonds for a $60 million mixed use project.
  • Represented the lender/bond purchaser in a $13 million taxable development lease revenue bond transaction issued by a Port Authority for the acquisition, construction and development of an assisted living senior housing project.