Michigan Finance Authority Transaction Wins Deal of the Year

Foley is pleased to announce that on December 5, The Bond Buyer, a national public finance daily newspaper, revealed the winners of the publication’s 11th Annual Deal of the Year Awards at a black tie reception held in New York.

The Michigan Finance Authority was honored for having both the Deal of the Year as well as Midwest Regional Transaction of the Year. The Michigan Finance Authority’s $3.3 billion of unemployment obligation assessment revenue bonds allowed the state to save millions of dollars in interest costs associated with a loan from the federal government for unemployment insurance benefits. It served as a model for subsequent transactions in the municipal bond market.

Foley served as co-underwriters’ counsel on this deal. The Foley team was led by Thomas B. Spillane, Laura L. Bilas, Heidi H. Jeffery, and Gjina Lucaj.

The annual awards competition honors issuers who drive innovation in public finance. The 2012 awards contest drew nearly 90 nominations for transactions ranging in size from a few million to billions of dollars.

The Bond Buyer’s editors and bureau chiefs evaluated the entries based on the following criteria: innovation, ability to pull complex transactions together under challenging conditions, deals that could or did serve as a model for other financings, as well as for public purpose. One finalist was selected from each of the five regions covered by The Bond Buyer, and one overall winner was selected.