Recently, The Bond Buyer reported that underwriters working on the capital improvement plan at PortMiami were scheduled to begin pricing $390 million of seaport revenue bonds to retail investors on September 9, followed by institutional sales on September 10. $360 million of the offering will be new-money bonds that will finance part of a $977 million capital improvement plan to expand the port. The County plans to use $162 million of bond proceeds to finance a portion of the “Deep Dredge Project,” which is expected to increase the depth of the port channel and accommodate larger ships to pass through the port. Bond proceeds will also be spent on infrastructure and terminal improvements, including rail transportation systems to the port, an underwater tunnel, and the purchase of additional cranes to service the ships. The project is aimed to bring increased port business to Miami as an alternative to freight and truck shipping. WSH attorneys serve as the underwriters’ counsel.
Attorneys in WSH’s Public Finance Practice Group provide high-quality legal service to every player in the public finance arena, from governmental to quasi-governmental entities that need access to capital markets, to underwriters and issuers. Our experience includes handling financings for almost every type of bond issue, ranging in size from under $1M to over $500M. This broad spectrum of experience gives the Group a unique ability to effectively advise clients on options that may be available for a given transaction and to structure and implement innovative solutions for difficult transactions. The Group complements WSH’s Local Government Division, which employs more than 30 attorneys practicing day-to-day municipal law, and includes many former city and county attorneys, including attorneys who are Florida Board Certified in this specialty.
You can read more about the PortMiami project here.
Author(s): Brooke P. Dolara
