CHICAGO – Jan. 17, 2025 – Global law firm Greenberg Traurig, LLP represented the City of Chicago (the City) and the Sales Tax Securitization Corporation (STSC) as co-disclosure counsel on their joint plan of finance bond deals, valued at over $1 billion, consisting of: $287,215,000 in City of Chicago General Obligation Bonds, Refunding Series 2024B, and the STSC's $202,150,000 Sales Tax Securitization Bonds, Refunding Series 2024A; $448,210,000 in Second Lien Sales Tax Securitization Bonds, Refunding Series 2024A; and, $192,490,000 in Second Lien Sales Tax Securitization Bonds, Taxable Refunding Series 2024B.
The coordinated plan, which closed Dec. 19, 2024, will allow the City to refund and repurchase and cancel by means of a tender offer some of its outstanding General Obligation Bonds, and allow STSC to repurchase and cancel by means of a tender offer some of its outstanding senior lien bonds.
The Greenberg Traurig team advising the City and STSC was led by Public Finance & Infrastructure Shareholder Lorraine M. Tyson in Chicago, and included Public Finance & Infrastructure Shareholder Melissa López Rogers in Orlando and Atlanta and Public Finance & Infrastructure Of Counsel Lance C. Tyson in Chicago. Lorraine Tyson also participated in and provided advice to the City and STSC regarding meetings with various investors in connection with the joint plan of finance.
The City of Chicago is a municipal corporation that was incorporated in 1837 and is responsible for the governance of Chicago, the third-most-populous city in the United States. The STSC is a special purpose, bankruptcy-remote not-for-profit corporation incorporated under the provisions of the General Not For Profit Act of 1986 of the State of Illinois, as amended, and organized in accordance with an ordinance adopted by the City Council of the City of Chicago Oct. 11, 2017.
About Greenberg Traurig’s Public Finance & Infrastructure Practice: Greenberg Traurig, LLP has a national public finance practice that consistently ranks among the top bond, disclosure, and underwriter’s counsel firms according to The Bond Buyer’s nationwide and statewide rankings. Greenberg Traurig LLP’s Public Finance & Infrastructure Practice has been serving the needs of state and local issuers, underwriters, credit providers, bondholders, and conduit borrowers throughout the United States for more than forty years in virtually every area of public finance. The firm currently has more than 35 attorneys in the Public Finance & Infrastructure Practice advising on transactions throughout the United States.
About Greenberg Traurig: Greenberg Traurig, LLP has more than 2750 attorneys in 48 locations in the United States, Europe and the Middle East, Latin America, and Asia. The firm is a 2024 BTI “Leading Edge Law Firm” for delivering on client expectations for the future and is consistently among the top firms on the Am Law Global 100 and NLJ 500. Greenberg Traurig is Mansfield Rule Certified Plus by The Diversity Lab. The firm is recognized for powering its U.S. offices with 100% renewable energy as certified by the Center for Resource Solutions Green-e® Energy program and is a member of the U.S. EPA’s Green Power Partnership Program. The firm is known for its philanthropic giving, innovation, diversity, and pro bono. Web: www.gtlaw.com.