Robert W. Baird has received a 2011 “Deal of the Year” award from The Bond Buyer, a national daily municipal bond newspaper.
The winning deal was a $9.5 million sale of financial recovery bonds to the City of Ecorse, Mich. It was recognized in the small issue category, which comprised issuers with less than $70 million in annual revenue.
Ecorse had been under state receivership since November 2009. Baird served as underwriter for the financial recovery bonds, which were issued to generate revenue to make $8.7 million in court-ordered payments to the county and public schools.
The transaction created a bond structure that helped the city gain an ‘A’ rating as well as market access.
“This award is another great example of Baird’s top-notch expertise and client service,” said Keith Kolb, Baird’s Director of Public Finance. “Despite the daunting situation, we helped our clients find a workable solution that effectively met their financing needs.”
Baird’s public finance transactions were also awarded Deal of the Year by The Bond Buyer in 2005, 2007 and 2009.
