(CHARLOTTE, N.C.) – A recent financing for Harnett County, N.C. in which Parker Poe’ s Public Finance Practice Group served as bond counsel has received “Southeast Deal of the Year” by The Bond Buyer. The honor is a part of The Bond Buyer’s 12th Annual “Deal of the Year” Awards, which recognizes innovation in municipal finance nationwide. This marks the first time that a North Carolina public financing transaction has received this prestigious recognition.
The Firm was honored for the handling of a financing arrangement earlier this year involving seven water and sewer districts in the county. The successful structure of the transaction resulted in a gross debt service savings of $4.9 million, according to The Bond Buyer.
Each of the seven separate water and sewage districts located in Harnett County has the ability to issue general obligation bonds. Parker Poe’s finance team created a uniquely structured financing, allowing each district to issue a single unrated general obligation refunding bond, while the county issued publicly rated limited obligation bonds. The funds raised by the County were then used to purchase various district general obligation bonds.
The Bond Buyer will host its awards celebration on Dec. 5 at the Waldorf Astoria in New York City. The Harnett County transaction will compete with winners in the seven other geographic categories for the right to be named The Bond Buyer’s 2013 Deal of the Year. To learn more about this award winning transaction, visit The Bond Buyer Southeast Deal of the Year Video.
About Parker Poe
Parker Poe Adams & Bernstein LLP has 190 lawyers in five offices located in major markets across North Carolina and South Carolina. The Firm provides legal counsel to large commercial and public organizations on litigation, corporate and regulatory matters. For more information, please visit www.parkerpoe.com.