As part of our ongoing engagement with the Metropolitan Transportation Authority (the “MTA”), the nation’s largest public transit authority, Bryant Rabbino served as Co-Bond Counsel in connection with the remarketing of MTA’s $294,075,000 Revenue Refunding Bonds, Subseries 2005E-1 and Subseries 20015E-1.
This complex remarketing involved the mandatory tender, consolidation and redesignation of various subseries of outstanding MTA bonds, including but not limited to, the Subseries 2005E-1 and Subseries 2015E-1 Bonds (all such bonds being referred to as the “Remarketed Bonds”); the replacement of four irrevocable direct-pay letters of credit relating to the Remarketed Bonds; and the amendment and restatement of various terms and provisions of the Remarketed Bonds.
This remarketing provided millions of dollars in vital savings for the MTA.
Bryant Rabbino attorneys Sani A. Williams, B. Seth Bryant, Aram Muradyan, and Bernard Armoo assisted on the transaction. The transaction closed on June 18, 2021.