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 $154,495,000 Revenue Refunding Bonds, Subseries 2005D-1 and Subseries 2002G.
Of note, this remarketing provided for the replacement of the outdated variable rate interest benchmark based on the London InterBank Offered Rate (“LIBOR”) with the Secured Overnight Financing Rate or SOFR Index, to determine interest rates for the bonds. This transaction holds the distinction of being among the first municipal finance transactions in the United States to use the SOFR Index.
Bryant Rabbino attorneys Sani A. Williams, B. Seth Bryant, Aram Muradyan, and Bernard Armoo assisted on the transaction. The transaction closed on June 29, 2021.