Bryant Rabbino served as Co-Bond Counsel to the Triborough Bridge and Tunnel Authority (“TBTA”), an affiliate agency of the Metropolitan Transportation Authority (“MTA”) and the largest bridge and tunnel toll agency in the United States, Bryant Rabbino played a primary role in connection with the issuance by TBTA of its $1,000,015,000 Triborough Bridge and Tunnel Authority Payroll Mobility Tax Senior Lien Refunding Bonds, Series 2022B (Forward Delivery) (the “Series 2022B Bonds”). The Series 2022B Bonds were the first ever series of TBTA Bonds to be issued under a unique “forward delivery” structure, where, pursuant to a forward delivery purchase agreement, the purchase of the Series 2022B Bonds by the underwriters and the delivery thereof were subject to the satisfaction of certain conditions on an initial closing date in April 2022, and the satisfaction of additional conditions on the settlement date of August 18, 2022. The Series 2022B Bonds were issued to (i) retire certain of MTA’s outstanding Transportation Revenue Bonds, and (ii) pay certain financing, legal and miscellaneous expenses of TBTA. The transaction also provided TBTA with millions in debt service savings by allowing the Authority to lock in favorable rates months prior to the settlement.
Bryant Rabbino attorneys Sani A. Williams, Aram Muradyan, Bernard Armoo, and Adrian Armoo assisted on the transaction. The transaction closed on August 18, 2022.