Global law firm Greenberg Traurig, LLP represented the City of Chicago (the City) and the Sales Tax Securitization Corporation (STSC) as co-disclosure counsel on their joint plan of finance bond deals, valued at over $1 billion, consisting of: $287,215,000 in City of Chicago General Obligation Bonds, Refunding Series 2024B, and the STSC's $202,150,000 Sales Tax Securitization Bonds, Refunding Series 2024A; $448,210,000 in Second Lien Sales Tax Securitization Bonds, Refunding Series 2024A; and, $192,490,000 in Second Lien Sales Tax Securitization Bonds, Taxable Refunding Series 2024B.
The coordinated plan, which closed Dec. 19, 2024, will allow the City to refund and repurchase and cancel by means of a tender offer some of its outstanding General Obligation Bonds, and allow STSC to repurchase and cancel by means of a tender offer some of its outstanding senior lien bonds.
The Greenberg Traurig team advising the City and STSC was led by Public Finance & Infrastructure Shareholder Lorraine M. Tyson in Chicago, and included Public Finance & Infrastructure Shareholder Melissa López Rogers in Orlando and Atlanta and Public Finance & Infrastructure Of Counsel Lance C. Tyson in Chicago. Lorraine Tyson also participated in and provided advice to the City and STSC regarding meetings with various investors in connection with the joint plan of finance.
The City of Chicago is a municipal corporation that was incorporated in 1837 and is responsible for the governance of Chicago, the third-most-populous city in the United States. The STSC is a special purpose, bankruptcy-remote not-for-profit corporation incorporated under the provisions of the General Not For Profit Act of 1986 of the State of Illinois, as amended, and organized in accordance with an ordinance adopted by the City Council of the City of Chicago Oct. 11, 2017.
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