Porter White & Company, a Birmingham-based municipal advisor, advised the Birmingham-Jefferson Civic Center Authority (BJCC) on its $301,055,000 financing for construction of a multi-purpose outdoor stadium and renovation of its Legacy Arena.
The complex financing utilized six different series of bonds, which required the coordination of multiple governmental and private entities, including the BJCC, City of Birmingham, Jefferson County, Alabama Legislature, University of Alabama System, University of Alabama at Birmingham, and approximately 30 members of the Birmingham corporate community.
The six series of bonds and the related credits are summarized below:
- $123,870,000 Special Tax Bonds (Senior-Lien), Series 2018A
- $70,510,000 Special Tax Bonds (Subordinate-Lien), Series 2018B
- $9,060,000 Special Tax Bonds (Subordinate-Lien), Taxable Series 2018C
- $48,805,000 Revenue Bonds (City of Birmingham Funding), Series 2018D
- $17,810,000 Revenue Bonds (Jefferson County Funding), Series 2018E
- $31,000,000 Private Contribution Bond, Taxable Series 2018F
The transaction team included an underwriting syndicate consisting of Raymond James, Stifel Nicolaus, Loop Capital and Securities Capital Corporation, which completed the simultaneous sale of five of the six series of bonds, each with a different security, tax, rating and legal characteristics. Regions Bank provided the private contribution bond payable from facility rental agreements, suite leases, and sponsorships related to the stadium. Maynard Cooper & Gale served as bond counsel, Waldrep Stewart & Kendrick served as counsel to BJCC and Rice Advisory served as co-Financial Advisor with Porter White & Company.
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