LOS ANGELES, November 22, 2010 – Goodwin Procter LLP has advised City National Bank on a successful, first-of-its kind Charter School bond transaction, completed in August, which has been selected by The Bond Buyer as the 2010 Far West Region “Deal of the Year.” The transaction was named as the winner of the “small issuer” category in the publication’s ninth annual “Deal of the Year” awards. It represents the first Qualified School Construction Bond completed for a charter school in California history and is also one of ten finalists for 2010 National Deal of the Year. For more information on the award, visit The Bond Buyer.
Attorneys in the Los Angeles office of the national Am Law 50 law firm represented City National Bank in connection with its provision of credit enhancements that resulted in $12 million in funding for the construction of the High Tech High Charter School in Chula Vista, Calif. Goodwin’s team included partners Lewis Feldman, Bruce Graham and Douglas Praw.
“Receipt of the Far West Deal of the Year award, and the transaction’s current national finalist standing, underscore the originality, creativity and innovation behind the structure and substance of this deal,” said Feldman, chair of the Los Angeles office and head of Goodwin Procter’s Public Finance practice. “It is a testimony to the collaborative efforts of City National Bank, the City of Chula Vista, High Tech High Charter School, RBC Capital Markets and the entire financing team, which resulted in a new solution for building technologically advanced school facilities in a fiscally constrained environment.”
“This award represents good news, not only for those students who will benefit directly from the new school, but for all charter schools seeking to finance and construct state-of-the-art educational facilities that can prepare their students to compete successfully in an increasingly global and technologically dominated economy,” added Graham.
The awards, which showcase local efforts to help governments find funds during a turbulent time for public budgets, drew more than 70 nominations for transactions ranging in size from more than a billion dollars to just a few million. Goodwin Procter has counseled clients on three transactions that have received three Far West Deal of the Year awards in the past five years and will join the nine other regional winners for The Bond Buyer Deal of the Year Awards Gala December 9th at the Essex House hotel in New York City.
About Goodwin Procter
Goodwin Procter LLP is one of the nation’s leading law firms with offices in Boston, Hong Kong, London, Los Angeles, New York, San Diego, San Francisco, Silicon Valley, and Washington, D.C. The firm’s core areas of practice are corporate, litigation and real estate, with specialized areas of focus that include financial services, private equity, technology, REITs and real estate capital markets, intellectual property, products liability and mass torts. Information may be found at www.goodwinprocter.com.