Parker McCay Provides Counsel to Underwriter in Connection with Milestone New Bond Issuance for Atlantic City
Parker McCay represented a leading market underwriting firm in connection with the issuance by the City of Atlantic City of its $69,800,000 aggregate principal amount of Tax Appeal Refunding Bonds, marking a significant milestone for the future financial stability of the City. In particular, Parker McCay was integral in providing legal assistance to the City and the underwriter in connection with the successful marketing and sale of the Bonds by the underwriter given the complexities of disclosure related to the City's current operations and finances, including the recent state takeover. The bond issuance included utilizing the State of New Jersey's "Municipal Qualified Bond Act", as well as the provision of municipal bond insurance in order to provide credit enhancement to the investors. In doing so, investor interest in the bond issue was extremely strong, resulting in very favorable interest rates for the City.