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Bracewell Helps North Texas Tollway Authority Secure $761 Million of Debt Restructuring

DALLAS – Bracewell LLP recently served as co-bond counsel and co-disclosure counsel to North Texas Tollway Authority (NTTA), a preeminent tollway authority in North Texas and one of the top issuers in the country in volume of bonds and innovative financing, in a $761 million tax exempt and taxable bond financing.

In light of the impact of COVID-19 on traffic, NTTA restructured its debt. NTTA and Bracewell’s securities team collaborated on an innovative approach to prepare voluntary disclosures to the marketplace that described the impact of COVID-19 on NTTA and NTTA’s plan to address the impact. The voluntary disclosures gave comfort to the marketplace, providing a smooth road for NTTA to close the $761 million tax exempt and taxable bond financing.

The transaction was led by Bank of America and Jefferies, which sold the bonds domestically and internationally, and achieved over $146 million in interest savings for NTTA.

Bracewell lawyers involved in these transactions included:

Partners: E. Steve Bolden II, William Mahomes Jr., W. Glenn Opel, Victoria N. Ozimek, Brian P. Teaff, Barron F. Wallace and Will Anderson

Senior Counsel: Edward Fierro

Of Counsel: Paul S. Maco

Associates: Sarah Tahir and Shelby Harden