NWMA offers a variety of services to help guide you when taking on your next capital project or refunding of outstanding debt. Leverage our team of licenced professionals as we navigate you through a competitive or negotiated bond sale or bank loan. We advise you from presale planning through closing of a financing.
NWMA Has Experience in Issuing Many Different Types of Financings
NWMA assists issuers with customized financing solutions. We help our clients explore various types of financings and analyze the merits of competitive & negotiated bond financings and bank loans for potential transactions. NWMA has experience issuing:
- General Obligation Issues
- Revenue Issues
- Environmental, Social, & Green (ESG) Bonds
- Certificates of Participation
- Refunding Issues
- Lines and Letters of Credit
Planning and Presale:
The planning and presale process is integral to a successful financing. We work with clients months and sometime years in advance to ensure the viability of a project. We review the funding source to determine the bond sizing, term of the bonds, and maturity dates. With this information, we evaluate whether the best path toward financing is a negotiated or competitive sale through the capital markets or a bank financing. NWMA offers a wide range of services and resources to assist our clients through this process. Some of our services include:
- Document Review & Preparation
- Review Opportunities for Refunding Bonds and other Debt Service Savings
- Calculate Revenue Coverage Ratios
- Analyze/Plan Financing Structure & Terms
- Review Disclosure Compliance (SEC Rule 15c2-12)
- Calculate Debt Service Reserve Impact
- Modeling Tax/Levy Impact
- Evaluate the Benefits/Costs of Bond Insurance for the Issuer
- Attend Organizational Meetings
Competitive Sale
During a competitive sale, a bond offering is developed, circulated to the market, and bids are accepted at a specific day and time. NWMA:
- Prepares, Reviews, and Submit the Notice of Sale
- Coordinates Presale Marketing
- Coordinates the Electronic Bid Verifications
- Evaluates Bids
- Recommends Acceptance or Rejection of the Bids
- Prepares Information for Closing
Negotiated sale
During a negotiated sale, an underwriter is selected before the sale of the bonds to be a part of the financing team. NWMA:
- Evaluate Underwriter Responses
- Assess Underwriter Qualifications
- Negotiate underwriter compensation interest rates, yields, redemption provisions, and other parameters with the underwriter on behalf of the issuer
Banks Loans
Bank loans can be very nuanced and come with a wide variety of stipulations. NWMA prepares a request for proposals for banks that focuses the scope of the responses to the needs of the issuer. NWMA also:
- Reviews, Analyzes, Evaluates Bank Loan Proposals
- Analyzes and Evaluates Bond Covenants
- Recommends Acceptance or Rejection of the Bids
- Prepares Information for Closing
REFUNDING BONDS
Many bonds are issued with a call feature which allows the issuer to issue ‘new’ bonds in place of the ‘old’ bonds. These are called refunding bonds. Refunding bonds are issued to realize savings in debt service, modify the debt structure, or change a bond covenant.
NWMA works with clients to evaluate the advantages and disadvantages of a refunding issue. NWMA:
- Prepares/Reviews Refunding Analysis
- Compares Current and Advance Refunding Scenarios
- Evaluates Negotiated vs Competitive Sale through Capital Markets or through a Bank Loan
- Coordinates with Escrow Agent
- Prepares Escrow Sufficiency Certificate
- Coordinates with Verification Agent
Post Sale:
NWMA’s support continues after a sale of an issue. We follow the deal through closing and continue to to provide follow-up needed through the final maturity of the issue. NWMA will also:
- Prepare/Review Closing Memorandum
- Advise on Post-Issuance Continuing Disclosure Submissions
- Maintain Debt Service Records
- Post Issuance Reporting and Analysis
- Calculate Debt Service Reserve
Other Services:
Throughout the years, NWMA has taken on a variety of roles to benefit clients. Below are some of the other services we have provided to our clients as a full-service municipal advisor:
- Advising on Issuer Finance Policies
- Analyzing Unsolicited Proposals from Underwriters
- Ongoing Review of Market Conditions
- Providing Analysis to Maintain or Improve Bond Rating
- Prepare and Review Mandatory State Filings
- Reviewing and Analyzing Implications for the Issuer’s Debt Profile in Response to Proposed Changes to Federal, State, and Local Tax and Finance Laws
- Pricing Advisor
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Header Image: Angel of the Winds Arena, Everett Public Facilities District, WA – NWMA was MA for a 2018A & 2018B Limited General Obligation Refunding Bond Issues