CAN WE ADVISE YOU ON FINANCING? 
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MARKET SOUNDING & PREPARATION ​

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  • Hire investment bank

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  • Prepare anchor investor presentation

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  • Reach out to 8-10 anchor 4(a)(2) and 144a investors, assuming no formal NDA process (use only click-thru NDA); formal NDA requires additional 2 weeks

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  • Make updates to market consultant study

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  • Receive and review construction study

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  • Investment bank obtains preliminary feedback from anchor investors 

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  • Determination to proceed with 144a or 4(a)(2) market, structure, and terms

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  • Identify legal counsels

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DOCUMENTATION & RATING REVIEW ​

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  • Select rating agencies and hold intro/update meetings as needed

  • Engage third parties

    • 4(a)2 - collateral agent, depository bank, auditor, etc.

    • 144a- indenture trustee, paying agent, registrar, etc.

  • Begin documentation

    • 4(a)2 – Private Placement Memorandum (PPM) and Note Purchase Agreement, Security Agreement, Depository Agreement, Legal Opinions

    • 144a- Summary of Terms, Preliminary Official Statement / "Pink OM”, Bond Indenture, Description of Notes, Purchase Agreement, Legal Opinions, etc.

    • Distribute Preliminary Official Statement / “Pink OM” to anchor investors and additional asset managers / securitization investors

  • Investor presentation and financing documentation

  • Send investor presentation and term sheet to anchor investors

  • 1:1 management/investor meetings with key anchor investors ahead of formal road show

  • Complete documentation, including expert reports of construction consultant and market study

  • Rating agencies review final docs; obtain preliminary ratings and presale report

MARKETING & EXECUTION ​​

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  • Enter market

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  • Multi-city roadshow focused on North American accounts

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  • Investors Q&A and provide feedback

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  • Investors submit bids following marketing period

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  • Determine final size and pricing based on primary objectives of the team

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  • Price / close transaction

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  • Rating agencies publish final reports with new issue ratings

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FINAL STEPS & Closing

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  • Public Entity Collateral Agent

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  • Public Entity Internal Counsel Collateral Agent Counsel

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  • Public Entity External Counsel

  • Construction Manager

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  • DeveloperConstruction Counsel

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  • Developer's Internal CounselSpecial Tax Counsel

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  • Developer's External CounselTrustee

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  • Borrower/SPVTrustee's Counsel

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  • Borrower/SPV CounselMunicipal Advisors

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  • Investment BankersDevelopment Consultants

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  • Investment Bankers CounselFeasibility Consultants

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  • Investors / LendersExpense Consultants

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  • Investors / Lenders CounselConstruction Consultants

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  • Escrow Agents  

* Representative of taxable financing process