In 2010 Hawkins Again Participates in a Leading Tobacco Revenue Bond Securitization


In the last quarter of 2010, Hawkins and its Illinois co-counsel joined a team responding to an urgent need by the State of Illinois to generate funds through a bond securitization of tobacco settlement revenues due to the State from tobacco companies under the multistate Master Settlement Agreement. The $1.5 billion transaction by the Railsplitter Tobacco Settlement Authority was accomplished in a little over 2 months and included structuring features designed to generate the highest possible ratings from rating agencies. This transaction was the largest tobacco settlement revenue securitization accomplished since the $5.5 billion Buckeye (Ohio) Tobacco Settlement Financing Authority deal closed in October of 2007, for which Hawkins served as co-bond counsel.

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