Jefferson County, AL, $1.8 Billion financing

12/3/2013

On December 3, 2013, Jefferson County, Alabama, emerged from Chapter 9 bankruptcy, two years after the County had initially filed. The County issued on December 3 approximately $1.8 Billion of sewer revenue warrants and used the proceeds and other available funds to pay all outstanding claims and settle all outstanding litigation related to the County’s Sewer System in the bankruptcy proceeding. The warrants were sold while the County was in bankruptcy, and the settlement and delivery of the warrants was conditioned on a Confirmation Order having been issued by the federal Bankruptcy Court that had not been stayed pending appeal. This was the first time in municipal finance that debt had been sold while the issuer was still in bankruptcy. Citigroup was the lead underwriter, and Hawkins served as underwriters’ counsel for this historic and significant financing.

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