Transaction Details

City of Champaign

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Following a competitive RFP process against 15 other firms, Baird was engaged in 2013 to serve as the City of Champaign’s municipal advisor for a five-year term, which was extended to the max of 10 years. Baird was recently engaged again as municipal advisor for a new five-year term following a required RFP process.

We served as municipal advisor on 6 general obligation bond issues totaling $85.9 million in par amount. Four of those transactions were refundings which generated over $3.1 million in debt service savings for the City.

During the course of our engagement, Baird (i) reviewed responses to two underwriting RFPs and made recommendations as to the selection of a pool of underwriters; (ii) drafted rating presentations and prepared City staff for tours of the City and conference calls; (iii) drafted and/or reviewed all deal related documents; (iv) advised on the structure of the bonds and timing of the sales; and (v) monitored the underwriter’s pricing and order flow.

Most recently, Baird served as advisor on the City’s issuance of $34,215,000 General Obligation Bonds, Series 2024 that will finance stormwater and sewer improvements within the City. Given the City’s “Aaa” rating, deal size, term and solid market tone, we elected to sell the Bonds in the competitive market. The City received a total of seven bids that ranged only 0.07% in interest rate differential. The City secured a true interest cost of 3.99% on a 25-year term.