Mary S. Duffey

Experience

Underwriter’s Counsel for Unique Tender Offer and issuance of $125 million revenue bond

We served as Underwriter’s Counsel to our client, RBC Capital Markets (Underwriter) in connection with the issuance of tax-exempt revenue bonds for Ashland Hospital Corporation d/b/a King’s Daughters Medical Center. The medical center is a 465-licensed bed acute care hospital, with related facilities, located in the northwest region of Kentucky. In this transaction, a portion of the proceeds of the Series 2014 Bonds was used to finance the costs of the purchase of bonds previously issued for the benefit of the client (Tendered Bonds). The Tendered Bonds were obtained by the client through a successful tender process with the assistance of the Underwriter and Dinsmore pursuant to an Invitation to Tender Bonds filed with the MSRB’s electronic municipal market access system.

$14.2 million bond counsel for independent senior living and care organization

When the Laurel Lake Retirement Community was presented with the opportunity to become an independent senior living and care organization, it turned to us for counsel on the financing. We enlisted the help of the County of Summit, Ohio, to serve as issuer for a portion of the debt and worked closely with Laurel Lake and BB&T Capital Markets.

Through these partnerships, we helped to bring to life a master indenture financing structure involving three separate series of bonds for the tax-exempt portion of the financing and several separate taxable note issues. These included (i) a senior series of tax-exempt bonds, which was paired with an accompanying taxable portion of the financing, as an attractive investment to banks, (ii) two subordinate series of tax-exempt bonds, one fixed rate and the other adjustable rate, which were marketed to retail investors, and (iii) several series of taxable notes placed with banks.

We helped guide Laurel Lake and the County through the bond issuance process and related tax issues, holding the public hearings mandated by the Internal Revenue Service regulations, drafting the necessary bond and tax documentation and ultimately playing an important role in helping our client secure the lowest possible financing costs in reaching its goals.

$3,000,000 County of Cuyahoga, Ohio Adjustable Rate Demand Recovery Zone Facility Bonds, Series 2010A and $10,000,000 County of Cuyahoga, Ohio Adjustable Rate Demand Industrial Development Refunding and Improvement Revenue Bonds, Series 2010

$3,000,000 County of Cuyahoga, Ohio Adjustable Rate Demand Recovery Zone Facility Bonds, Series 2010A and $10,000,000 County of Cuyahoga, Ohio Adjustable Rate Demand Industrial Development Refunding and Improvement Revenue Bonds, Series 2010A/B (The Great Lakes Brewing Co. Project) (Bond Counsel)

$6,215,000 Southern State Community College District, General Receipts Refunding and Improvement Bonds, Series 2012

$6,215,000 Southern State Community College District, General Receipts Refunding and Improvement Bonds, Series 2012

$1,503,460,000 Railsplitter Tobacco Settlement Authority, Tobacco Settlement Revenue Bonds, Series 2010

$1,503,460,000 Railsplitter Tobacco Settlement Authority, Tobacco Settlement Revenue Bonds, Series 2010 (Special Counsel)

$107,615,000 Kentucky Economic Development Finance Authority, Medical Center Revenue Bonds, Series 2010

$107,615,000 Kentucky Economic Development Finance Authority, Medical Center Revenue Bonds, Series 2010 (Ashland Hospital Corporation, d/b/a King's Daughters Medical Center Project)

$160,000,000 The Franklin County Convention Facilities Authority, Lease Revenue Anticipation Bonds, Series 2010

$160,000,000 The Franklin County Convention Facilities Authority, Lease Revenue Anticipation Bonds, Series 2010 (County of Franklin, Ohio, Lessee), (Federally Taxable – Build America Bonds – Direct Payment)

$18,660,000 Youngstown State University, General Receipts Bonds, Series 2011

$18,660,000 Youngstown State University, General Receipts Bonds, Series 2011