Practice Areas & Industries: Hunton & Williams LLP

Practice/Industry Group Overview

Hunton & Williams has long been recognized as a leader in advising clients in the development and financing of energy infrastructure projects. Railroad companies were among our first clients and we have built important relationships within the transportation industry over many years. Based on this experience, we have become an authority on transportation infrastructure and today provide a full range of legal services in the development, financing and leasing of transportation facilities and equipment.

Transportation infrastructure projects can be complex, and often involve participants from both the public and private sectors. Naturally, they have different interests and different approaches to projects. We have the proven ability to assist our clients in reconciling these differences so that these transactions can be completed on time and within budget.

Services Available

Representative Projects and Types of Assets

Highways and Bridges
We served as special project counsel and bond counsel in the development and financing of the US $350 million Pocahontas Parkway (Route 895 Connector), a bridge and toll road project in Richmond, Virginia. This was the first major project under the Virginia Public-Private Transportation Act involving a comprehensive agreement between the Virginia Department of Transportation and a private developer. The project was financed without recourse to the Commonwealth of Virginia, using tax-exempt bonds issued by a 63-20 corporation, secured by toll revenues and rated by three rating agencies.

We served as bond counsel in the issuance of US $21.6 million in revenue bonds for the Chesapeake Expressway Toll Road.

Airports and Airlines
We represented the City of Atlanta, Georgia, in the issuance of more than US $1 billion in tax-exempt, general revenue and refunding bonds for a runway expansion and related improvements at Hartsfield Atlanta International Airport.

We served as bond counsel for the Metropolitan Washington Airports Authority in the issuance of US $252.9 million in flexible term PFC revenue notes.

Our partner, former Virginia Governor Gerald Baliles, has been a leader in shaping policy in the aviation industry regarding such important topics as air traffic control, airline competitiveness and noise abatement.

Rail Equipment and Aircraft
Worldwide, the firm has represented issuers, equity investors, lenders and lessees in domestic and cross-border financings of locomotives, rail cars, aircraft and other transportation equipment valued in excess of US $30 billion.

Shipping
We have represented lessees and equity investors around the globe in the chartering of oil and chemical tankers, cargo ships, deep-water drilling ships, cable-laying ships and car/passenger ferries.

Areas of Expertise

Structuring and Strategic Planning
We advise clients regarding federal and state grants, loans and other aid available for transportation projects.

We offer counsel regarding the authority of private owners and operators under enabling statutes authorizing public-private ventures.

We form special purpose entities and assist with the creation of structures that are tax-efficient and provide access to the capital markets.

Negotiations and Documentation
We draft and negotiate joint venture agreements, design-build contracts, indentures, leases and other project documents. We have been on all sides of these deals and know the points and the market.

Environmental
The reputation of our environmental lawyers in the United States and Europe is unsurpassed. We advise on all aspects of environmental laws applicable to transportation projects. For example, in the United States, the National Environmental Policy Act (NEPA) governs the environmental impact of most surface transportation projects. Timely, sound advice regarding NEPA is critical to success.

Land Use and Real Estate
Our real estate lawyers are experts in project development and construction, land use, condemnation, rezoning, special and conditional use permits, wetlands remediation and other real estate issues that pertain to surface transportation facilities.

Taxation
Our tax lawyers are experts in corporate, partnership and limited liability company taxation, special tax districts, leveraged leasing and structured finance.

Capital Markets and Finance
More than 200 of our lawyers practice full-time in capital markets financings.

Our project finance, privatization and leasing practices are recognized worldwide.

In recent publications, our U.S. public finance practice ranked 10th nationally and first in the Southeast among recognized bond counsel firms.

Our experience representing the public and private sectors around the globe provides essential insights into the unique issues relating to public-private ventures and privatization.

Our asset securitization lawyers have represented clients in more than US $100 billion in asset-backed securities involving virtually every asset class securitized to date, including leases of aircraft, rolling stock and other equipment, and corporate, municipal and high-yield bonds.

Our capital markets lawyers have broad experience with all types of private and public equity and debt financings, including non-US dollar transactions and Rule 144A offerings.

Debt Restructuring
Transportation projects involve financial risk, no matter how carefully they may be evaluated and structured. Our debt restructuring and bankruptcy lawyers bring experience and creativity to the restructuring and workout process. We represented the underwriters in refinancing the senior debt on the Dulles Greenway (a private toll road facility serving Dulles Airport in Virginia) when projected toll revenues were insufficient to support first-generation senior debt service. This was accomplished through the issuance of US $330 million senior insured taxable revenue bonds in a Rule 144A offering.

Team Work
A hallmark of our Firm is teamwork. We have the resources and depth to quickly assemble teams of lawyers tailored to meet the client's specific needs. Our ability to lead or support transactions from lower-cost offices allows us to provide top quality service at rates significantly below those of most New York- and London-based firms.

Clients:
City of Atlanta, Georgia, Metropolitan Washington Airports Authority