Public Finance

Porter, White & Company provides a variety of financial advisory services to issuers of tax exempt bonds, including preparation of financing plans, coordination of rating agency presentations, oversight of preparation of documents, assistance in the preparation of disclosure statements, advice on the investment and disbursement of bond proceeds, and coordination of the closing of financings. PW&Co has extensive public finance experience, having served as financial advisor or underwriter on more than 190 transactions totaling nearly $6 billion.

The scores of issuers with whom we have worked have given us the background to confront significant, complex and difficult assignments. Our experience spans all facets of tax-exempt finance from revenue bonds to general obligations bonds, including new money and refunding transactions, tax increment and tax anticipation notes, pollution control and solid waste disposal bonds and fixed and variable rate issuer.

PW&Co sees its responsibilities as financial advisor as being split into three roles: Coach, Engineer and Publicist.

Coach. As Coach, we help assemble and motivate the financing team. The goal is to plan and close the most effective financing possible for the issuer, and we apply ourselves, and cause others to apply themselves, unrelentingly to this objective. We make sure that all members of the team have a defined role that they accept, and that they are encouraged to participate creatively. We make sure that the team maintains focus and perspective on the goals of the issue.

Engineer. The financial advisor has the greatest opportunity to add value in a financing through the development of an effective Plan of Finance. As Engineer, we bring a thorough working knowledge of the federal law of tax exempt financing, superior long term financial planning ability and experience, and a thorough knowledge of the financial economics of tax exempt bonds. Tasks in developing a plan of finance include reviewing bond documents to evaluate the desirability of modifying the bond indenture, development of an overall timeline that will determine whether the financing should be accomplished in one or more phases, as well a discussion of the structure of the financing, fixed versus variable rate, use of credit enhancement, analysis of cash flows, coverage levels and security features of the issue.

Publicist. As Publicist, we gather and analyze the facts and present them in the offering documents and supplemental materials completely and credibly. We identify the strengths and weaknesses of the institution and develop strategies for accentuating the strengths and explaining the weaknesses. We understand the criteria of the rating agencies for each rating level and we organize the information and prepare our clients for the presentations in order to achieve the highest practical rating. Effective public relations means speaking the truth in a way that enhances the client's position.