Orrick Advises on $7.2 Billion Texas TRANs Deal

September.06.2018

Orrick advised the Texas Comptroller of Public Accounts on the issuance of $7.2 billion of Tax and Revenue Anticipation Notes (TRANs) for the State of Texas. This is the largest issue of TRANs in five years for Texas.

Proceeds of the issue will be used to manage temporary cash shortfalls in the State's General Revenue Fund during the 2019 fiscal year. The transaction closed on September 5, 2018.

The Orrick team included Jerry Kyle, Barbara League, Chas Cardall, Andrew Bethune and Jerry Turner.

Related Lawyers

Jerry V. Kyle, Jr. Partner, Legislative/Regulatory Participation, Public Finance

Austin

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D:+1 512 582 6951
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Practice:

Finance Sector
Legislative/Regulatory Participation
Public Finance

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Jerry V. Kyle, Jr. Partner

Austin

Jerry has been active in traditional bond financings for governmental entities such as school districts, cities, counties and special-purpose districts, advising them on general obligation, ad valorem tax-secured financings and special or limited obligation financings, such as utility system revenue-secured financings, conduit financings, financings for state agencies and financings for entities authorized to act on behalf of the State of Texas and its political subdivisions, including tax and revenue anticipation and general obligation and special-purpose facility revenue financings.