Large issuers have unique needs. State-level issuers operate within a slice of the municipal market that has a very limited number of issuers and heavy coverage by rating agencies. Large, urban cities and counties often have complex operating environments, unique taxing systems (sometimes not available to other cities or counties in that state), significant infrastructure needs and, often, credit challenges. Columbia Capital has advised these issuers for 25 years. Our team has the depth of expertise in rating strategy, Federal tax limitations, breadth of security structures and transaction management abilities to serve large issuers with excellence.
Columbia Capital's advisory team has served large issuers and urban issuers for 25 years. Our experience spans general obligation, annual appropriation and lease-revenue bonds; transportation, toll road and mass transit bonds; utility revenue bonds; economic development financings; special tax financings; tax, bond and revenue anticipation notes; as well as structured credits and securitizations, including pension bonds, tobacco bonds, tax receipt securitizations, and public-private partnerships.
Importantly for large issuers, Columbia Capital has advised on 170 transactions with par amounts of $100 million or greater. Our team is adept at understanding the rating considerations and unique marketing approaches necessary to bring large transactions to market.
Columbia Capital also has significant expertise designing and executing on new credits, with more than 60 financings that introduced new issuers or existing issuers bringing new financing programs to market.
Columbia Capital has expertise advising:
Conceptual Plan of
Columbia Capital regularly advises on unlimited and limited general obligation bonds, managing the unique issuance requirements imposed by various state laws.
Our work in this area spans 260 transactions representing $14 billion in par offered.
In many states, the use of GO bonds is limited by public vote requirements and inflexible amortization and other structural constraints. Columbia Capital regularly advises its clients on alternatives to GOs, including annual appropriation, lease-revenue and certificates of participation (COP) financings and is well-versed in the specific requirements of the various state laws governing these structures.
Our work in this area spans more than 190 transactions representing $6.3 billion in par offered.
Columbia Capital regularly advises on financings for transportations system financings managed by states, regional governments, cities and counties. Our work includes surface transportation, mass transit and airports.
Our work in this area spans 90 transactions representing more than $11.6 billion in par offered.
Columbia Capital works closely with its water and sewer utility clients on the implementation of their capital plans. Our depth of experience in this area allows us to develop plans of finance to achieve specific rating targets, to manage debt portfolios against rate constraints and to structure financings with future, additional bonds in mind. We also have experience advising on state issuance of bond supporting drinking and clean water SRF programs.
Our work in this area spans nearly 70 transactions representing more than $1.8 billion in par offered.
Our depth of work in this unique area public finance includes advice on tax increment finance (TIF), special service areas (SSA), community improvement districts (CID), transportation development districts (TDD), special assessment districts, neighborhood improvement districts (NID), successor agency financings and community facilities districts (CID). We provide cost-benefit analysis, internal rate of return analysis and deal structure advisory for our public clients as well.
Our work economic development financings transactions and successor agencies spans more than 235 transactions representing $5.1 billion in par offered.
Columbia Capital's team assists it clients in conceptual plan of finance development and transaction execution for special tax revenue bonds, including bonds secured by sales taxes, state aid, personal property replacement taxes (PPRT), municipal court fees, and intergovernmental revenues. Our team has significant expertise designing credits using published rating criteria to generate a desired rating outcome.
Our work in this area spans more than 60 transactions representing $10 billion in par offered.
Columbia Capital's team has significant experience assisting our clients in managing their cashflow needs through tax anticipation and revenue anticipation notes, bond anticipation notes and temporary notes, through capital markets transactions and bank direct purchase transactions.
Our work in this area spans nearly 120 transactions representing more than $9 billion in par offered.
Columbia Capital has significant expertise advising on structured finance transactions, including pension bonds, securitizations (unemployment, tobacco, and revenue sales), single- and multi-family housing revenue bonds, public-private partnerships and New Markets Tax Credits financings
As a firm, Columbia Capital has advised on more than 200 of these transactions representing more than $14 billion in par offered.
Columbia Capital served as financial and structuring advisor to the Sales Tax Securitization Corporation (STSC), a special purpose entity developed by the City of Chicago to securitize its sales tax distributions from the State of Illinois.
In 2020 Columbia advised Riverside County on a pension bond financing that had been two years in the making. Despite COVID-19 pandemic uncertainties, the financing was a success, meeting the County's goals from the transaction.
The State Environmental Improvement and Energy Resources Authority (the “EIERA”) selected Columbia Capital Management as its new financial advisor effective July 1, 2014 for its clean water and drinking water revolving loan fund (SRF) programs.
Nearly every component of Bi-State Development's debt portfolio suffered in the wake of the Global Credit Crisis of 2008/2009. As the provider of mass transit for the St. Louis metropolitan area, BSD relied on Columbia Capital to develop a step-wise plan to help it manage through crisis.
The Chicago Department of Aviation engaged Columbia Capital to serve as financial advisory on a seven-part transaction, including both refunding and new money, with total par of nearly $2.1 billion.
In 2020 Columbia advised the City of San Diego evaluate and execute a taxable advance refunding in the wake of the COVID emergency, providing the City with refunding efficiency metrics, breakeven metrics, and interest rate sensitivity analysis.
Issuers and borrowers large and small, from coast to coast, have relied upon Columbia Capital as a strategic advisor for 25 years.
Columbia Capital combines 150 years of public finance expertise among its team of highly experienced, proven professionals.
Columbia Capital is unaffiliated with commercial and investment banks, insurance companies and others in the financial services industry.
Columbia Capital Management, LLC is a registered with the US Securities and Exchange Commission (SEC) and the Municipal Securities Rulemaking Board (MSRB) as a municipal advisor. The firm is also registered with the SEC as a registered investment adviser. Columbia Capital has a statutory duty to serve its governmental clients as a fiduciary.