Norton Rose Fulbright’s bond counsel work recognized with The Bond Buyer’s Deal of the Year award

Norton Rose Fulbright has been recognized among the Sage Memorial Hospital team honored with The Bond Buyer’s 24^th annual Deal of the Year award. The award celebrates the US$80 million offering of unrated tax-exempt bonds to recapitalize construction of a replacement hospital, an expanded outpatient clinic and an employee housing complex to address the workforce housing shortage in the Navajo community in Ganado, Arizona.

The project was financed by hospital revenue bonds offered through conduit issuer Arizona Industrial Development Authority. To create a replicable path to market, the team leveraged Sage Memorial Hospital’s status as a tribal contractor to secure non-traditional revenue agreements alongside net patient revenues.

The transaction represents a significant step in furthering Native American healthcare infrastructure amidst challenges tribal governments face when issuing municipal bonds. It also shines a light on nonprofit healthcare providers’ ability to leverage nontraditional revenue sources to secure tax-exempt financing.

The Bond Buyer’s annual Deal of the Year awards celebrate the achievements of public finance professionals and underscore the importance of innovative financing in advancing projects that support infrastructure, sustainability and the economic vitality of communities across the US. The editorial board selects the winners after considering a range of factors such as a deal’s creativity, innovation and the impact on the community.

Norton Rose Fulbright’s team was led by Scott Kortmeyer (Los Angeles/Dallas) and Peter Smith (Austin).