Innovative Project to Bring High-Speed Internet to Kentucky Awarded Deal of the Year by The Bond Buyer

December.03.2015

KentuckyWired, the groundbreaking P3 project to expand high-speed Internet availability statewide, was awarded Deal of the Year by The Bond Buyer at the publication’s 14th Annual Deal of the Year Awards, held on December 3 in New York. The project was also honored as the Deal of the Year for the Southeast region of the United States.

The KentuckyWired project is the first US public-private partnership concession executed to fund the construction of a fiber optic network, and was financed using a unique tax-exempt structure that was designed by Orrick's Tax Group. In particular, the structure eased regulatory hurdles which enabled a statewide project to be completed in a short time frame.

As noted by The Bond Buyer, the $324 million project “forged new territory in the P3 market with its unique, first-of-its-kind approach to broadband connectivity on a statewide basis, and was the first non-transportation P3 to use a tax-exempt governmental purpose bond structure that achieved full risk transfer.”

The Orrick team serving as bond counsel to KentuckyWired Operations Company, LLC in this transaction was led by Dan Mathews and Chas Cardall and included Susan Long, Benjamin Bass and Walter Alarkon of the Energy & Infrastructure Group, Sarah Rackoff, Marc Bauer and Jennifer Grew of the Public Finance Group and Wolfram Pohl, George Wolf and Ashley Rodriguez of the Tax Group.