Orrick Advises on $7.2 Billion Texas TRANs Deal


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.