City of Arlington, Texas

 Estrada Hinojosa has served as financial advisor to the City of Arlington, Texas since 2009. The firm has helped the City complete 46 transactions during this period for a total combined par value of about $902.1 million.

Most recently, Estrada Hinojosa helped the City with the issuance of its $110.2 million Senior Lien Special Tax Revenue Refunding Bonds, Series 2017. These bonds refunded and restructured the City’s special tax revenue bonds related to AT&T Stadium, home of the Dallas Cowboys, in anticipation of issuing new money special tax revenue bonds to fund the City’s $500 million contribution towards the new Texas Rangers ballpark which are expected to be issued in March 2018.

 

In 2017, Estrada Hinojosa also assisted the City with the issuance of its $58.44 million Permanent Improvement Bonds, Series 2017; $6.11 million Combination Tax and Revenue Certificates of Obligation, Series 2017; $40.28 Water & Wastewater System Revenue Bonds, Series 2017A; $8.995 Municipal Drainage Utility System Revenue Bonds, Series 2017; and $18.24 million Permanent Improvement Bonds, Series 2017A. All five series of obligations were sold competitively. The Series 2017 bonds were issued to advance refund certain outstanding obligations of the City. Language in the notice of sale (NOS) allowed for adjustments of the final amortization schedule to smooth out savings based on rates from the winning bid. The 2017 bonds produced NPV savings of approximately $1.5 million or 7.3%. The Series 2017A bonds were used to fund various City road and infrastructure projects and the 2017 COs were used to purchase firefighter and other equipment. All five transactions were well received, largely due to the size and structure of the transactions and ratings of the City. The transactions were structured to anticipate the optimal couponing scheme based on market conditions while ensuring that appropriate proceeds were received to meet the specific objective of each financing. Ratings for the general obligation debt were AAA / Aa1 / AAA from Fitch, Moody’s and S&P respectively; ratings for the W&WW system debt were AAA / Aa2 / AAA from Fitch, Moody’s and S&P respectively; and ratings for the municipal drainage utility system debt were AAA / Aa1 / AAA from Fitch, Moody’s and S&P respectively.

 

 

In 2011, Estrada Hinojosa served as financial advisor to the City of four competitive sales including the City’s $25.6 Municipal Drainage Utility System Revenue Bonds, Series 2011. The Series 2011 bonds represented a new credit for the City, leveraging a storm water fee that the City charges on each water & wastewater bill. Estrada Hinojosa assisted the City with writing new covenants and obtaining new ratings for the obligations. Ratings were Aa2 / AAA from Moody’s and S&P respectively. The City received 13 bids for the bonds. Additionally, the firm also continued to assist the City with the early payoff of the Cowboys Special Tax Revenue Bonds through the cash defeasance of the 2005C taxable bonds as well as with the new Rangers stadium.

 

 

 

  Estrada Hinojosa has served as financial advisor to the City of Arlington, Texas since 2009. The firm has helped the City complete 42 transactions during this period for a total combined par value of about $771.5 million.Most recently, Estrada Hinojosa helped the City with the issuance of its $58.440 million Permanent Improvement Refunding Bonds, Series 2017; and $6.110 million Combination Tax and Revenue Certificates of Obligation, Series 2017. Estrada Hinojosa has also assisted with the issuance of its $47.365 million Permanent Improvement Refunding 

 

 

Estrada Hinojosa is serving as sole FA to the City for the new Rangers ballpark. An election was held on 11/8/16 to allow current special taxes to support both the Rangers and Cowboys debt. Special taxes consist of 1/2% sales tax, 2.0% hotel occupancy tax (HOT), and 5.0% short term vehicle rental tax. $146.9 million of Cowboys special tax revenue bonds are currently outstanding after recent defeasances.

 The City will contribute $500 million to the project which is expected to cost approximately $1.0 billion and open in 2020.

 

 

 

 


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