Chapman served as underwriter's counsel in a transaction involving the issuance of $2.353 billion of tax‑exempt water revenue bonds by the Aquarion Water Authority, a not‑for‑profit, locally governed utility created under Connecticut law for the purpose of acquiring the privately owned Aquarion Company from Eversource Energy.
The financing included both senior and subordinate bonds, as well as current interest and capital appreciation bonds. The transaction stood out both for its unprecedented size and for the extraordinary market reception it commanded. Chapman also served as counsel to the lead arranger in connection with the acquisition financing, which included a senior bridge loan.
The completed acquisition established the Aquarion Water Authority as the largest water system in Connecticut. The financing not only set a new benchmark for the size of a Connecticut municipal issuance, but also enabled a newly created public authority to own and operate critical water infrastructure.
Chapman partners Rick Cosgrove and Joe Saverino led the bond transaction team, along with partner Sarah Breitmeyer and associate Colin Mummery. Partners Rick Cosgrove, Nate Odem, and Justin Greatorex led the acquisition financing team.
