Chapman represented the note purchaser in a $45 million private placement to finance construction of a new water intake system at The Claude “Bud” Lewis Carlsbad Desalination Plant, the first-plant-of-its-kind in California and the largest desalination facility in the Americas. The transaction was unique in that the initial phase of this project was financed with a senior secured bank direct purchase, as opposed to a more traditional tax-exempt bond issue, expediting the access to capital and the start of construction on the new system.