Rick Cosgrove is a partner and member of Chapman's Banking and Financial Services Department as well as the firm’s public infrastructure/public-private partnership (P3) practice. He represents domestic and foreign banking institutions and investment banks in a wide variety of financial transactions, including commercial lending, public and 144A offerings, project finance, P3 finance, derivative products, leasing, tax-exempt asset securitization and other structured debt financings.

Rick leads Chapman’s P3 practice and is a recognized authority and thought leader with respect to P3 and other innovative public sector financings. He has led the development of novel and first-of-its-kind financing structures for public infrastructure projects including a number of which have been recognized as “deal of year” transactions. He shares his insights at infrastructure financing forums throughout the country including the Association for Governmental Leasing & Finance, InfraAmericas US P3 Forum, the Securities Industry and Financial Markets Association, and The Bond Buyer public finance conferences.

Adding to his innovative work, Rick helped several large US banks develop their direct purchase programs. He plays a key role in helping banks consummate a variety of tax-exempt financing structures, including DBF tax-exempt “gap” financings and draw down bonds and revolving credit facilities that are financed by tender option bond trusts.

Rick has practiced law at Chapman his entire career and served as the firm’s Chief Executive Partner from 2002-2009.

Representative Matters

  • Representation of the lender in a tax-exempt bond financing for the Terminal 6 redevelopment project at New York's John F. Kennedy International Airport, named The Bond Buyer’s 2023 P3 Deal of the Year.
  • Representation of the underwriter in connection with a first-of-its-kind tax-exempt receivables financing of the Lincoln South Beltway P3 project, named The Bond Buyer’s 2020 P3 Deal of the Year.
  • Representation of the underwriter in connection with the P3 financings and projects involving Terminal 4 at JFK International Airport.
  • Representation of the underwriter for the Fredericksburg toll road extension P3 financing in Virginia, named The Bond Buyer’s inaugural P3 Deal of the Year in 2019.
  • Representation of the underwriters in the issuance of bonds by the California Pollution Control Financing Authority to finance modifications and wetland restoration at the Carlsbad Desalination Facility in California.
  • Representation of the developer in an energy-as-a-service P3 involving a large non-profit healthcare institution in California and Oregon that was financed via a public offering of tax-exempt securities.
  • Representation of the agent bank and four other international banks providing credit enhancement and liquidity in connection with the refinancing and restructuring of tax-exempt private activity bonds to finance a HOT lanes toll road in Virginia.
  • Representation of the lead arranger for a bank syndicate providing financing of tax-exempt TRANs of the Commonwealth of Puerto Rico, including the preparation of necessary legislation.
  • Representation of the purchaser of 144A structured notes issued by a municipal cooperative to finance wind turbines.
  • Representation of an international leasing company regarding synthetic lease financing of flight simulators.


American Bar Association

New York State Bar Association

Association for Governmental Leasing & Finance

National Association of Bond Lawyers

Honors & Awards

Ranked by Chambers USA as a leading public finance attorney in Illinois (Band 1)



New York


University of Iowa College of Law, J.D., with high honors, 1977

  • Order of the Coif

Coe College, B.A., magna cum laude, 1974

  • Phi Beta Kappa

Notable Engagements



  • Association for Governmental Leasing & Finance
  • IBC Money Fund Forum
  • Inframation's US P3 Infrastructure Forum
  • National Association of Bond Lawyers
  • National Federation of Municipal Analysts 
  • Securities Industry and Financial Markets Association
  • Tax & Securities Law Institute
  • The Bond Buyer's California Public Finance Conference
  • The Bond Buyer's Financing Municipal Utilities Conference
  • The Bond Buyer's Midwest Municipal Market Conference
  • The Bond Buyer's Texas Public Finance Conference

We have always been focused on finance.

  • 1913
    TS Chapman partners with Henry Cutler to form Chapman and Cutler
  • 1st
    Chapman's first client in 1913 is still a client of the firm today
  • 22
    Diverse financial practices serving regional, national, and global clients
  • 6
    Offices across the country and in key US financial centers

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