Rick Cosgrove is a partner in Chapman's Banking and Financial Services Department and a member of the Public and Institutional Banking & Finance Group. He also served as the firm’s Chief Executive Partner from 2002-2009. His practice is focused in the areas of commercial lending, credit enhancement, public finance, project finance, structured finance, leasing, derivative products and capital markets activities of banking institutions. He has been practicing law since 1977 when he joined Chapman.
Rick has extensive experience in the representation of domestic and foreign banking institutions and leasing companies in a wide variety of financial transactions, including commercial lending, credit enhancement, project finance, public-private partnership finance, derivative products, leasing, tax-exempt asset securitization and other structured debt financings.
Rick leads the firm’s public infrastructure/public-private partnerships (P3) practice, representing domestic and foreign financial institutions in a wide variety of financial transactions in the financing of infrastructure assets. He is a recognized thought leader with respect to P3 and other innovative financing structures and speaks widely at public finance forums, 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.
- Representation of the underwriters of public-private partnership tax-exempt revenue bonds to finance HOV/HOT Lanes project
- Representation of the underwriters of tax-exempt and taxable revenue bonds of a privately operated international airport
- Representation of the underwriter of publicly offered tax-exempt bonds to finance the purchase of receivables for a public-private partnership to construct a state-sponsored freeway
- Representation of lender in providing receivables financing for public-private partnership tollway improvements utilizing tax-exempt bonds
- Representation of underwriters of tax-exempt public-private partnership lease revenue bond transaction for a public university
- Representation of lender in direct purchase of public-private partnership toll revenue bonds to finance HOT Lanes project
- Representation of banks providing credit enhancement for public-private partnership toll revenue bonds involving HOT Lanes project
- Representation of lead arranger for bank syndicate providing financing of $900 million of tax-exempt TRANs of the Commonwealth of Puerto Rico, including preparation of necessary legislation
- Representation of purchaser of 144A structured notes issued by municipal cooperative to finance wind turbines
- Representation of international leasing company regarding synthetic lease financing of flight simulators
- Asset Securitization
- Banking and Financial Services
- Bond Counsel
- Credit and Liquidity Enhancement of Securities
- Equipment Finance
- Health Care Finance
- Health Care Lending
- Lease Finance
- Municipal Asset Securitizations
- Not-for-Profit Health Care Finance
- Project Finance
- Public and Institutional Banking & Finance
- Public Finance
- Public-Private Partnerships
- Tax-Exempt Asset and Lease Origination, Placement and Securitization
- Utility Finance
American Bar Association
Association for Governmental Leasing & Finance
National Association of Bond Lawyers
New York State Bar Association
Honors & Awards
Listed as a “Super Lawyer” in Banking by Illinois Super Lawyers for the years 2010-2012
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
- P3 Financing — I-95/I-395 Express Lanes Project
Chapman represented the solicitation agent and the lead underwriter in the solicitation of consents from the Series 2012 Bondholders to permit the extension of the I-95 Express Lanes project in Arlington County, VA and the issuance of tax-exempt Series 2017 Bonds, on a parity with the outstanding Series 2012 Bonds, to finance the I-395 segment improvements. The $475 million project will extend high occupancy vehicle and high occupancy toll lanes along the I-395 corridor to the Pentagon pursuant to a long-term concession between the Virginia Department of Transportation (VDOT) and an entity owned by affiliates of the operator.
- The Bond Buyer’s Inaugural P3 Deal of the Year
Chapman served as underwriter’s counsel for a public-private partnership (P3) toll road financing that was named The Bond Buyer’s inaugural P3 Deal of the Year (2019). The Commonwealth of Virginia partnered with Transurban, an Australian toll road operations company, to finance the construction of the Fredericksburg Extension, an extension of the I-95 HOV/HOT Lanes (Express Lanes) in Stafford County, VA. The project is financed in part by $262 million of tax-exempt private activity bonds issued by the Virginia Small Business Financing Authority.
- The Bond Buyer’s 2020 P3 Deal of the Year
Chapman served as counsel to the underwriter in connection with a first-of-its-kind $236 million tax-exempt receivables financing of the Lincoln South Beltway public-private partnership (P3) project, which was named The Bond Buyer’s 2020 P3 Deal of the Year. The transaction involved an innovative contractor-led build finance structure and is the largest single-contract project in the history of the project grantor, the Nebraska Department of Transportation. Chapman also served as underwriter’s counsel for the Fredericksburg toll road extension P3 financing in Virginia that was named The Bond Buyer’s inaugural P3 Deal of the Year in 2019.
- I-95/I-395/Fred-Ex Refinancing
Chapman represented the underwriters in the $638 million refinancing of three outstanding debt obligations issued in 2019, 2017, and 2012 by the Virginia Small Business Financing Authority to finance the construction of the Fredericksburg Extension of I-95 in Stafford County, Virginia, as well as HOV/HOT Lanes (Express Lanes) along I-95 and I-395 in northern Virginia pursuant to a long-term concession between the Virginia DOT and an entity owned by affiliates of Transurban.
- 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