Areas of Expertise
Solid Waste Disposal and Environmental Finance
Westhoff, Cone & Holmstedt, investment bankers, specialize in the waste industry and are one of the most experienced firms in environmental financing in the United States. We have over eighty waste industry clients and have completed financings totaling over $2.5 billion dollars since 1994. We have chosen to specialize in the waste and related environmental industries, rather than in one particular financing method. As a result, we offer a wide range of financing strategies to our clients.
In addition to arranging tax-exempt debt which offers significantly lower interest costs to the waste and certain other environmental industries, we also structure acquisition financing, traditional term or revolving credit facilities, “off balance sheet” financing, or leases, as appropriate. We finance project sites and development and construction of facilities, as well as fixtures and all types of rolling stock, materials handling and other equipment used by environmental companies and projects. For specific examples, see "Aemerge", "Blue Line Transfer", "California Waste Solutions", "Dallas Clean Energy – McCommas Bluff Landfill", and " Detroit Renewable Energy" under Success Stories.
Westhoff, Cone & Holmstedt's professionals have underwritten 177 land-secured financings totaling $1.81 billion during their careers, including 118 California Mello-Roos issues, 49 California assessment district issues, and 10 out-of-state issues. In particular, see "City of West Sacramento" under Success Stories.
Innovative land-secured financings completed to date include the first variable rate special tax long-term bond, the first "AAA" insured special tax bond issue, the first special tax note offering, a multiple revenue source financing, numerous issues successfully underwritten with value to lien ratios below 3-to-1 and as low as 0.3-to-1, the first issue to utilize a letter of credit as a reserve fund replacement, and utilization of a Liquidity Account feature in order to enhance the debt service coverage ratios for the senior portion of a senior/subordinate Marks-Roos refinancing.
Education / Charter Schools
The professionals at Westhoff, Cone & Holmstedt are highly capable and possess a considerable amount of education financing experience over the course of their careers, having completed 27 issues totaling $370 million for charter schools, school districts, and private nonprofit schools. Most recently, we served as Sole Managing Underwriter for Creative Child Care, Inc. for $8,270,000 School Facilities Revenue Bonds issued in November 2015 (see Success Stories).
Westhoff, Cone & Holmstedt has underwritten four issues totaling $158 million for the State's occupational regional centers, with another issue scheduled for Summer 2016. For more details, see "Regional Centers" under Success Stories.
Mobile Home Parks
Westhoff, Cone & Holmstedt has underwritten five issues totaling $154 million since 2010 for mobile home parks. For more details, see "Caritas" under Success Stories.