The Kentucky Economic Development Finance Authority won The Bond Buyer's 14th annual Deal of the Year award Thursday night for its $232 million public-private partnership to bring high-speed Internet to all 120 of the state's counties.
The offering, which also won the Deal of the Year award for the Southeast region, forged new territory in the P3 market with its unique, first-of-its-kind approach to broadband connectivity on a statewide basis, and was the first non-transportation P3 to use a tax-exempt governmental purpose bond structure that achieved full risk transfer.
The bonds were also issued in a fixed-rate structure with quarterly principal amortization to further reduce annual interest expense, another first for a P3 deal.
This is the first fiber optic P3 in the nation. Polsinelli was P3 counsel to the Commonwealth of Kentucky.
View the press release from the Kentucky Government