The consortium of companies led by Hunt and Amber Infrastructure has reached financial close for the US$350 million Travis County Civil and Family Courts Facility in Texas, USA. 

The funds will use a combination of bonds and construction debt. The tax-supported certificates of obligation were rated triple-A by Moody's Investors Service and the S&P Global Ratings. 

The law firm of Norton Rose Fulbright represented a syndicate of underwriters, led by Citigroup Global Markets on two aspects of the debt issue, US$330 million of certificates. The second component of the transaction centered on securing private construction financing. Norton Rose lawyers represented the construction lender, KeyBank National Association, in securing a revolving loan facility that allows the bank to finance construction milestones for the project. That transaction closed on April 9, a day after the certificates went to market. With final maturity in 2039, certificates bearing 5% coupons earned yields of 2.64%. The proceeds of that sale will be used to buy the court building over time in installments. PFM Financial Advisors was the municipal advisor on the deal, with the firm of Bracewell as bond counsel and disclosure counsel.

The construction of the project is expected to take up to three years. The facility will be developed by Hunt Companies and Chameleon Group Holdings as joint-venture developers and Hensel Phelps as the designer and builder. Once the project is operational, the county plans to spend up to US$100 million restoring the original courthouse.