Nicholas R. Vallorano

Recognized as a Rising Star in Transportation by Law360, Nick has advised on many first-of-their-kind and first-in-their-jurisdiction transactions. These include serving as: lenders’ counsel for the largest issuance of surface transportation private activity bonds ever in connection with the reconstruction of several major interstate bridges; lenders’ counsel on the first use of tax-exempt private activity bonds to finance highway service areas; sponsors’ counsel on a novel pre-development structure for a major highway redevelopment program; and government owners’ counsel to a number of governments evaluating potential P3 structures for airports. A number of these matters have been recognized by The Bond Buyer, IJ Global, Proximo, and others for their ground-breaking achievements.

Nick also represents clients on a number of public finance transactions. Among others, he serves as issuer’s counsel to the Illinois Housing Development Authority on single family, multi-family, and conduit bond offerings.

Additionally, as a member of Mayer Brown’s Public Policy practice, Nick advises clients on various public law and political law matters, including government ethics, lobbyist registration rules, public records laws, and regulatory matters. Finally, Nick advises several gaming companies on regulatory, financing, and corporate matters.

• Citigroup as underwriter’s counsel for the issuance of approximately $270 million in private activity bonds for the New York State Thruway Service Areas project. The project was named “Transport Deal of the Year” 2021 by IJGlobal, “North America P3 Deal of the Year” 2021 by Proximo and “Public-Private Partnership Financing Deal of the Year” 2021 by The Bond Buyer.
• Wells Fargo Bank, National Association as lenders’ counsel for the issuance of $125 million in bonds for the Oklahoma Turnpike Authority’s (OTA) Gilcrease Expressway West build-finance P3 project in Tulsa, Oklahoma, the first build-finance P3 project to be procured in the US and the first roadway P3 undertaken in Oklahoma. The project was named a “Deal of the Year” in the Project Finance category for IFLR1000 Canada and United States Awards 2021.
• Accelerate Maryland Partners, a consortium of Transurban and Macquarie, on the development of the Maryland express lane program near Washington, D.C.
• WVB East End Partners, LLC as sponsors’ counsel on the issuance of approximately $525 million refunding bonds to refinance the project debt for the design-build-finance-operate-maintain (DBFOM) P3 for the East End Crossing, a toll bridge and roadway crossing the Ohio River between Louisville, Kentucky and southern Indiana.
• Ullico Infrastructure Fund in connection with the $600 million acquisition of 49% of the outstanding membership interests of Autopistas Metropolitanas de Puerto Rico, LLC, a private operator of toll roads in Puerto Rico. The project was named “North America Roads Deal of the Year” 2020 by Proximo.
• The consortium of Abertis Infraestructuras and John Hancock in their acquisition of Elizabeth River Crossings, a long-term toll highway and tunnel concession in Virginia with an enterprise value of more than $2 billion.
• Alabama Department of Transportation on the proposed redevelopment of the Mobile River Bridge along I-10.
• A shortlisted proposer on the Colorado I-70 East project.

Airports

Represented:

• The Virgin Islands Port Authority (VIPA) on its proposed public-private partnership for the long-term lease and operation of the Cyril E. King Airport on St. Thomas and the Henry E. Rohlsen Airport on St. Croix.
• Westchester County, New York and the City of St. Louis, Missouri on the proposed leases of the Westchester County Airport and the St. Louis Lambert International Airport, respectively.
• A major commercial airline in the development of new Terminal One at the John F. Kennedy International Airport in New York, a $9.5 billion project.
• Public Sector Pension Investment Board on its acquisition of Oaktree Capital Group LLC’s stake in the lessee joint venture for the San Juan Luis Muñoz Marín International Airport.
• A shortlisted proposer on the redevelopment of the Great Hall main passenger terminal at Denver International Airport.

Rail and Transit

Represented:

• Underwriters for the issuance of $770 million of bonds for the Brightline Florida Passenger Rail project.
• A short-listed bidder for the LA Metro Sepulveda Transit Corridor Project.

Public Finance

Represented:

• Since 2015, the Illinois Housing Development Authority (IHDA) as issuer’s counsel on all bond issuances for its single family, multifamily, and conduit bond programs, which provide vital funding for the development of affordable housing throughout the state of Illinois.
• Underwriters for the State of Illinois’ issuance of $4.5 billion of General Obligation Bonds, Series of November 2017D, the proceeds of which were used in part to pay down a backlog of unpaid bills incurred by the State of Illinois.