Hunton Andrews Kurth Advises Initial Purchasers on $713 Million Offering of Senior Secured Cost Recovery Bonds

Hunton Andrews Kurth LLP acted as counsel to the initial purchasers on an offering of $713 million aggregate principal amount of Senior Secured Cost Recovery Bonds, Series 2022 (the “Bonds”) by Brazos Securitization LLC, as “Issuing Entity”, a special purpose entity, wholly-owned by certain members of Brazos Electric Power Cooperative, Inc. (“Brazos”), as master servicer and sponsor. The Bonds were sold in accordance with the Financing Order (“Financing Order”) issued and adopted by the board of directors of each participating electric cooperative  (“Participating Members”) and pursuant to the Financing Act.  The Bond proceeds will be used to purchase securitization property from the Participating Members. In accordance with the Financing Order, Brazos will use the proceeds to recover, finance or refinance the qualified extraordinary cost and expenses and other qualified costs, including principally, amounts owed to Brazos arising out of Winter Storm Uri.

The Hunton Andrews Kurth team included Michael Fitzpatrick, Adam O’Brian, Michelle G. Chan, Matthew A. Hayes and  Monika M. Dziewa. Tab Urbankte and Lauren Freeland assisted with certain Texas regulatory matters, Jason Harbour assisted with certain bankruptcy advice, Shawn Regan, Kate Perkins and Mitchell McCloy assisted with certain constitutional law matters Leslie A. Okinaka provided ERISA advice and Carry Tolley, Anna Page and Tim Strother provided tax advice.