Background:
The Finance Department issued, through the City’s utility municipal advisor, PFM Financial Advisors LLC (PFM), a request for proposal (RFP) seeking a Senior or Co-Managing underwriters for Independence Power & Light’s (“IPL”) 2022 refunding transaction.
The RFP was submitted to 171 different finance institutions soliciting firms to act as Senior or Co-Managing underwriters.
The City received 6 responses; American Veterans Group, Robert W Baird & Co Incorporated, Drexel Hamilton, Morgan Stanley, Piper Sandler and Valdes & Moreno submitted responses. Selection criteria outlined in the RFP were as follows:
1. Plan of finance (includes strategic issues/ideas about the execution of the transaction, structure ideas; and other
innovative ideas presented in the plan of finance),
2. Rating agency engagement thoughts,
3. Investor engagement thoughts, and
4. Takedown
Based on our analysis and the assistance of PFM it is our recommendation that the City Council approve the award of the RFP to Morgan Stanley. |