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Bond Attorney Advises on $1 Billion Deal Before Hurricane Season

Albert A. del Castillo

Greenberg Traurig

The next time a large hurricane hits, Florida and Citizens Property Insurance Corp. has to shell out for damages, recipients will have Albert A. del Castillo to thank, at least in part.

Del Castillo, a shareholder in Greenberg Traurig's Miami public finance practice, served as bond counsel for a $1 billion tax-exempt bond issue for Citizens last year. The Bond Buyer, a municipal bond trade website, said it was the single largest tax-exempt issue in Florida in 2015 and was likely one of the largest in the country.

The bond proceeds will provide Citizens' coastal account with readily available money to pay claims if Florida is hit by a big storm.

Del Castillo's work included rewriting the coastal account's existing trust indenture in its entirety. Citizens asked him to remove some burdensome provisions and modernize the document. The task was complicated because the coastal account already had more than $2 billion of bonds outstanding and obtaining consent to the amendments from existing bondholders was not a viable option.

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