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Cheyenne Wyoming Public Financing

Wyoming

Public Finance Group

George K. Baum & Company's Cheyenne-based Public Finance office was established in 1983. This office is full-service, providing underwriting and municipal advisory services to all Wyoming public entities. We have been working with Wyoming counties for more than 30 years and we underwrite more bonds for local governments in Wyoming than any other firm in the country.


Our Cheyenne office provides a wide range of services to our clients.
These services include, but are not limited to, the following:

UNDERWRITING SERVICES

George K. Baum & Company is one of the nation's leading underwriters of municipal bonds. Our decades of experience, combined with the frequency in which we bring bond issues to market, helps our clients obtain competitive borrowing costs and some of the most attractive terms available in the market.

MUNICIPAL ADVISORY SERVICES

The synergy of local expertise and national resources is unique to George K. Baum & Company and is the foundation of our municipal advisory business. These services are significantly complemented by our underwriting experience developed while working on other transactions. It is vital for a municipal advisor to be in-step with the market. We believe that to be an effective municipal advisor for a client, a firm must maintain an active underwriting presence on other transactions. Our underwriting experience allows us to analyze all of our clients' outstanding bonds for refunding opportunities, monitor market conditions to guide the timing of our clients' bond sales and interpret market activity. This underwriting experience allows us to identify the most effective structures and sale methods available for our clients' bonds and to make other informed recommendations to our clients when engaged as a municipal advisor.

DIRECT PLACEMENT FINANCINGS

In assessing a client's financing options, we detail the pros, cons and risks of direct placement financings or debt issuances sold in the public markets based on the competitive nature of the proposals and a client's own credit rating. George K. Baum & Company has a frequent presence pricing bonds in the primary market and in the arrangement of direct purchases. This experience enables our clients to obtain some of the lowest borrowing costs and most attractive terms available.

DUAL TRACK FINANCING PROCESS

George K. Baum & Company has developed a unique "dual track" financing process to assist clients in determining the most appropriate financing structure for their offering. The dual track includes distributing a credit package to banks and rating agency(ies) for their review as part of the client's Request for Proposal ("RFP") process. George K. Baum & Company orchestrates the RFP and rating processes and prepares a comprehensive summary analysis to simplify the decision-making process. The dual track RFP process often yields extraordinary results for our clients because banks are put in a competitive situation.

FINANCIAL PROJECTIONS MODELING

With direct input from the client, George K. Baum & Company utilizes its proprietary financial models that forecast and stress-test the client's future financial viability after incurring new, or refinancing existing, debt. The financial modeling process assists the client in developing parameters around a prudent level of debt capacity. The model is an interactive tool that can be adjusted and changed in real time, allowing for informed and efficient decisions. It also serves as the basis for conveying the client's current and future financial performance to potential financing partners.

NATIONAL HOUSING FINANCE GROUP

George K. Baum & Company has one of the largest and most diverse housing finance practices in the nation. Our team of bankers, quantitative analysts and underwriting/syndicate specialists work with state and local housing finance agencies to assess their needs and those of the communities they serve and develop product and finance solutions tailored to fit them.

PRIVATE ACTIVITY BONDS & ECONOMIC DEVELOPMENT PROJECTS

George K. Baum & Company has been involved in the evaluation, structuring, underwriting and distribution of private activity bonds since the 1960s. We are familiar with the credit practices of banks that issue letters of credit and are able to provide appropriate recommendations on coverage requirements, reserve funds, additional bonds tests, capitalized interest and pricing structures needed to sell the bonds at the least cost.

IN-HOUSE QUANTITATIVE CAPABILITIES

George K. Baum & Company is at the leading edge of quantitative analysis for municipal financings. Our commitment to quantitative analysis led to the formation of a specialized quantitative finance group whose sole responsibility is to develop and implement functional and analytical tools for our clients. Our quantitative professionals do not rely on any outside resources. All of the work performed for our clients is done in-house. Our significant experience in the area of debt structuring includes all aspects of refunding and cash flow modeling, such as crossovers, invested sinking funds and transferred proceeds. Our quantitative professionals specialize in performing a variety of important tasks, including;

• Bond Structuring
• Refunding Calculations & Innovations
• Pro Forma Analysis
• Escrow Restructurings
• Cash Flow Analysis

NEW PROJECT FINANCING

George K. Baum & Company assists our clients with a wide variety of debt financing for acquiring or expanding existing facilities or building new ones using publicly issued bonds or direct purchases. Our expertise in both the public markets and the direct purchase markets enables our clients to analyze the full range of financing possibilities.

RATING AGENCY PRESENTATIONS

George K. Baum & Company has developed proprietary methodologies for working with rating agencies to secure first-time, or obtain renewed, ratings for our borrowers. George K. Baum & Company devotes extensive resources to the development of each credit package with the intention of exceeding the expectations of the client and rating agencies.

REFINANCING & RESTRUCTURING DEBT

George K. Baum & Company assists our clients by taking advantage of market opportunities to refinance or restructure existing debt. Cash flow savings from reduced annual debt service can improve operating budget flexibility and be reinvested by our clients.

SWAP ADVISORY SERVICES

George K. Baum & Company has advised its clients on more than 400 interest rate swap transactions totaling more than $10 billion. Our Specialty Financial Products Desk works closely with our team and clients to implement an interest rate swap strategy that meets the financial needs of those clients.

SECONDARY MARKET SUPPORT OF BONDS IN THE MIDWEST

George K. Baum & Company's commitment to the municipalities of Kansas and Missouri does not end in the primary market. Investors know we are committed to supporting their bonds in the secondary market, and this significantly enhances our ability to place bonds as part of a primary offering. In the past 10 years, we have traded more than $34 billion of municipal bonds in the secondary market, including $4.6 billion of Kansas and Missouri securities.

STATE GOVERNMENT FINANCINGS

Our work in the Midwest has included bond issues to fund restoration of state capitol buildings, improvements to highways and turnpikes, structuring and implementation of clean water/wastewater revolving fund, and numerous healthcare and higher education financings.

PUBLIC POLICY SERVICES

George K. Baum & Company has been involved with hundreds of successful elections involving a tax increase. Our team includes seasoned public policy experts, pollsters, copywriters, graphic designers, voter database specialists and public relations professionals. We know what it takes to win at the polls. George K. Baum & Company provides public policy services to school districts, municipalities, counties, community colleges, park districts, library districts and other special districts throughout the nation.

5TH & 6TH PENNY FINANCING

George K. Baum & Company has worked with numerous Wyoming counties on the financing of their 5th and 6th penny sales and use tax projects. By financing the 5th and 6th penny projects up front, counties can begin their projects immediately rather than waiting until the sales tax is collected. This eliminates unnecessary costs related to construction inflation.

1720 Carey Avenue, Suite 520 | Cheyenne, WY 82001 | 307-778-8492