A&O Shearman guides University of Iowa Energy Collaborative on refinancing for campus utility system

This funding underpins UIEC’s 50-year commitment to modernize, operate, and manage the university’s on-campus utility system with innovative, sustainable solutions to meet the campus’ evolving energy needs. UIEC is owned by Engie, Hannan Armstrong, and Meridiam.

Originally closed in 2020, the transaction is one of the most notable refinancings to date in the U.S. utility P3 market. The new debt package combines a revolving loan facility with a private-placement note issue documented under a separate note-purchase agreement. Proceeds from the notes have partly retired the existing revolver, while the introduction of an amortizing tranche offers UIEC greater flexibility to finance continuing capital improvements and to bolster the resilience of the University of Iowa’s utility system for students, faculty, and staff throughout the remaining concession term.

“We are proud to have advised the University of Iowa Energy Collaborative on this important refinancing, which supports long-term sustainability and resiliency of the university’s utility system,” said Kent Rowey, A&O Shearman lead partner and global co-head of the firm’s energy and infrastructure practice. “This successful transaction is a result of our team’s deep experience paired with our commitment to delivering innovative solutions that help our clients achieve their strategic objectives.”

The A&O Shearman team was led by New York-based partner Kent Rowey, with support from James E. Bryson on derivatives and finance aspects, and associates Aigul Gaisin, Adele Hayer, Krystyna Lopez, Jessie Murchie, Juan Santiago, and Zeina Traboulsi.