Home Computing Quarles Advises on $120 Million Bond Issuance to Finance Argonne National Laboratory’s Next Supercomputer

Quarles Advises on $120 Million Bond Issuance to Finance Argonne National Laboratory’s Next Supercomputer

by Amelia Ramiro

Quarles & Brady LLP, a leading law firm, recently acted as counsel to Fifth Third Securities Inc. as the underwriter on a $120 million bond issuance. These bonds were issued through the Illinois Finance Authority and were intended to finance the construction of Argonne National Laboratory’s Theory and Computing Sciences Building.

The Theory and Computing Sciences Building is a state-of-the-art facility located on the perimeter of Argonne’s secure area. Spanning over 200,000 square feet, it houses the Aurora supercomputer, which is expected to be the fastest computer in the United States. The building’s primary objective is to support the Computing, Environment, and Life Sciences directorate of Argonne National Laboratory. This directorate aims to fuel groundbreaking scientific and technical advancements, particularly in areas that are crucial to the 21st century, including computer science, applied computation mathematics, and computation science.

Quarles initially represented Fifth Third Bank, National Association in the origination of an $80 million loan to the Theory and Computing Sciences Building Trust, the conduit borrower. This loan was subsequently repaid using the proceeds from the recently issued bonds. Apart from loan repayment, the bond proceeds will also fund capital improvements to the facility, establish a debt service reserve fund, and cover the costs incurred during the issuance of the bonds.

The team at Quarles & Brady responsible for this project included Mary Ann Murray, the national chair of the firm’s Real Estate Practice Group, Jeff Peelen, the national chair of the Public Finance Practice Group, and Tim Hinchman, a partner in the Public Finance Practice Group.

With their expertise in real estate and public finance, Quarles & Brady demonstrated their ability to navigate complex transactions and provide legal guidance to their clients. By serving as counsel on this bond issuance, they played a significant role in securing the funding needed to develop and enhance the Theory and Computing Sciences Building at Argonne National Laboratory.

This project showcases the importance of public-private partnerships in advancing scientific research and technological innovation. It not only demonstrates the commitment of government entities and financial institutions to supporting cutting-edge research but also highlights the crucial role that law firms like Quarles & Brady play in facilitating these partnerships.

The successful completion of this bond issuance is a testament to the legal skills and expertise of the Quarles & Brady team. Their diligence and commitment enabled them to assist their client effectively throughout the entire process, from the origination of the loan to the issuance of the bonds. As a result, the Theory and Computing Sciences Building will continue to serve as a hub for groundbreaking scientific research, propelling Argonne National Laboratory’s mission forward and contributing to the advancement of knowledge and innovation.

You may also like