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Lawyers in the San Francisco and Sacramento offices of Orrick, Herrington & Sutcliffe served as co-note counsel on a $9 billion municipal finance transaction involving the sale of state of California 2002-03 Revenue Anticipation Notes. Lehman Brothers and Goldman, Sachs & Co. underwrote the notes. They were represented by attorneys in the Century City and San Francisco offices of Pillsbury Winthrop. The deal has set a record for the state as the largest municipal finance transaction sold on a single day in history. And the transaction did not unfold without some drama. With the state in a budget impasse, the transaction became more complex. “We faced a severe timing challenge as the state of California could not start the process of issuing the notes until the state budget was passed in early September — more than two months late,” said Robert Feyer, the lead partner for Orrick, in a press release. “Note proceeds had to be received by mid-October to assure adequate cash flow coverage for large obligations coming that month.” Feyer also said that the note issue consisted of fixed and variable rate types and that the transaction featured large interest rate swaps totaling more than $4.2 billion. This deal is only the first of a two-note program. The state will issue another $3.5 billion of notes in November. They were issued to help the state repay $7.5 billion of short-term warrants sold in June, which will mature between October 2002 and January 2003. The Los Angeles law firm of Curls, Brown & Duran served with Orrick as co-counsel. In addition to Feyer, of counsel William Donovan, tax partner Perry Israel and associate Kendra York worked on the transaction from the firm’s Sacramento office. Partner Lewis Feldman led the deal out of Pillsbury’s Century City office. Of counsel Bruce Graham, and legal secretary Patricia Dragony also worked out of the Century City office. In addition, senior attorney Jason Hobson worked out of the San Francisco office and partner Craig Scully was in New York. PENINSULA PHARMACEUTICALS Peninsula Pharmaceuticals Inc. picked up $22.1 million in its first institutional round of venture capital. Attorneys in the Palo Alto office of Cooley Godward represented the Fremont-based company on the deal. Because of the current economic climate and a decline in venture capital investment dollars, the deal took a lot longer than usual to complete, noted Barclay Kamb, the lead partner for Cooley. The funding round, led by Domain Associates of Princeton, N.J., included Montreux Equity Partners of Menlo Park and Sears Capital Management Inc. of Los Altos, among others, according to a report by the TheDeal.com. Domain was represented by attorneys in the Century City office of Crosby, Heafey, Roach & May. Cooley associates Rick Orr and Bernard “Brent” Smyth assisted Kamb on the transaction. Partner Michael Sanders led the deal for Crosby, and associate Christian Scognamillo assisted.

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