Orrick Herrington & Sutcliffe has scooped the role as lead counsel on the $15bn (£8.3bn) ‘Terminator bond’ designed to bail the state of California out of
its financial crisis.
Orrick’s appointment by the administration of governor Arnold Schwarzenegger underlines the firm’s commanding position in the West Coast public finance market. The so-called economic recovery bond is the largest single debt issue ever by a US state administration.
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