Massachusetts State Treasurer Steven Grossman recently announced the selection of the senior lead manager of an $80 million refinancing project.
The winner was Siebert Brandford Shank & Co. LLC (SBS), headed by President and Chief Executive Officer Suzanne Shank. SBS is believed to be the first minority-owned, women-owned firm to ever hold such a post for a commonwealth bond issue.
The refunding transaction is expected to save Massachusetts taxpayers approximately $7 to $10 million (subject to market conditions), and the naming of SBS honors one of the promises Grossman made when he was seeking the post of treasurer.
“I have a deep commitment to ensuring that women-owned and minority-owned businesses can compete for treasury business in Massachusetts,” Grossman said. “Based on creativity, innovation and superior performance, SBS was awarded this deal because they were number one across the board in competing with the largest investment banks in America.”
Shank was recently named one of the 25 most powerful women in Finance by USBanker.com. Last year, the company was the lead underwriter in bond deals for the Dallas/Fort Worth International Airport, the Cleveland Airport System, the New York City Municipal Water Finance Authority and the City of Detroit.