Shearman & Sterling represented the U.S. Environmental Protection Agency (USEPA) in connection with the extension of three secured loans in an aggregate principal amount of approximately $396 million to the City of Baltimore for a program of water, wastewater and stormwater infrastructure projects. The loans, issued under the Water Infrastructure Finance and Innovation Act (WIFIA), will help replace water mains and modernize water infrastructure across the city, with a focus on supporting low-income communities and communities of color. Wastewater improvements will reduce public exposure to sewer overflows and nutrient discharges into the Chesapeake Bay. Funds for stormwater treatment will help address flooding issues and modernize existing drainage infrastructure.

The loans are the second round of WIFIA financing to the City of Baltimore. Shearman previously represented USEPA in the extension of a $202 million loan to the City in December 2018 for the Comprehensive Wastewater Repair, Rehabilitation and Replacement Program.

To date, the WIFIA program has extended 72 loans totaling $13.3 billion in credit assistance to help finance over $28 billion for water infrastructure projects. Shearman & Sterling has represented USEPA on more than one-third of WIFIA financings closed to date.

The Team