Capital Region Development Authority $16,365,000 Parking and Energy Fee Revenue Bonds (2018 Refunding Bonds) Janney’s Role: Sole Manager

Janney was selected to serve the Capital Region Development Authority (“CRDA”) as sole manager on its refunding transaction after submitting a proposal in June of 2018. The transaction was a current refunding of all CRDA’s outstanding Series 2008 D Bonds. CRDA was created to attract conventions and events in the State of Connecticut, encourage diversification of the State economy and strengthen the City of Hartford’s role to attract businesses, residents, and visitors.

The financing was secured by convention center revenues, including parking, net sales tax collections and energy revenues. In addition, if CRDA is unable to make debt service payments, the State of Connecticut is required to pay any shortfalls pursuant to a Contract for Financial Assistance. Given the State’s obligation, S&P rated the Bonds the same level as the State’s credit (“A” stable), and Fitch notched the deal one level below its rating of the State (“A” stable). While pre-marketing the transaction, the Firm’s municipal credit analyst worked extensively with institutional investors to understand the State’s credit obligation.

Janney priced CRDA’s transaction on August 23, 2018, seven days after the State of Connecticut priced its General Obligation Bonds, 2018 Series E and F. During the order period, Janney garnered 41 orders from 13 distinct investors totaling nearly $26 million in par. The transaction saw a great deal of interest from SMAs, bond funds and insurance companies. While eight of the 16 maturities were oversubscribed, and several maturities were repriced at lower yields, Janney underwrote a balance of approximately $1.4 million.Janney was able to achieve spreads an average of two basis points lower than the State’s General Obligation transaction that priced a week earlier. The Firm was able to provide CRDA with nearly 15% net present value savings on the 2008 D Bonds.

For more information about Janney, please see Janney’s Relationship Summary (Form CRS) on www.janney.com/crs which details all material facts about the scope and terms of our relationship with you and any potential conflicts of interest.

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