Our Partners

Hawkins Delafield & Wood LLP
Hawkins Delafield & Wood LLP has been Bond Counsel to the Maine Health and Higher Educational Facilities Authority since its creation in 1972. The Firm assisted in drafting the original Maine Health and Higher Educational Facilities Authority Act and the Authority’s landmark moral obligation reserve fund and state intercept provisions. The Firm’s commitment to public finance in the State of Maine is a core part of its practice and stems from long-standing engagements with issuers such as the Authority, the Maine Municipal Bond Bank, the Maine Governmental Facilities Authority and other leading bond issuers in the State. In addition to work on specific bond issues, Hawkins provides guidance and counsel to the Authority throughout the year, assisting the Authority and its borrowers on many matters that arise in the administration of a large bond portfolio. Such matters include federal tax advice, federal securities law compliance, defeasances of loans and bonds, changes in use of bond-financed facilities, proposed indebtedness and encumbrance transactions by borrowers, mergers, divestitures, change in obligated group composition and comments upon proposed federal and state legislation or regulations. Hawkins was established in 1854 as a general practice law firm specializing in business and finance, and has been a nationally recognized bond counsel firm for almost 150 years. Almost all of the Firm’s attorneys are engaged exclusively in public finance or public projects. Supporting the Firm’s public finance practice is its tax department which specializes in tax law as it relates to public finance. As one of only a handful of public finance firms with a true national practice, the Firm is involved with, and is able to make available to the Authority and its borrowers a broad range of public finance ideas and concepts to help achieve superior results to even the most demanding and complicated issues in health care finance, education finance and government debt securities generally. In addition to the Firm’s public finance and tax practices, the areas of law in which the Firm practices include environmental, resource recovery and solid waste, banking, real estate and corporate finance.
Chuck Toto

Chuck’s career is focused on serving as bond counsel, underwriters' counsel or borrowers' counsel in connection with hospital, nursing home, retirement community, college, university and independent school financings throughout the country. Chuck’s clients include conduit bond issuers, most national, regional and specialty investment banking firms and not-for-profit corporations of all sizes. He has assisted a wide variety of borrowers in navigating the bond financing process. His clients range in size and scope from the nation’s leading healthcare systems and higher education institutions to community social service providers and local cultural organizations. In addition to bond transactions, Chuck has represented health care institutions and other not-for-profit corporations in post-issuance tax and securities law compliance, derivative transactions, direct lending, asset securitizations, asset sales, mergers and consolidations, credit facilities and other capital markets transactions. He has also guided clients in preparing grant applications and in reviewing proposed legislation. Chuck has served as a panel chair at the National Association of Bond Lawyers - Tax and Securities Law Institute and a panelist at the National Association of Bond Lawyers - Bond Attorneys Workshop and as a speaker at the National Association of Health and Educational Facilities Finance Authorities annual conferences. He is also a frequent speaker at the New Jersey Health Care Financial Managers Association and at client sponsored conferences and board retreats. In 2015, Chuck was elected a Fellow in the American College of Bond Counsel. Chuck is a member of the Firm's Management Committee. Professional Memberships National Association of Bond Lawyers American College of Bond Counsel American Bar Association

David Handler

Dave primarily serves as bond counsel, underwriters’ counsel and borrower’s counsel in connection with revenue bond financings for hospitals, nursing homes, assisted living facilities, retirement communities, colleges, universities, preparatory schools and cultural institutions. Throughout his career, Dave has represented various state-wide and local issuers of tax-exempt bonds, a multitude of not-for-profit corporations (primarily in the arenas of healthcare and higher education) and most national and regional public finance investment banking firms throughout the United States. With a focus on conduit borrower bond financings, Dave enjoys navigating clients through all phases of public offerings and private placement transactions from deal inception to post-issuance compliance. Dave has extensive experience in negotiating and drafting various bond-related documents, including authorizing resolutions, public notices, bond indentures, loan agreements, offering documents, bond purchase agreements, remarketing agreements, continuing disclosure agreements, master trust indentures and other deal specific instruments. In addition to primary offerings, he often advises clients in connection with interest rate mode conversions, liquidity facility substitutions, derivative transactions, complex refunding issues and disclosure matters. Professional Memberships National Association of Bond Lawyers American Bar Association
HilltopSecurities
HilltopSecurities is a diversified investment banking firm focused on providing superior financial advisory and related services to public entities nationwide. One of the nation’s leading municipal advisory firms, HilltopSecurities helps advance the financial opportunities of municipal issuers, state and local governments and not for profit institutions. Member: FINRA/SIPC/ NYSE
Matt Blais, Vice President

Matt joined HilltopSecurities in 2013 and specializes in public finance and municipal advisory services. He provides advisory services to Hilltop’s clients working with state agencies, local government, education and not-for-profit institutions, infrastructure and other tax-exempt and taxable financings. Additional specialties include quantitative financial analysis, modeling of capital improvement plans and proposed financing structures, credit and cash flows, and rating agency and bond insurer presentations. Matt earned his Bachelor of Science from the University of Rhode Island where he majored in Economics with a minor in Political Sciences. Licenses held include: Registered Representative of the Financial Industry Regulatory Authority (FINRA), Municipal Advisor Representative, Series 50, Municipal Securities Representative, Series 52 and Uniform Securities Agent, Series 63.

Maureen E. Gurghigian, Managing Director

Maureen specializes in public finance representing clients in the areas of states and local governments, water and sewer financing, infrastructure and economic development, transportation, education, not-for-profit institutions and other tax-exempt and taxable financings. She joined HilltopSecurities in 2001 and has brought more than $7 billion in tax-exempt and taxable issues to the market in her 35 years in the public finance industry. Her previous experience includes a role as managing director of investment banking at Fleet Securities, and several positions in Rhode Island State Government, including Educational Policy Assistant and Director of Policy in the office of the Governor. She has a Master of Business Administration from the University of Rhode Island. Licenses held include: Registered Representative of the Financial Industry Regulatory Authority (FINRA), Municipal Advisor Representative, Series 50, Municipal Securities Representative, Series 52, Municipal Securities Principal, Series 53 and Uniform Securities Agent, Series 63.

Megan Sienty, Senior Vice President

Megan specializes in municipal bond underwriting. She joined HilltopSecurities in 2010 and works on general market underwriting and institutional trading. She has been in the banking and finance business for over 12 years. Megan earned her Bachelor of Mathematics from Texas A&M University-Commerce. Licenses held include: Registered Representative of the Financial Industry Regulatory Authority (FINRA), General Securities Representative, Series 7, Municipal Advisor Representative, Series 50, Municipal Securities Principal Series 53 and Uniform Securities Agent, Series 63.

Michael Newman, Senior Managing Director

Michael specialized in project finance, and variable rate indebtedness including all types of bank supported indebtedness. He joined HilltopSecurities in 2004 and has been in the securities industry since 1990. Michael has worked with health care organizations including Freeman Health System, Missouri; Comanche County Hospital Authority, Oklahoma; Stillwater Medical Center, Oklahoma; Union County General Hospital, New Mexico; The McCullough-Hyde Memorial Hospital, Ohio; The Greater Fairbanks Community Hospital Foundation, Incorporated, Alaska; and Community United Methodist Hospital, Inc. He has worked with transportation organizations including, but not limited to, Oklahoma Turnpike Authority, Regional Transportation District of Denver, Oklahoma Department of Transportation, Metropolitan Transit Authority of Harris County, Texas, and Trustees for Tulsa Airports Improvement Trust. He has also worked with not-for-profit organizations including, but not limited to, The Salvation Army, a New York Corporation; Public Broadcasting System; Progressive Life Center, Washington, D.C.; Freeman Health System, Missouri; The Salvation Army, an Illinois Corporation; Methodist Hospital, Kentucky; Oklahoma City University; First Baptist Church Bracktown, Kentucky; and The Greater Fairbanks Community Hospital Foundation, Incorporated, Alaska. Michael earned his Bachelor of Science in Business Administration from Case Western Reserve University, his Master of Business Administration in Finance from the State University of New York at Albany and completed studies in Industrial Relations at The London School of Economics in London. Licenses held include: Registered Representative of the Financial Industry Regulatory Authority (FINRA), General Securities Representative, Series 7, Municipal Advisor Representative, Series 50, Municipal Advisor Principal, Series 54, Investment Banking Representative, Series 79 and Uniform Securities Agent, Series 63.

Peter J. Druhot, Managing Director

Peter specializes in long-term underwriting of municipal bonds. He joined HilltopSecurities in 2021 and is responsible for the negotiated underwriting efforts of both tax-exempt and taxable municipal issues. He has over 29 years of experience as a municipal bond underwriter and has worked with several nationally recognized firms managing municipal bond underwriter desks. Peter earned his Bachelor of Business Administration in finance and a history minor from Villanova University. Licenses held include: Registered Representative of the Financial Industry Regulatory Authority (FINRA), General Securities Representative, Series 7, Municipal Advisor Representative, Series 50, Municipal Securities Principal, Series 53, Uniform Securities Agent, Series 63 and Investment Co. and Variable Contracts, Series 6.

Sara Desens, Senior Vice President

Sara joined HilltopSecurities in 2021 and is responsible for state and local government and education/non-profit sector of both tax-exempt and taxable municipal issues in the Northeast. Prior to joining Hilltop, Sara served as the Cash and Debt Manager at the University of Rochester as well as Debt Manager at Harvard University. Sara’s experience also includes 13 years as an investment banker covering state and local government, higher education, water and sewer, housing and transportation issuers at Janney Montgomery Scott and UBS. She earned her Bachelor of Science in International Business with concentrations in finance and Spanish at Northeastern University. Licenses held include: Registered Representative of the Financial Industry Regulatory Authority (FINRA), Municipal Advisor Representative, Series 50, Municipal Securities Representative, Series 52 and Uniform Securities Agent, Series 63.

Sean Fisher, Vice President

Sean joined HilltopSecurities in 2021 and specializes in public finance and municipal advisory services. He provides advisory services to Hilltop’s clients working with state and local authorities, local governments, higher education and not-for-profit institutions in the Northeast. Prior to joining Hilltop, Sean spent 11 years as an investment banker covering state and local government, higher education, water and sewer and transportation issuers at Janney Montgomery Scott. Sean earned his Bachelor of Science in Business Administration with a concentration in finance from the Pennsylvania State University. Licenses held include: Registered Representative of the Financial Industry Regulatory Authority (FINRA), General Securities Representative, Series 7, Municipal Advisor Representative, Series 50, and Uniform Securities Agent, Series 63.
Raymond James Healthcare & Higher Education Finance
Raymond James Financial, Inc. (“RJF”), founded in 1962, is a diversified holding company that provides financial services to individuals, corporations and municipalities through its subsidiary companies. Raymond James has grown into one of the largest financial services firms in the United States, achieving its ranking as a Fortune 500 company, as well as being a part of the S&P 500 index. A public company since 1983, the Firm is listed on the New York Stock Exchange under the symbol “RJF”. Raymond James currently has over 20,000 employees with continually growing market capitalization that is currently in the $20-30 billion range and has achieved consecutive profitability every quarter for more than 30 years. Our primary business services include securities brokerage, investment banking, asset management and banking services. In Public Finance, Raymond James has a robust practice in nearly 40 locations nationwide and is consistently named a Top 10 municipal bond underwriter nationally. In Maine, Raymond James has been a perennial top underwriter of bonds since 2010. Our MHHEFA team has been instrumental in bringing innovative ideas to the Authority and its borrowers, including a forward transaction, taxable corporate CUSIP bonds and the re-introduction of bond insurance in 2021. Our team has unrivaled knowledge of the Authority and its programs. We have a deep understanding of MHHEFA’s credit and debt profile, having previously worked nearly 40 separate series of debt inclusive of both public and private issuances and both tax-exempt and taxable products since 2010. Our team has not only demonstrated an understanding of marketing bonds, but also the ability to structure bonds that have proven, cost-effective results utilizing a variety of structures from tax-exempt bonds to taxable bonds to insured bonds. Moreover, we have directly worked with the Authority on numerous borrower prepayments that required structuring of escrow deposit agreements. Raymond James also provides investment services as a Registered Investment Advisor for the Reserve Fund.
Jan Blazewski, Managing Director

Mr. Blazewski joined Raymond James in 2010. He has originated over $15 billion in health care financings and has over 30 years of experience. Mr. Blazewski has worked on variable and fixed-rate bond issues, credit analysis, debt capacity, merger and acquisitions, asset sales, balance sheet management, and derivatives applications for all types of health care institutions. He has served as senior banker on transactions in New Jersey, New York, Maine, Maryland, Minnesota, Florida, Nebraska, Vermont, New Hampshire and Rhode Island. Mr. Blazewski has a B.A. in Business Administration from Glassboro State College. He is a member of the Healthcare Financial Management Association. Mr. Blazewski is a registered Series 7, Series 50, Series 53 and Series 63 Representative.

Natalie Wabich, Managing Director

Ms. Wabich has extensive healthcare investment banking experience, including capital markets and mergers and acquisitions. Her engagements include integrated health systems, community providers, single-site hospitals, and senior living providers in Illinois, Michigan, Minnesota, North Dakota, Maine, Florida, Texas and Washington. She is also experienced in developing appropriate financing solutions, working with the USDA Rural Development financing programs, completing debt overview profiles, and performing credit and restructuring analyses. Ms. Wabich graduated with honors from Washington University in St. Louis with a Bachelor of Science and Business Administration in Finance and International Business with minors in French and Legal Studies. She has served as Vice President of the Board of Women in Public Finance and co-chair of the Associate Board of Women in Public Finance. Ms. Wabich is a registered Series 7, Series 53, Series 63 and Series 50 Representative.

David Sutton, Managing Director

Mr. Sutton manages the Raymond James Public Finance Investment Strategies group, leading the firm’s efforts in the development of customized investment strategies for public sector, not-for-profit and more corporate-focused clients. He has been involved with the investment of proceeds for the past 25 years, and his range of product experience covers the entire spectrum, including repurchase agreements, laddered portfolios of U.S. Treasury/agency/commercial paper securities, forward purchase agreements, interest rate caps and guaranteed investment contracts. In this role, his interaction spans the entire Raymond James Public Finance department, working hand in hand with bankers in delivering investment solutions to clients with respect to their project, capitalized interest, reserve fund, escrow and debt service funds, among others. Since 2015, Mr. Sutton has been involved in the investment of over $25 billion of client assets.In addition to handling the investment of proceeds, David has successfully structured over 600 municipal securities transactions totaling over $7 billion in par amount. His structuring experience extends across virtually every type of pledged revenue stream, with significant expertise in health care and other unusual credits. Over the years, he also has developed a specialization in complicated advance refundings.Mr. Sutton received a Bachelor of Science degree in Finance and a Master of Business Administration degree in Finance from Indiana University. He currently holds the Series 7, 53, 24, 63 and 65 licenses.

Glenn Gough

Glenn joined the Public Finance division at Raymond James in June 2019. He specializes in quantitative structuring and model development, providing analytical and transaction support to offices across the country. Glenn has more than 19 years of experience working with municipal governments, including the last 17 years in public finance. Prior to joining Raymond James, he worked in the Southeast Public Finance groups for both Bank of America and Wells Fargo. Glenn has worked on more than $16 billion of senior managed and private placement municipal financings during his career with an emphasis in Florida, Georgia, Illinois, Puerto Rico, and various issuers throughout the Northeast U.S. His transaction experience covers a variety of municipal sectors and credits, including airports, appropriation, general obligation, healthcare, pooled loans, K-12, public power, tax increment, toll road and water and sewer utilities. He has worked with some of the largest issuers in the country including the City of Atlanta, Jacksonville Electric Authority, and Miami-Dade County. Prior to entering the public finance industry, Glenn worked as a consultant for local governments as part of KPMG’s Convention, Sports and Entertainment Practice. Glenn earned both a Bachelor of Science and Master of Science in finance from the University of Florida. He currently holds Series 7, 50, and 63 securities licenses.
Morgan Stanley

Morgan Stanley (NYSE: MS) is a leading global financial services firm providing a wide range of investment banking, securities, wealth management and investment management services. With offices in 41 countries, the firm's employees serve clients worldwide including corporations, governments, institutions, and individuals. Morgan Stanley has served as a senior managing underwriter for the Maine Health and Higher Educational Facilities Authority since 2001. For more information about Morgan Stanley, please visit www.morganstanley.com.

Our Partners

Hawkins Delafield & Wood LLP

Chuck Toto

David Handler

HilltopSecurities

Matt Blais, Vice President

Maureen E. Gurghigian, Managing Director

Megan Sienty, Senior Vice President

Michael Newman, Senior Managing Director

Peter J. Druhot, Managing Director

Sara Desens, Senior Vice President

Sean Fisher, Vice President

Raymond James Healthcare & Higher Education Finance

Jan Blazewski, Managing Director

Natalie Wabich, Managing Director

David Sutton, Managing Director

Glenn Gough

Morgan Stanley