Bank Counsel

Overview

We support our bank clients from start to finish, offering a mix of innovative solutions, timely service, and common-sense problem-solving. We work across all sectors in the public finance market, including states, municipalities, and agencies, health systems, universities, and other nonprofits, often for taxable and tax-exempt private placements, direct purchases, bank loans, and letters of credit and standby bond purchase agreements. Our national reach gives us broad exposure to the latest financing techniques so we can respond creatively and effectively to the needs of our clients.

Serving as counsel for issuers and borrowers, as well as banks, we understand the market and can effectively advise clients on market trends and opportunities as they arise.

And because our team includes former bankers and issuers supported by our Public Finance, Tax, and Securities teams, we’re ever mindful of increasing scrutiny by government regulators, rating agency analysts, money market funds, and other purchasers of municipal debt.

Representative Experience

• Commercial Paper Programs: Nixon Peabody has served as bond counsel and bank counsel on numerous commercial paper programs. Most recently, we assisted with commercial paper programs for the Metropolitan Washington Airports Authority’s (MWAA’s) Dulles Toll Road, the Metropolitan Transportation Authority (New York), the Pennsylvania Infrastructure Investment Authority, and the District of Columbia Water and Sewer Authority. Our extensive experience working on both sides of the table is advantageous to our clients because it informs our understanding of each side’s concerns and our ability to resolve negotiations more effectively.
• Port of Long Beach: Representing two national banks developing revolving credit agreements offering myriad borrowing options to the Port of Long Beach. The deal allowed the Port daily SIFMA- and LIBOR-based floating rates, as well as fixed rates for periods of up to six months, while securing tax-exempt and taxable loans, and maximum flexibility for construction projects at pricing that compared very favorably to publicly offered commercial paper, without the need to prepare disclosure documents and/or engage intermediaries to handle remarketing efforts.
• City of San José Lease Revenue Commercial Paper Program: Representing two large banks—negotiated letters of credit (and reimbursement agreements)—supporting the city’s Finance Authority Commercial Paper Program. We helped clients work through the complicated lease exception to California’s debt limitation, which involved negotiating within the legal framework to ensure bank protections to the maximum extent allowed under California law.
• Long Island Power Authority (LIPA): Serving as purchaser’s counsel to an affiliate of a national banking client, we successfully negotiated, documented, and closed a direct purchase of refunding bonds on a tight, two-week turnaround—the speed made possible by the collaboration and commitment of the attorneys serving both the bank and LIPA. For LIPA, this was a ground-breaking experience that allowed it to seize a market opportunity in record time.
• Johns Hopkins University (JHU): In order to maintain its status as one of the premier institutions of higher and graduate education in the world, JHU addressed its capital needs over the years by the issuance of fixed and floating rate debt through the Maryland Community Development Authority. To accommodate the liquidity requirements associated with the floating rate debt, which includes variable rate demand bonds with optional tender features and commercial paper notes maturing on varying dates, we helped our bank client create a hybrid revolving loan facility that the university could employ as and when appropriate to address other financial needs.
• Connecticut Housing Finance Authority (CHFA): Engaged to negotiate and document the direct purchase of mortgage revenue bonds by an affiliate of a national banking client immediately following the client’s agreement with CHFA. Cooperation among all parties enabled the timely outcome of this transaction. The costs of issuance were also significantly lower as a result of this direct purchase of bonds by our firm’s client.
• Not-for-profit generic drug and pharmaceutical company: Representing a large national bank in connection with a line of credit (including amendments thereto) in favor of a not-for-profit generic drug and pharmaceutical company founded by some of the nation’s largest nonprofit health systems to combat life-saving drug shortages and affordability. We advised our client in connection with challenging collateral and security interest issues which arose in the course of this transaction.
• Rush University Medical Center: Representing a regional bank in connection with a construction and term loan transaction relating to the construction of a five-story, 100-bed specialty hospital located on the campus of Rush University Medical Center.
• Health system in Chicagoland area: Representing a group of large national banks in connection with amendments to various tax-exempt bonds issued on behalf of a four-hospital health system located in the Chicagoland area. This transaction permitted the borrower to amend and restate its master trust indenture and to amend its bank credit facilities to incorporate the master indenture changes. Our representation included advising our clients regarding the amended and restated master indenture and drafting various credit facilities amendments.
• Large private physician practice: Representing a large national bank in connection with the amendment of certain credit facilities in favor of one of the nation’s largest private physician practices due to its affiliation with another practice. Our representation included advising our client regarding the implications of the affiliation on the debt structure of its borrower and drafting and negotiating various joinders, security agreements, and an intercreditor agreement with the target’s lender.
  
   

Recognition

• Chambers USA 2023 as Band 1 in Public Finance Nationwide, California, New York, and Washington, DC
• Best Law Firms® named Nixon Peabody a Tier 1 National firm for Energy Law and Public Finance Law in the 2024 edition.
• U.S. News – Best Lawyers® “Best Law Firms” 2021 as “Law Firm of the Year” in Public Finance Law.
• The Best Lawyers in America® 2023 has recognized many of lawyers in Public Finance Law including Julie Seymour, Virginia Wong, and Ken Lind
• Crain’s Chicago Business 2022 recognized Julie Seymour as a “Notable Women in Law” 
• Thomson Reuters consistently ranks NP Top 10 in bond counsel, underwriter’s counsel, disclosure counsel, special tax counsel, and green bond