Bank Counsel

Overview

Supporting our clients from start to finish, we offer a mix of innovative solutions, timely service, and common-sense problem-solving. We work across the majority of sectors in the market, as well as with states, municipalities, and agencies of all varieties. This 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/borrowers as well as banks, we understand national deal flow 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 Securities Industry and Financial Markets Associations (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 (usually underwriters’ counsel for LIPA) 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.

Recognition

• Nixon Peabody was named by U.S. News/Best Lawyers® 2021 as “Law Firm of the Year” in Public Finance Law.
• Consistently ranked Top 10 in bond counsel, underwriter’s counsel, disclosure counsel, special tax counsel, and green bond counsel by Thomson Reuters.
• Nixon Peabody has been named a Tier 1 National firm by U.S. News – Best Lawyers® “Best Law Firms” in 2023 for Public Finance Law.
• Nixon Peabody was also named a First Tier metropolitan firm by U.S. News – Best Lawyers® “Best Law Firms” in 2023 for Public Finance Law in Rhode Island, Chicago, New York City, and Washington, DC, and for Municipal Law in Rochester.
• Ranked in Chambers USA for Public Finance.