Sharone Levy

My focus

My primary practice focuses on representing various parties in municipal financings, including counseling clients regarding business, tax, and securities compliance risks. I regularly draft, negotiate, and review various commercial contracts and agreements, including sales agreements, trust indentures, lease vendor agreements, credit agreements, security agreements, guarantees, promissory notes, board resolutions, offering documents, escrow agreements, term sheets, letters of credit, certificates, and legal opinions. I also advise commercial banks in documenting and structuring secured and unsecured transactions, as well as guide clients and industry groups on best practice compliance initiatives and private use restrictions.

My specific interest in public finance stems from prior experiences working in state and local government and as a credit rating analyst.  I enjoy partnering with municipalities and other borrowers to bring essential projects and economic opportunities to life.

Since joining Nixon Peabody I’ve expanded my practice to include counseling borrowers in distressed municipal debt transactions, including advising corporate boards on the mechanics of ongoing IRS and SEC compliance obligations and negotiating with indenture trustees, bondholder representatives, and vendors on forbearance and other distressed financing alternatives.

I’ve also broadened my practice to advise commercial banks in structured lending and asset-backed security transactions.

Representative experience

• Drafted and assisted in implementing a tax and securities regulatory compliance program for a Fortune 500 global corporation
• Served as special counsel to a state university to directly place certificates of participation with a purchaser unexperienced with this type of security
• Drafted and negotiated new master bond resolutions for three state universities to modernize covenants in line with current industry standards, including educating bondholders to receive their consent
• Represented a multinational investment bank in the marketing and sale of bonds to finance and refinance various environmental facilities projects across the United States
• Served as bond counsel in connection with various P3 housing projects for university students
• Served as issuer’s counsel to a state financing issuer on its first solid waste bond issuance
• Served as bond counsel for the first Water Infrastructure Finance and Innovation Act (WIFA) bond issuance in the State of Illinois

Looking ahead

I anticipate a continued focus by the IRS and SEC on compliance matters, including an increased interest in privately placed transactions. The LIBOR transition will likely necessitate amendments to previously issued bond mechanics along with issuer education and tax analysis relating to substitute benchmark rates. Illinois state universities will continue to investigate alternative financing options for non-revenue producing facilities.

Insights

• Speaker, NABL U Presents – The Workshop, “The Role of Issuer’s Counsel – Before, During and After Bond Issuance”, Chicago, IL, October 14, 2022