National Rural Utilities Cooperative Finance Corporation’s $250 Million Subordinated Notes Offering


Hunton Andrews Kurth LLP advised J.P. Morgan Securities LLC and RBC Capital Markets, LLC, as joint structuring advisors and joint-book running managers, on an SEC registered offering by National Rural Utilities Cooperative Finance Corporation (CFC) of $250 million aggregate principal amount of 5.500% Subordinated Notes due 2064 (Subordinated Deferrable Interest Notes).

CFC is a member-owned cooperative association. Its principal purpose is to provide members with financing to supplement the loan programs of the Rural Utilities Service of the United States Department of Agriculture. CFC makes loans to its rural electric members so they can acquire, construct and operate electric distribution, generation, transmission and related facilities. CFC also provides its members with credit enhancements in the form of letters of credit and guarantees of debt obligations. As a member-owned cooperative, CFC has no publicly held equity securities outstanding. CFC funds its activities primarily through a combination of publicly and privately held debt securities and member investments.

The Hunton Andrews Kurth team included Michael Fitzpatrick (Picture), Adam O’Brian and Patrick Jamieson. Robert McNamara provided tax advice and Leslie Okinaka provided ERISA advice.

Involved fees earner: Michael Fitzpatrick Jr. – Hunton Andrew Kurth; Patrick Jamieson – Hunton Andrew Kurth; Robert McNamara – Hunton Andrew Kurth; Leslie Okinaka – Hunton Andrew Kurth; Adam O’Brian – Hunton Andrew Kurth;

Law Firms: Hunton Andrew Kurth;

Clients: JP Morgan Securities; RBC Capital Markets;

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Author: Ambrogio Visconti