National Rural Utilities Cooperative Finance Corporation’s $950 million Collateral Trust Bond Offering


unton Andrews Kurth advised on the transaction

National Rural Utilities Cooperative Finance Corporation (CFC) executed its $450 million aggregate principal amount of collateral trust bonds due 2029 and $500 million aggregate principal amount of collateral trust bonds due 2049.

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.

Hunton Andrews Kurth LLP advised J.P. Morgan Securities LLC, Mizuho Securities USA LLC, PNC Capital Markets LLC, KeyBanc Capital Markets Inc. and SunTrust Robinson Humphrey, Inc., acting as joint-book running managers on the offering with a team including Michael Fitzpatrick (Picture), Adam O’Brian, Patrick Jamieson and S. Ashley Jaber.

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

Law Firms: Hunton Andrew Kurth;

Clients: JP Morgan Securities; KeyBanc Capital Markets; Mizuho Securities; PNC Capital Markets LLC; SunTrust Robinson Humphrey, Inc.;

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Author: Ambrogio Visconti