Hunton Advises on National Rural Utilities Cooperative Finance Corporation’s $1.1 Billion SEC Registered Medium-Term Notes Offerings
Hunton Andrews Kurth LLP advised the agents in SEC-registered offerings by National Rural Utilities Cooperative Finance Corporation ("CFC") of (i) $600 million aggregate principal amount of 4.75% Medium-Term Notes, Series D due February 7, 2028 and (ii) $500 million aggregate principal amount of 4.95% Medium-Term Notes, Series D due February 7, 2030.
CFC is a member-owned, nonprofit finance cooperative association. Its principal purpose is to provide its members and associates with financing to supplement the loan programs of the Rural Utilities Service of the United States Department of Agriculture. CFC extends loans to its rural electric members for construction, acquisitions, system and facility repairs and maintenance, enhancements and ongoing operations to support the goal of electric distribution and generation and transmission systems of providing reliable, affordable power to the customers they serve. CFC also provides its members and associates with credit enhancements in the form of letters of credit and guarantees of debt obligations. CFC funds its activities primarily through a combination of public and private issuances of debt securities, member investments and retained equity. As a Section 501(c)(4) tax-exempt, member-owned cooperative, CFC cannot issue equity securities.
The Hunton team included Michael F. Fitzpatrick, Adam R. O'Brian, Patrick C. Jamieson, Reuben H. Pearlman, Monika M. Dziewa and Gabrielle Kraushaar.
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