Mitchell Williams provides counsel to municipalities and institutional purchasers in structuring and documenting private placements of municipal bonds. In some instances, a private placement may take the place of a conventional loan where a longer financing term is desired by the municipality, and in many of those cases, the commercial lender or bank is the sole purchaser of the bonds.
Our Municipal and Public Finance Group understands the requirements and structure for private placements and are able to ensure all requirements are met so that the transaction can be successfully closed, including drafting of the required resolutions, indentures, and offering circulars, private placement memorandums or investor letters. Our team works with both lenders and municipalities to prepare the required purchase and disclosure documents and the necessary municipal approvals. Mitchell Williams routinely serves as bond counsel and as bank counsel with respect to these types of placements.
Bond counsel should be consulted early to assist in determining whether a project qualifies and in assuring that the applicable legal requirements will be met.