Hunton Andrews Kurth Advises on National Rural Utilities Cooperative Finance Corporation $300 Million Subordinated Notes Offering

Hunton Andrews Kurth LLP advised the underwriters on an SEC-registered offering by National Rural Utilities Cooperative Finance Corporation (“CFC”) of $300 million aggregate principal amount of 7.125% Fixed-to-Fixed Reset Rate Subordinated Notes due 2053 (Subordinated Deferrable Interest Notes).

CFC is a member-owned cooperative association. Its principal purpose is to provide its members 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 (“power supply”) systems of providing reliable, affordable power to the customers they service. CFC also provides its members with credit enhancements in the form of letters of credit and guarantees of debt obligations. As a Section 501(c)(4) tax-exempt, member-owned cooperative, CFC cannot issue equity securities. CFC funds its activities primarily through a combination of public and private issuances of debt securities, member investments and retained equity.

The Hunton Andrews Kurth team included Michael F. Fitzpatrick, Adam R. O’Brian, Patrick C. Jamieson, Reuben H. Pearlman and Monika M. Dziewa. Robert McNamara, William Freeman and Drew Hermiller provided tax advice.