SEC Registered Offering by National Rural Utilities Cooperative Finance Corporation

Hunton & Williams LLP advised J.P. Morgan Securities LLC, KeyBanc Capital Markets Inc., Mizuho Securities USA Inc., SunTrust Robinson Humphrey, Inc., RBC Capital Markets, LLC and U.S. Bancorp Investments, Inc., as joint-booking running managers on an SEC registered offering by National Rural Utilities Cooperative Finance Corporation (CFC) of $350 million aggregate principal amount of collateral trust bonds due 2020 and $400 million aggregate principal amount of collateral trust bonds due 2025.

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 & Williams team included Michael Fitzpatrick, Steven Friend, Adam O’Brian and Patrick Jamieson. Cary Tolley and Anna Page provided tax advice.