Steven C. Friend

Steven represents issuers and underwriters in a range of equity and debt offerings, with a significant portion of this work concentrated in the energy and utility industries. He has substantial experience with common stock offerings, hybrid securities, tax-exempt offerings of multi-modal debt, 4(2) private placements and liability management. Steven also regularly advises on matters relating to general securities law compliance and disclosure, the Sarbanes-Oxley Act of 2002, Dodd-Frank and corporate governance.

Equity:

• Acted as underwriters’ counsel for common stock offering by Ohio-based utility holding company
• Acted as company counsel to Farm Credit financial institution in offerings of perpetual preferred stock
• Acted as underwriters’ counsel for Minnesota-based electric utility holding company in forward-equity issuance
• Acted as agents’ counsel in establishment of periodic equity programs for utility holding company

Debt:

• Acted as underwriters’ counsel in numerous private activity bond offerings and remarketings
• Acted as underwriters’ counsel in debt offering by California-based water utility
• Acted as company counsel and purchasers’ counsel in 4(2) private placements of debt to financial institutions

Liability Management:

• Acted as company counsel to restaurant holding company in waterfall tender offer
• Acted as company counsel to Farm Credit financial institution in Dutch auction tender for subordinated debt
• Acted as initial purchasers’/dealer-managers’ counsel in 144A offering by Texas-based natural gas distribution company and the subsequent private exchange offer for a series of the company's outstanding debt
• Acted as dealer manager counsel in first-ever corporate Dutch auction debt-for-debt exchange

• Recognized as a Leader in Capital Markets: Equity, USA, IFLR1000, 2019, 2024
• Recommended for Capital Markets – Debt Offerings (2018, 2022-2024), Capital Markets – Equity Offerings (2024), Capital Markets – High-Yield Debt Offerings (2021) and Energy Transactions: Electric Power (2024), Legal 500 United States
• Recognized as a Leader in Energy: Electricity (Finance), USA-Nationwide, Chambers USA, 2019-2024
• Recognized as a Leader in Energy: Electricity – Finance, USA, Chambers Global, 2020-2024