Reissuance and Refunding Matters and Final LIBOR Countdown

This session addressed the phaseout of LIBOR and related reissuance and refunding implications. Current and proposed regulations as well as NABL comments to the proposed regulations were discussed. 


Christie L. Martin, Mintz Levin Cohn Ferris Glovsky and Popeo P.C., Boston, MA
John W. Hutchinson, Squire Patton Boggs (US) LLP, Houston, TX 
Barbara Jane League, Orrick, Herrington & Sutcliffe LLP, Houston, TX
Darren C. McHugh, Hunton Andrews Kurth LLP, Austin, TX


Taxable Municipal Bonds - Documentation, Tax & Disclosure Issues


This session addressed the pronounced increase since 2020 in the issuance of taxable bonds by states and municipalities as well as 501(c)(3) borrowers, including: tax, securities, disclosure and market issues. Tax issues include complications relating to taxable refundings of tax-exempt bonds, structuring taxable bonds to be able to be refunded tax-exempt, and potential UBIT issues for 501(c)(3) issuers. Disclosure issues discussed included short form vs. long form taxable bond disclosure and other considerations.

Kristin H.R. Franceschi, DLA Piper LLP (US), Baltimore, MD 
Lauren K. Mack, Reyes Kurson, Ltd., Chicago, IL
Emery B. McRill, McGuireWoods LLP, Baltimore, MD
Alison J. Radecki, Orrick, Herrington & Sutcliffe LLP, New York, NY
Mitchell Rapaport, Nixon Peabody LLP, Washington, DC 
Bryon Rockwell, Bank of America Securities, Los Angeles, CA


Understanding the Roles of Disclosure & Underwriter's Counsel


Roles may overlap when it comes to disclosure due diligence and expectations, but each role is distinct and has unique characteristics. This panel compared and contrasted the roles of underwriter's counsel and disclosure counsel, including: due diligence responsibilities, working with in-house counsel, working with guidelines for outside counsel, client expectations, industry trends, and certain components of NABL's Model Letter of Underwriter's Counsel Second Edition and certain components of NABL's Model Letter of Disclosure Counsel.

Michael P. Botelho, Updike, Kelly & Spellacy, P.C., Hartford, CT
Rebecca S. Lawrence, Ballard Spahr LLP, Minneapolis, MN
Jennifer R. Mendonca, Locke Lord LLP, Boston, MA
Barron F. Wallace, Bracewell LLP, Houston, TX