Warner Norcross + Judd LLP represented a non-profit charitable financial service organization in a national offering of $200,000,000 in aggregate outstanding principal amount of short-term renewable notes. Maturity terms for the Notes range from terms ending at the next calendar quarter to three years from the date of purchase. Interest rates for all Notes, which are fixed at the date of issuance, are determined by the issuer after considering input received from community stakeholders. Notes are available to both individual and institutional investors in reliance on the federal exemption under Section 3(1)(4) of the Securities Act of 1933 and pursuant to either registration or exemption in each applicable state or territory where the Notes are offered. Warner relied on its extensive knowledge of state registration and exemption requirements, as well as states’ unwritten practices with respect to registration and exemption of debt securities issued by charitable organizations, to streamline filings and assist the Issuer in raising capital to support its charitable lending program while remaining in compliance with federal and state securities laws.
Experience
