Warner Norcross + Judd LLP represented Local Initiatives Support Corporation (LISC) in its offering of up to $350 million in aggregate principal amount of outstanding Impact Notes for the 2025–2026 offering period, which concluded Oct. 14, 2026.
LISC is a national nonprofit and certified community development financial institution (CDFI) that works with residents and local partners to advance equitable community development and economic opportunity across America. The proceeds from the offering were used to support LISC’s work to help communities access the capital, resources and partnerships they need to thrive. LISC dedicated up to $10 million of the proceeds from the 2025-26 offering to support sustainable development projects.
LISC offered the Impact Notes through InspereX LLC as lead agent and Morgan Stanley & Co., LLC as agent for resale to other registered broker-dealers. The multistate debt securities offering was made pursuant to federal exemptions from securities registration available to charitable organizations and pursuant to registration or exemption of the securities in each applicable state.
Warner provided securities, regulatory and compliance counsel in support of the offering. The Warner team was led by partner Sarah Harper and included associate Harsh Patel, senior compliance consultant Dana Dawe, paralegal Alexander Rey and and securities filing and compliance specialist Sherri Van Eck.
Warner’s Impact Investing Practice Group
As one of the largest and most successful impact investing practice groups in the country, Warner has developed unparalleled expertise over more than 30 years representing nonprofit organizations in securities offerings ranging from limited private placements to international public offerings of debt securities. The firm advises clients on federal and state securities registration and exemption requirements, underwriting arrangements, placement agent engagements, broker-dealer and agent registration matters, and the marketing and advertising of impact investment offerings in compliance with securities laws. Warner helps clients fully utilize the unique securities law exemptions available to charitable organizations while complying with complex requirements in all 50 states, Washington, D.C., and the U.S. territories.
