Public Finance

Winston & Strawn's public finance attorneys are guided by the overriding principle that our continued success is dependent upon satisfying the needs of our clients. We are committed to the development and application of new ideas and techniques when they are needed in order to provide the optimal structure for a transaction. We are in constant contact with our clients to address concerns and issues as they arise. We are thorough and take complete responsibility for the documentation necessary for a satisfactory closing to a financing.

Our attorneys have served as bond or underwriter’s counsel with respect to both governmental and private-use bonds that consisted of new money transactions, current and advance refundings, budget deficit matters, and defaulted bond restructurings. Our public finance practice also includes the representation of underwriters, the providers of credit and liquidity facilities, borrowers of all types (such as health care providers, educational institutions, and housing developers), and trustees. In addition, we provide legislative counseling and advice on business issues that can arise in public finance transactions.

We are thoroughly conversant with all current financing structures, including long-term fixed rate bonds (both taxable and tax-exempt), floating rate (including auction rate) notes and bonds, the use of floating-to-fixed and fixed-to-floating rate swaps in connection with tax-exempt transactions, “put” bonds, deep discount and capital appreciation bonds, commercial paper, and bonds secured by bond insurance, letters of credit, or other credit facilities. In each case, our public finance group has taken a major role in structuring the financing programs of its clients, working with issuers and bankers in obtaining a rating on the debt, helping to acquire any necessary credit enhancement, providing the documentation required to meet these objectives, and closing the financing. 

Increasing federal tax law constraints, tax arbitrage compliance, and a greater demand for services imposed on state and local governments heighten the importance of creative but sound tax planning in the field of tax-exempt finance. The services of the senior tax partners in our public finance group assure clients that they can participate fully in “cutting edge” financing techniques with the confidence that there is always a sound basis for the underlying tax analysis.

Winston & Strawn’s public finance and tax lawyers meet or speak regularly with clients to keep them abreast of legislative and administrative developments at the state and local levels, as well as the development of issues such as tax reform that may be under consideration by the U.S. Congress.