Education & Health Care Financings
Efficient, Industry-Savvy Representation
We develop and implement complex financing structures to meet the needs of the nonprofit sector. Our team has a long track record of working with issuers, underwriters, borrowers, bondholders, trustees, and credit enhancers — representing them in tax-exempt and taxable 501(c)(3) financings, refinancings, consolidations, and restructurings. Our clients have varied financial and strategic concerns. We work with each of them to design and implement successful, timely solutions to meet their current and future needs.
Share Awards
Chambers USA
Practice ranked Band 1 in Massachusetts for Banking & Finance: Public Finance (2022)
Best Lawyers in America
4 attorneys recognized in Public Finance (2022)
Our Experience
Case Study
for high-yield, tax-exempt securities, in both new money and workout transactions
Case Study
Our Approach
We've represented all parties in complex nonprofit financial transactions. And that broad experience gives us unique visibility into the needs, requirements, and workarounds of every transaction participant. Our attorneys bring a 360-degree perspective to bear for the benefit of each client — leveraging their experience to expedite transaction progress and resolution.
Our approach combines creativity in addressing unique needs with careful review and planning to ensure future financing and operational flexibility. And our extensive experience helps us maximize efficiency as we execute each transaction.
- Nursing homes, assisted living facilities, and CCRCs
- Multistate systems, statewide obligated groups, and freestanding hospitals
- Leading health care underwriters, mutual funds, and other institutional investors
- Medical centers, including some of the best-known teaching and community hospitals in the United States
As schools add online courses and satellite locations — and smaller institutions find their viability requires ties to larger institutions — affiliation and M&A activity are increasing. We negotiate and draft bond and credit documents to ensure covenants reflect these realities and innovation isn't inhibited by financing-related requirements. We serve as bond counsel, underwriter’s counsel, borrower’s counsel, and bond purchaser’s counsel on financings for public and nonprofit colleges, universities, secondary schools, and associated entities.
- Experience working with museums, aquariums, zoos, philanthropic organizations, church-affiliated organizations, synagogues, and other “niche” tax-exempt organizations
- Familiarity with nonprofits' unusual operational and financial profiles, the need to coordinate financing and fundraising objectives, and their status as specialty creditors
- Consideration for nonprofits' particular requirements and future needs to ensure they aren't overlooked in cookie-cutter documents developed for other types of organizations
- Render / review key tax and enforceability opinions
- Assist in disclosure preparation / review
- Negotiate / document covenants in bond documents, credit enhancement documents, derivatives
- Structure and document bond issues including multiple series of bonds in differing interest modes
- Assist in navigating existing tax and covenant requirements to comply without prohibiting operational and strategic evolution
- Review covenants addressing additional debt, additional liens, asset transfers, mergers, and obligated group additions / subtractions to minimize need for later refinancing
What Our Clients Are Saying
Chambers 2018
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Our Insights
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