Nexsen Pruet’s roots in agricultural operations and lending run deep. Group chairman David Gossett served in-house at one of the nation’s largest Farm Credit System banks for seven years, bringing unique insight to our practice. His experience, coupled with the broad-based skills of the firm’s legal team, ensures an “insider’s” understanding of what lenders and borrowers want – and, more importantly, what they need – before they even ask.
- Co-lead counsel (collateral agent), for syndicated $600-million credit facilities to sugar processing company
- Lead counsel for lending consortium on $68 million credit facilities for construction of ethanol production plant
- Senior counsel to consortium of lenders purchasing $305-million of a $1.5-billion senior secured term debt for multi-state timberlands
- Lead counsel for lending consortium on a $200-million asset-based revolving line of credit to cattle feedlot operation
- Lender representative to several agency stakeholder groups responsible for drafting statewide animal-feeding operation regulations and subsequent revisions
- Local counsel to large international prepared-food company
- Click here for a more complete list of significant transactions
Architect of the Rural America Bond Program
Our Agriculture Lending team is also the legal architect for the Rural America Bond Program. In 2005, Nexsen Pruet lawyers originated the concept, and then crafted the pilot program that was adopted by the U.S. Farm Credit Administration.
The program provides the opportunity to invest in the growth of non-urban communities by financing business projects, infrastructure, and health care services that focus on rural areas, as well as projects supporting agriculture and agribusiness. These projects are typically ineligible for financing through traditional loans.
In March of 2012, South Carolina Business magazine examined how the bond program supports the South Carolina economy in an article entitled "Farm Credit System Provides Vital Support for Agribusiness." Additionally, the Spring 2008 edition of Carolina Farm Credit's Leader magazine features an article about the program. Read it here.
We have assisted with:
- $18 million in bonds for a Critical Access Hospital in Lutcher, Louisiana
- $4 million in bonds for a charter school in Salem, Utah
- $1.1 million in bonds for a furniture manufacturer in Hickory, NC
- $5.5 million in bonds for funding of three rural schools for at-risk teenagers in Texas, New Mexico, and Montana
- $16 million in bonds for funding a new 54,000-square-foot hospital in St. James, Minn.
- $16.65 million in bonds for funding a 25-bed acute care critical access hospital in Booneville, Ark.
Nexsen Pruet attorneys have extensive experience representing a wide variety of banking and financial institutions, including the Farm Credit System, which is the largest agricultural lending organization in the United States. Our capabilities include:
- Complex real estate, asset-based, commercial, construction, and development loan transactions
- Workouts and debt restructuring
- Legal support from the entire firm – 170 attorneys – in areas that include natural resources, regulatory and water issues, international trade, and legislative affairs
We also maintain close working relationships with the USDA and Farm Credit Administration in Washington; with service providers who specialize in New Market Tax Credits, which provide credit enhancement for rural projects; and with local farm bureau organizations.
Agriculture’s Proven Partner
At a time when the world wants more and more agriculture commodities, all eyes are focused on the United States. So the companies and organizations that comprise and support the agricultural industry need experienced, responsive attorneys on their finance teams. Nexsen Pruet is that proven partner.