Obligors: Beware Of Bond Reissuance Triggers

Law360 (March 5, 2018, 6:18 PM EST) -- Public finance tax lawyers have been acutely aware of the direct effects of the Tax Cuts and Jobs Act, P.L. 115-97, especially the elimination of tax-exempt advance refundings, but some of the indirect effects have begun to appear only recently. One of those is the triggering of automatic bank rate adjustments resulting from the drop in the corporate tax rate. This article addresses primarily automatic bank rate adjustments, i.e., those that occur without action by the issuer or bank holder as a result of a reduction...
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