Top 10 Practice Tips Medium-Term Notes

This Top 10 Practice Tips provides practice points for internal and external counsel to consider before establishing a medium-term note (MTN) program and when issuing MTNs. An MTN program enables an issuer to more efficiently offer and sell debt securities, which may have similar or different terms, on a periodic or continuous basis by using pre-agreed offering and underwriting documents and a simplified clearing process. While MTN programs are often used by finance companies that have continuous financing needs, such as auto or rail finance companies, such programs are a useful and common tool for any company looking to raise capital.

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