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.

Representative Experience

• 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

Agricultural Lending – Additional Transactions:

• Lead counsel to lender consortium for combined $175,000,000 senior secured loans to group of timberland holding companies
   
• Lead counsel for syndicated lenders on $85,000,000 senior secured credit facilities to finance healthcare facilities
   
• Lead counsel to lending consortium for combined $57,500,000 term and working capital facilities to forest product processing companies
   
• Lead counsel to lending consortium for $65,000,000 revolving line of credit (asset- based) and $50,000,000 term loan to citrus processing and growing companies
   
• Co-lead counsel (collateral agent), for syndicated $600,000,000 credit facilities to sugar processing company
   
• Lead counsel for lending consortium on $200,000,000 asset-based revolving line of credit to cattle feedlot operation
   
• Lead counsel for lending consortium on $60,000,000 line of credit for oil and gas exploration entity in Oklahoma
   
• Lead counsel to lending consortium for $25,000,000 credit facilities for construction and operation of wood processing facility
   
• Lead bank counsel for $50,000,000 acquisition line of credit for holding company to purchase target companies
   
• Lead counsel for senior secured credit facilities totaling $19,000,000 to flooring products distributor
   
• Lead counsel for syndicated credit facilities totaling $70,500,000 to provide term debt and working capital for cement manufacturing company
   
• Lead counsel for syndicated $27,000,000 senior secured credit facility to pipe manufacturing company
   
• Senior counsel to consortium of lenders purchasing $305,000,000 of $1,500,000,000 senior secured term debt for multi-state timberlands
   
• Lead counsel for lender on $14,765,000 construction loan to finance a technology park
   
• Lead counsel to lender for $25,000,000 senior secured credit facilities for term debt, operating capital and acquisition funds for heating and air conditioning distribution company
   
• Lead counsel for lender on $18,000,000 senior secured credit facilities for wood pellet manufacturing plant
   
• Lead counsel for lending consortium on $68,000,000 credit facilities for construction of ethanol production plant

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. The Spring 2008 edition of Carolina Farm Credit's Leader magazine features an article about the program.

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.

Extensive Capabilities

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.

Nexsen Pruet recognizes the importance of having lawyers that reflect the broad diversity within our client base, our jury system, our colleagues, and our community at large.  To that end, we are committed to recruiting minority candidates, reducing minority attrition, supporting minority organizations, and expanding and improving our diversity program.  We also recognize that the pursuit of a diverse workplace is, and should be, ongoing. 

As a means of promoting these interests, we created the Nexsen Pruet Diversity Scholarship Program. Prior to creating the scholarship, we completed a written plan that identified methods by which the firm could recruit, hire, and retain minority lawyers. The plan includes expanding our recruitment efforts to other law schools, increasing recruitment of lateral minority and female candidates, and continuing to develop and enhance our relationships with minority law organizations such as the Black Law Students Association.  Our goal is to identify qualified minority candidates who may be potential members of the firm.

Nexsen Pruet understands the need for and value of increased diversity, and we are strengthening and building upon our commitment to provide an inclusive environment within our firm.  As such, we will maintain a continuing focus on doing whatever we can to achieve the important and necessary goal of diversity.

Nexsen Pruet Diversity Scholarship

Strengthening the Lawyers of Tomorrow...Today

   The Nexsen Pruet Diversity Scholarship aims to:  

• Support diversity within our firm and the bar  
• Enhance educational opportunities for talented minorities in the field of law  
• Inform minority law students of opportunities for private practice in the Carolinas   

The Scholarship Program will award $3000 to one or more exceptional first year minority law students planning a career in North or South Carolina.   

All scholarship recipients will be considered for summer employment in one of the Nexsen Pruet offices upon completion of their first year of law school.  Scholarship recipients are invited to re-apply for additional scholarships during their second and third years of law school.   

 Eligible students must be attending one of the following schools:

• University of North Carolina School of Law
• University of South Carolina School of Law
• Wake Forest University School of Law 
• North Carolina Central University School of Law 
• Charleston School of Law
• Charlotte School of Law