Davis Polk advised the dealer manager and exchange agent in connection with an exchange offer by The Federal Farm Credit Banks Funding Corporation in respect of 13 series of its existing floating-rate notes. The new notes issued in the exchange offer have substantially the same terms as the existing notes, except for the LIBOR fallback provisions, which are based on the ARRC recommended fallback language. 

The Funding Corporation is an integral part of the Farm Credit System, a leading provider of loans, leases and services to rural communities and U.S. agriculture. The Farm Credit System is a government sponsored enterprise created in 1916 and consisting of a network of federally chartered borrower-owned cooperative lending institutions and service organizations throughout the United States.

The Davis Polk team included partner John Banes, counsel Radoslaw Michalak and associate Tyler X. Senackerib. Partner Lucy W. Farr and associate Rebecca A. Rosen provided tax advice. All members of the Davis Polk team are based in the New York office.

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