Kay is chair of the firm’s public finance department. She focuses her practice on public finance and lending. She has significant experience in representing banks and other financial institutions in public offerings and private placements of debt, in addition to secured lending and structured finance.
Over the course of her career, Kay has worked in the banking and public finance areas. She has extensive experience in acting as counsel to both domestic and foreign banks providing credit and liquidity support for tax-exempt financings for municipal, healthcare and non-profit borrowers, as well as counsel to such banks in purchasing such obligations directly. Kay has also represented commercial banks in structuring secured and unsecured transactions, including revolving and term loan facilities. In addition, she actively represents underwriters and remarketing agents in public offerings and private placements of debt.
- Representation of bank group providing line of credit facility for the State of Illinois.
- Representation of bank group providing hybrid liquidity facilities with commitments aggregating approximately $500 million to support variable rate debt of one of the nation’s largest non-profit health systems.
- Representation of banks and other financial institutions in direct purchases of over $1 billion of bonds issued to finance senior living facilities across the county.
- Representation of banks in connection with liquidity facilities with commitments of approximately $600 million to state housing authorities in support of variable rate bonds.
- Representation of underwriters in connection with multiple series of fixed rate and variable rate airport revenue bonds.
- Representation of underwriters and remarketing agents with respect to approximately $1 billion of pollution control bonds issued for two southern utility companies.
University of Illinois College of LawJD
Order of the Coif, Notes and Comments Editor, The University of Illinois Law Review1988
- University of Illinois at Urbana-ChampaignBA1985
Selected for inclusion in The Best Lawyers in America, Banking and Finance Law, 2018-2024; Public Finance Law, 2023, 2024
Named a “Lawyer of the Year,” Chicago, Banking and Finance Law, 2022; Public Finance Law, 2024, The Best Lawyers in America
- Author, Four Key Considerations When Deciding Between Tax-Exempt and Taxable Bonds, American Health Law Association Annual Meeting, June 2022
- Author, New IRS Revenue Procedure 2020-44: Floating Rate Fallback Flexibility, LIBOR Transition Blog, December 8, 2020
- Author, Federal Reserve Announces Expansion of Eligible Issuers for MLF Program, McGuireWoods Legal Alert, June 16, 2020
- Author, COVID-19: IRS Aids State and Local Governments With Tax-Exempt Tender Bonds and Commercial Paper, McGuireWoods Legal Alert, May 12, 2020
- Author, Federal Reserve Board Expands the Scope and Duration of the Municipal Liquidity Facility, McGuireWoods Legal Alert, April 29, 2020
- Author, Treasury Approves New Municipal Liquidity Facility to Aid States, Counties and Cities, McGuireWoods Legal Alert, April 10, 2020