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Steve Mitchell

Partner

St. Louis
314 552 6178 direct

Steve serves as a trusted advisor to financial institutions engaged in all types of public finance and lending transactions. He has provided clear, comprehensive counsel on nationally recognized financings in a variety of sectors, including education, transportation, and health care.

As bond counsel, issuer's counsel, lender's counsel, credit enhancer's counsel and underwriter's counsel, Steve regularly participates in both tax-exempt and taxable financings, including general obligation, revenue and leasehold revenue bond issues. He has also led work on lease-purchase transactions and other financing mechanisms. Steve makes it a priority to learn everything about a bank's internal requirements and policies, and use that knowledge to process financing documents exactly according to the institution's protocols. This customized approach streamlines the finance process and cuts down on delays as a deal approaches closing.

Steve also assists corporate clients with various financings and mergers and acquisitions, and has participated in numerous structured bank credit financings for health care and higher education institutions.

He has extensive experience in matters related to nonprofit corporations and was one of the first attorneys to analyze Missouri's nonprofit law after lawmakers made major changes in 1995. Steve has provided guidance on nonprofit issues that crop up with health care facilities, educational institutions, affordable housing developments and other public benefit organizations.

Bond Buyer Deal of the Year

Counsel to U.S. Bank in a 2011 transaction named the Bond Buyer's Deal of the Year for the health care sector. The $1.75 billion credit facility restructuring and related $665 million bond restructuring for Adventist Health System/Sunbelt (AHS) involved 14 U.S. and foreign banks. The new credit facility provided credit enhancement and liquidity support on Adventist's tax-exempt bond issues and allowed direct draws for general corporate purposes. Thompson Coburn served as counsel to U.S. Bank, which acted as the administrative agent and lead arranger on the transaction. The Bond Buyer recognized the deal for its complexity and size. It was one of the largest syndicated bank credit facilities ever created for a nonprofit health system, and one of the largest managed syndicated loan facilities in U.S. Bank's history.

Creating new nonprofits

Counseled a nonprofit corporation through its spinoff from a large pharmacy benefit manager into a separate 501(c)(3) organization. Now a nonprofit pharmacy that provides discount prescription drugs to qualified patients, the nonprofit is staffed with 60 licensed pharmacists and patient care advocates, and has served more than 210,000 patients in the US and U.S. territories since its founding in 2010.

Thompson Coburn Publications

IRS releases updated safe harbors for management contracts in tax-exempt bond-financed projects

Publications

Author, “New Rules for Missouri Nonprofits: The Missouri Nonprofit Corporation Act”;
The St. Louis Bar Journal, Summer 1996