Leveraging Tenders in a Post-TCJA World

The Bond Buyer

Webinar | November.02.2023 | 2pm - 3pm (Central Standard Time)

Recording Available

Tender offers have emerged as a versatile tool for issuers in the muni market as tax-exempt advanced refundings have vanished from the financial world following the 2017 Tax Cuts and Jobs Act (TCJA). The recent surge in tender activity indicates that taxable issuance may remain low for an extended period, as issuers find it more convenient to tender tax-exempt bonds for new tax-exempt ones, reducing the need for taxable advanced refunding.

In this webinar, our speakers explore the basics of tenders, their evolving role, why they matter in today's financial landscape, and projections for their future in the muni market.



  • Finance Sector
  • Fiscale

Charles C. Cardall Partner

San Francisco

He also has legal experience relating to both charter schools and the federal income tax classification of governmental and quasi-governmental entities. He has consulted on thousands of tax-exempt, build America and tax credit bond issues and has developed deep knowledge in almost every tax aspect of municipal finance. Private activity bonds for multifamily housing, solid waste, charter schools and independent schools are areas of particular focus in his practice, as are higher education, short-term and long-term working capital and the various forms of pooled financings. Chas also has advised numerous clients experiencing financial distress or bankruptcy in tax matters relating to their municipal bonds. Representative active clients include the State of California, the University of California, the Bay Area Toll Authority, and Charter School Capital.

As a legal and policy advocate, Chas represents both government and non-government clients in federal tax rulemaking matters and in IRS proceedings, including the various types of tax-exempt bond audits, voluntary compliance (VCAP) requests and requests for private letter rulings. He has successfully closed IRS examinations relating to solid waste, water and wastewater, working capital, healthcare, pooled, multifamily housing, and industrial development bond financings. He has obtained multiple private letter rulings and technical advice memoranda and has been integrally involved in numerous regulation and legislative projects. He has found that a close working relationship with IRS and Treasury Department personnel often is critical to obtaining good results for clients.


  • Technology & Innovation Sector
  • Capital Markets
  • Mergers and Acquisitions
  • Technology Companies Group

Mark Mushkin Partner

New York

Mark counsels clients on access to the U.S. public markets, including advising on registered and 144A/Reg S debt and equity offerings, IPOs, private placement transactions and general securities law matters. He also provides counsel to underwriters and issuers on various offerings.

He also represents clients on public and private acquisitions, mergers and divestitures, private equity transactions, strategic investments, joint venture disputes, long-term commercial arrangements and general corporate matters, as well as advising financial institutions in negotiating credit facilities with investment grade and non-investment grade borrowers.



  • Finance Sector
  • Public Finance
  • U.S. Infrastructure Investment and Jobs Act

Kevin Roche Partner

New York

Kevin’s experience includes various general obligation and revenue bond financings, including those relating to transportation, multi-family housing, higher education, public power, sewer and water, and hospitals.

He has extensive knowledge and experience with federal securities laws issues in public finance, including both initial and continuing disclosure issues, material events disclosure, public statements liability, public offerings and private placements and other matters.

Kevin is a frequent speaker at conferences, seminars and webinars given by trade and professional organizations within the public finance industry.

Prior to entering private practice, Kevin was an Assistant Corporation Counsel in the Municipal Finance Division of the New York City Law Department.