Joyce J. Gorman

Senior Counsel

gormanj@ballardspahr.com
Tel 202.661.2217
Fax 202.661.2299
Washington, DC

Joyce J. Gorman represents financial institutions and non-financial institution capital markets investors as well as issuers in developing and transacting in financial and derivative products in both the primary and secondary markets. Her practice encompasses both primary market financing transactions such as public offerings and privately placed direct purchases(including forward purchases) in various market sectors (e.g., not-for-profit associations, charter school financings, continuing care retirement communities, real estate financings and taxable PACE bonds); liquidity facilities, letters of credit and other forms of credit enhancement; derivatives; municipal and non-municipal capital markets, including secondary market products and programs (e.g., custodial receipt structures, tax-exempt securitizations, such as tender option bond (TOB) programs, taxable trust pass-through structures, REMIC trusts, trust terminations, and total return swaps); complex structured transactions (such as tax-exempt gas prepay transactions); and workouts, debt restructuring and distressed credits. Joyce is a member of the Investment Banking and Capital Markets Subcommittee of the Firm’s Banking and Financial Services Industry Team, as well as a member of the Firm's Finance Department Steering Committee.

Representative Matters

  • Development of bilateral model master ISDA documents with 21 financial institutions for 2 publicly traded affiliates to hedge interest rate, foreign exchange and commodities risk.
  • Synthetic financing for taxable commercial PACE bond holdings of a municipal hedge fund through the use of total return swaps provided by a foreign bank, to leverage the hedge fund’s portfolio and magnify its yield.
  • Updating a financial institution’s loan documentation to address the discontinuation of LIBOR for syndicated and bilateral real estate loans with corresponding interest rate swaps.
  • Representation of a major health care system in connection with a Treasury rate lock to hedge fluctuations in a 30-year Treasury yield in anticipation of a large taxable bond offering.
  • Liquidation of several existing residential mortgage REMIC trusts through auction sales of the assets to the market.
  • $100 million forward purchase agreement to provide funding to a PACE developer for residential PACE bonds issued by governmental issuers in California and Florida.
  • Secondary market financing for tax-exempt bond holdings through a tender option bond program, with reimbursement obligations under credit and liquidity facilities being structured as derivatives.
  • Development of a program under which developers in San Antonio can monetize cash flows payable under a tax rebate program established for certain redevelopment areas.
  • Monetization of a developer’s interest in taxable occupation tax revenue bonds issued for the expansion of a Nebraska shopping mall.
  • Secondary market financing through the issuance of taxable bonds issued by Public Finance Authority of Wisconsin to monetize taxable notes issued by a medical school.
  • Tax counsel, trustee’s counsel, investment provider counsel and prepay supplier counsel in tax-exempt gas and electric prepay financings.

Recognition & Accomplishments

AV Peer Review Rating, Martindale-Hubbell

Named by The Legal 500 US as "a leader in municipal capital markets with a reputation for innovation"

University of Maryland School of Law (J.D. 1977, with honors)

Smith College (A.B., Economics, 1974)

Williams College (1972-1973)

District of Columbia

Maryland