Here are a couple of questions to worry your lawyers with, next time you are arranging a Euronote facility. For a US issuer, ask the American attorney what form his opinion will take when he confirms that the issue does not have to be registered with the Securities and Exchange Commission (SEC) under the 1933 Securities Act. For a UK issuer, ask the English solicitor whether the issue– assuming the borrower is a UK entity– should be done through a public limited company or through an offshore vehicle.
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