Medium-term notes (MTNs) are usually issued under a program that allows the issuer to offer its MTNs from time to time without producing extensive legal documents at the time of each issuance of notes. Instead, a set of underlying documents are created at the establishment of the program, and these documents are amended or supplemented as needed going forward, including at the time of each issuance of MTNs. Many large companies establish medium-term note programs to help satisfy their medium-term financing needs.

Issuances of securities under MTN programs can be registered with the SEC or can be conducted in reliance on an exemption from registration.

For more information, see Practice Notes: