Christopher J. Rayl



(412) 620-6446

(412) 275-2390

Chris concentrates his practice in the public and municipal finance space with a particular focus on working with health care, higher education, continuing care retirement communities (CCRCs), and other 501(c)(3) organizations. For over 30 years, he has worked with nonprofits, state and local government issuers, underwriters, and lenders as bond counsel, underwriter's counsel, or lender's counsel. He has extensive experience in drafting and negotiating often complex master trust indentures and other bond documents, preparing and reviewing securities disclosure documents, coordinating with bank participants in direct purchase financings, and working with all parties to ensure that transactions go to market quickly and close efficiently.

His clients include large and medium sized health care providers in Western Pennsylvania, a number of prominent colleges and universities in the region, CCRC providers, and other public or nonprofit entities. Chris' nonprofit clients in particular have benefited from his experience in these market segments in helping them meet the many challenges nonprofit institutions currently face.

Chris' prior experience in the area of corporate securities and strong background in securities law are also assets to his public finance clients, particularly in matters related to disclosure to investors in primary and secondary public finance markets. His unique background enables him to analyze clients' debt and assets from a tax-exempt finance law perspective, and address securities disclosure issues.

Chris has spoken frequently on issues and developments in the municipal finance securities and continuing disclosure areas, most recently before the Pennsylvania Association of Bond Lawyers and the Association of Independent Colleges and Universities of Pennsylvania. Chris earned his B.A. with honors from the University of Chicago and his J.D., cum laude, from the University of Pennsylvania Carey Law School.



Cozen O’Connor’s Public & Project Finance Group Lands Veteran Finance Attorney Christopher J. Rayl

February 20, 2024

For over three decades Rayl has negotiated financings and refinancings on behalf of government, nonprofit, and private sector entities looking to fund major economic development projects.

Events & Seminars

Upcoming Events

Corporate COffee Break: Developing Challenges & Market Condition Concerns in Public Finance

June 04, 2024 - Webinar

Join attorneys from Cozen O'Connor's Public & Project Finance practice for a fast-paced discussion of current hot topics relating to tax-exempt financings.


  • University of Pennsylvania Law School, J.D., cum laude, 1988
  • University of Chicago, B.A., 1985

Awards & Honors

Best Lawyers, Public Finance, 2013-2023

  • Pennsylvania
  • U.S. District Court -- Western District of Pennsylvania

National Association of Bond Lawyers

Pennsylvania Association of Bond Lawyers

Allegheny County Bar Association