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Proskauer Rose LLP

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Justin Breen

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Proskauer Rose LLP

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Justin Breen is a partner in the Corporate Department and head of  the Leveraged Finance Group. He focuses on the representation of leading banking firms, private equity sponsors and corporations in public and private capital markets transactions and leveraged bank financings. Justin works on both the bank and high yield bond sides of acquisition financings, as well as initial public and follow-on equity offerings. He has represented various leading underwriters, initial purchasers, agents, lenders and dealer managers. Justin’s experience extends across a variety of industries, including energy, retail, media, communications, gaming, pharmaceuticals, and others.

United States: Finance

Capital markets: high-yield debt offerings

Within: Capital markets: high-yield debt offerings

Over recent years, Proskauer Rose LLP’s capital markets practice has broadened its representation of investment banks to strike a more even balance between issuer and manager-side work, with Credit Suisse, Jefferies and William Blair among its key clients. The group also expanded laterally with a double hire into Washington DC: Karen Garnett, who brings to bear a strong regulatory background, joined from the SEC, while business development company specialist William Tuttle joined from Dechert LLP. Among its manager-side highlights, New York-based department co-chair Frank Lopez advised Citigroup and JP Morgan, as underwriters, on two high-yield offerings by Five Point Operating Company totaling $500m. The US group also enjoys a strong record in cross-border deals, where it routinely draws upon the senior experience of European high-yield lead Maximilian Kirchner, who splits his time between London and New York. Justin Breen, who heads the leveraged finance team, is also noted.

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Commercial lending

Within: Commercial lending

Proskauer Rose LLP has established itself as one of the leading players for mid-market and second lien financings, particularly in the private credit sphere - an area where it has led the charge for over a decade. With 20 partners spread throughout its US network, the finance group has established excellent relationships with numerous funds including Ares Capital, which it advised as lead arranger on over $7bn worth of transactions, including a $545m loan to TDG Group Holding Company to finance the purchase of The Dwyer Group by Harvest Partners. The team also advised Ares on the $881m financing for its acquisition of Convergint Technologies. Other key clients include The Carlyle Group, Midcap Financial, and New Mountain Capital. Key figures in the practice group include global finance co-heads Ron Franklin and Andrew Bettwy, leveraged finance head Justin Breen, and Boston-based private credit group co-heads Stephen Boyko and Steven Ellis.

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  • CommuniquĂ© on Equity Crowdfunding Is Officially Published

    By way of background, in January 2019, the Capital Markets Board (“ CMB ”) had issued an announcement on its website on the Draft CommuniquĂ© on Equity Crowdfunding [1] . The CMB has now officially published the CommuniquĂ© on Crowdfunding No. III-35/A (“ CommuniquĂ© ”), on October 3, 2019. The CommuniquĂ© entered into force as of October 3, 2019.
  • Beneficial Ownership Concept new interpretation from the Russian federal tax service

    The recent interpretative letter issued by the Russian Federal Tax Services (“FTS”) on 08th August 2019, has provided further guidance as to the application of the Beneficial Ownership Concept, further to the letter initially provided on the 12th of April 2018 which adopted a strict approach of the concept. 
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    Cyprus has concluded the negotiations for the avoidance of double taxation with the Netherlands. The double tax treaty was agreed at technocratic level in Hague. It is expected to be signed by the end of 2019 or early in 2020.
  • Vacancy - Senior Corporate Lawyer

    The Senior Corporate Lawyer, who will be reporting to Partners, will be working with both the firm’s legal team as well as the financial services team. The successful candidate will be requested to show initiative, take on certain responsibilities within the firm, work in a multinational environment and will immediately be given the opportunity to further advance their career within the law firm.

    The judgment of the Court of Justice of the European Union (CJEU) on February 26, 2019, in the “Danish Beneficial Ownership Cases”, can be perceived as a landmark on the interpretation of the Beneficial Ownership concept under the Interest and Royalties Directive (IRD) and the Parent-Subsidiary Directive (PSD).
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    On 2 October 2019, the Court of Justice delivered its judgment in Bajratari v Secretary of State for the Home Department (Directive 2004/38/EC) Case C-93/18 which concerns Chen applications and the source of funds for self-sufficiency. 
  • End of the ‘centre of life test’ in Surinder Singh cases?

    In the recent case of  ZA (Reg 9. EEA Regs; abuse of rights) Afghanistan   [2019] UKUT 281 (IAC ), the Upper Tribunal found that there is no basis in EU law for the centre of life test, as set out in Regulation 9(3)(a) of the Immigration (European Economic Area) Regulations 2016 (the “Regulations”). It further found that it is not to be applied when Judges assess  Surinder Singh  cases that appear before them.

    Italian rules on jointventures concerning public procurement and concession contracts are set out inlight of the European legal framework provided for in Directive 2014/23/EU and 2014/24/EU of the European Parliament and of the Council. The European rules aim to ensurethe best use of public money so that EU citizens benefit from strategicinvestments and services at fair prices. In this context, public procurementand concessions represent key instruments that need to be regulated and standardisedin order to ensure free movement of goods, freedom of establishment and freedomto provide services.
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    In this article we examine the working arrangements of sole representatives, looking at the terms and conditions of employment that the Home Office will expect a sole representative to have in order to qualify as a representative of an overseas business.  
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    The Immigration Rules require that an applicant for a  sole representative visa  is not “a  majority shareholder in the overseas business”.