Structured finance: securitization in United States

Cadwalader, Wickersham & Taft LLP

At Cadwalader, Wickersham & Taft LLP, known as ‘a top law firm for companies interested in engaging in structured finance transactions’, the securities group sits within the firm’s well-respected capital markets practice. In addition to mortgage-backed securities, the group has vast experience in CLOs and asset-backed securities. In New York, Mike Gambro leads the firm’s work on Freddie Mac’s multifamily loan securitization program. He jointly heads the team with Charlotte’s Stuart Goldstein , who is a key name in the commercial real estate CLO practice. New York’s Neil Weidner is a veteran of the structured finance arena; Gregg Jubin, managing partner of the Washington DC office, leads on asset-based finance transactions, including in relation to corporate and auto loans. Michelle Abad is an expert in mortgage-backed securities and mortgage servicing rights securitization notes.

Practice head(s):

Mike Gambro; Stu Goldstein

Other key lawyers:

Neil Weidner; Gregg Jubin; Joseph Beach; Chris Gavin; Michelle Abad

Testimonials

‘Cadwalader is a top law firm for companies interested in engaging in structured finance transactions related to residential mortgages and mortgage servicing rights. They have the expertise to handle complex transactions and are familiar with all of the outside counsel for lenders and other counterparties.’

‘The partners and associates that I have worked with are diligent, intelligent and helpful. Chris Gavin and Michelle Abad are always going the extra mile to close transactions on our company’s aggressive timelines.’

Key clients

Credit Suisse Securities (USA)

Deutsche Bank AG

Goldman Sachs

HealthCare Royalty Partners

J.P. Morgan Securities

Lument Finance Trust

Morgan Stanley

Ares Capital Management

UNIFY Financial Credit Union

Wells Fargo

Work highlights

  • Advised Wells Fargo in connection with the $3 billion permanent financing for One Vanderbilt.
  • Advised a mortgage lender and affiliates in connection with the issuance of a $1 billion CRE CLO offering.
  • Advised UNIFY Financial Credit Union as sponsor on its $300 million auto securitization, which was only the second time a federal credit union used securitization as a funding source.

Hunton Andrews Kurth LLP

Hunton Andrews Kurth LLP's structured finance and securitization practice is closely aligned with the firm's restructuring, bankruptcy, M&A and energy departments, and draws on close links with east coast financial institutions, resulting in an impressively broad offering. In 2021, the team was increasingly instructed on distressed and rescue financings, as well as capital and fund formation deals. Areas of particular expertise include master trust securitizations, blockchain originated consumer loans, triple-net leases, in addition to more exotic asset classes, such as litigation finance and agricultural loans. Lawyers are also adept at CRE CLO structures. In New York, Tom Hiner  is an expert in securitizations involving mortgages, and co-chairs the practice alongside Richmond's Mike Nedzbala, also a mortgage-related securitization specialist. Amy Williams  in Richmond advises borrowers and lenders on structuring and closing asset-based finance transactions, covering residential and commercial loans; while in the same office, Cecelia Horner provides assistance with the income tax aspects of domestic and international secured financings. Brit Mohler Dufilho is also recommended.

Practice head(s):

Tom Hiner; Michael Nedzbala

Other key lawyers:

Amy Williams; Cecelia Horner; John Dedyo; Jonathan Kim; Brit Mohler Dufilho

Mayer Brown

Mayer Brown ‘s structured finance team is praised by clients for its ‘incredible depth and breadth of knowledge‘ under the leadership of Chicago’s Julie Gillespie , who is a leader in the credit card securitization space, and Ger O’Donnell, who specializes in warehouse financings, asset purchases and 144A placements. Also in Chicago, Stuart Litwin  receives plaudits as a leader in auto ABS, former practice head Jon Van Gorp is well-known for RMBS transactions and Angela Ulum is a leader in the field of auto and equipment loans. In Charlotte, Carol Hitselberger  has experience across a variety of loan securitizations. New York’s Paul Jorissen  has a strong practice in the residential mortgage market. Ryan Suda is an expert in CLOs.

Practice head(s):

Julie Gillespie; Ger O’Donnell

Other key lawyers:

Stuart Litwin; Jon Van Gorp; Carol Hitselberger; Paul Jorissen; Angela Ulum; Amanda Baker; Ryan Suda

Testimonials

‘The team at Mayer Brown that we have worked with is very collaborative and commercial working with us and our counter parties. They always understand the primary goal is to get the transaction complete and keep a great relationship with our lending partners. They keep us on course and are very clear in guiding us in when to fight and when to concede.’

‘Ger O’Donnell at Mayer Brown has been a valuable asset to our firms growth as he has guided us through many varying transactions. He understands our core values and incentives as well as our deepest sensitivities. He is very empathetic to our needs.’

‘The depth and breadth of knowledge of the Mayer Brown structured finance team is incredible. The team also happens to be diverse and highly responsive, which it not the case with all outside counsel.’

‘They are pleasant people… not just smart lawyers, and are open to differing perspective and willing to help find workable middle ground on complex issues.’

‘The people make all the difference, and Stuart Litwin has trained the best. He leads the securitization practice. We recommend them without hesitation.’

‘Stuart Litwin: the “godfather” of auto ABS. He’s the best!’

Key clients

Discover

Square Inc.

Ocwen Financial Corporation

HPS Investment Partners

Upstart

LendingClub

New York Mortgage Trust, Inc.

Synchrony Bank

Barclays

MJX Asset Management

Nissan Motor Acceptance Corp.

Carrington Capital Management

Work highlights

  • Advised the securitization lenders of Donlen Corp, The Hertz Corp.’s fleet leasing subsidiary, to help address its fleet issues while Hertz and subsidiaries were in bankruptcy.

Morgan, Lewis & Bockius LLP

Morgan, Lewis & Bockius LLP‘s team is commended by clients for its ‘experience across a variety of asset classes that it is able to leverage to best deliver for their client.’ The firm brings to bear a sizeable team, which has expertise across deals revolving around financial services, automotives, education, fintech, real estate, telecoms and technology assets. The department is jointly led by Reed Auerbach in New York, who is an asset- and mortgage-backed securities expert, and Washington DC’s Jeffrey Johnson, whose specialisms include public and private securitizations involving real estate. In New York, Matthew Joseph has experience in balance sheet and commercial paper conduit transactions and Steve Levitan  focuses on student and auto loans, as well as residential solar panel installation financing loans. In Washington DC, Asa Herald is known for RMBS transactions. In April 2021, the group in Washington DC was joined by Steven Becker and Alex Velinsky from Hunton Andrews Kurth LLP.

Practice head(s):

Reed Auerbach; Jeffrey Johnson

Other key lawyers:

Matthew Joseph; Steve Levitan; Asa Herald; Paul St. Lawrence; Steven Becker; Alex Velinsky; Eileen Ho; Ashley Templeton

Testimonials

‘Very thoughtful in their approach on how to best advise and execute for their clients to meet such clients’ respective needs. Experience across a variety of asset classes that they are able to leverage to best deliver for their client.’

‘Morgan, Lewis & Bockius is great at not only identifying issues but more importantly, coming up with solutions to those issues. I have always felt that they work with me to solve problems.’

‘Both Reed Auerbach and Matt Joseph make themselves available to me whenever there is an issue that comes up on a deal. They have great associates, but I never feel that they simply pass along the project to a junior individual without having a good understanding of where the deal stands.’

Key clients

Goldman Sachs

Credit Suisse

Navient Corporation

Jefferies & Co Inc.

FirstKey Mortgage LLC

JPMorgan Chase

Citigroup

Verizon Communications

Toyota Motor Corporation

RWT Holdings Inc. (Redwood)

Work highlights

  • Advised Toyota Motor Credit Corporation as issuer’s counsel on an SEC-registered issuance of $1.56 billion of green bonds secured by a pool of fixed-rate auto loan receivables.
  • Advised Redwood Trust, as issuer’s counsel, on documenting, executing and closing the first ever super prime jumbo RMBS transaction to include blockchain elements.
  • Advised Redwood Subsidiary Holdings LLC (a subsidiary of Redwood Trust) and a co-sponsor in connection with the issuance of $146,421,000 of notes backed by the proceeds from resolutions on a pool of home equity investments (“HEIs”).

Orrick, Herrington & Sutcliffe LLP

At Orrick, Herrington & Sutcliffe LLP, lawyers are adept in handling asset-backed securities issues, with a strength in credit card securitizations. The team is also known for its asset-backed securities work and instructions from the fintech space. Another area of expertise is commercial and residential mortgage securitizations. The group is chaired by New York’s Alan Knoll, a high-flying asset-backed securities lawyer. Knoll’s vice-chair is New York’s Robert Moyle, whose transactional expertise is matched by proficiency in securities regulation. Also in New York, Leah Sanzari is described by clients as ‘a foremost expert in esoteric structured finance products‘, while William Cullen has a notable CMBS practice. Joining the Washington DC office from Chapman & Cutler LLP in July 2021, Michael Mitchell is a well-regarded consumer ABS expert with previous experience serving at the SEC.

Practice head(s):

Alan Knoll; Robert Moyle

Other key lawyers:

Leah Sanzari; William Cullen; Janet Barbiere; Howard Goldwasser; Michael Mitchell

Testimonials

‘The best there is in esoteric financing products and bonds. We’ve been incredibly impressed with the gender diversity on the team. Extremely ethical – name carries a lot of weight with investors.’

‘Leah Sanzari – foremost expert in esoteric structured finance products. Always has her clients best interest at heart. she’s been a trusted partner for the entirety of our company’s history from founding to now.’

Key clients

Bank of America

Citigroup

PACE Deals (Greenworks Lending, Twain Financial Partners and PACE Loan Group)

Invictus Capital Partners

Various Noteholders and Purchasers (Oil & Gas Securitizations)

American Express

Barclays and Credit Suisse (Brex ABS Issuance)

Seneca Point Global

SolaREIT

The Mobility Open Blockchain Initiative (MOBI)

Work highlights

  • Advised Bank of America as Trust counsel in connection with its multiple GSE agency platforms (Ginnie Mae, Freddie Mac and Fannie Mae), including the securitization and re-securitization of securities backed by residential, multifamily and reverse mortgages.
  • Advised Citigroup as Depositor/Issuer, Underwriter/Initial Purchaser, Placement Agent and Mortgage Loan Seller on public and private offerings of CMBS backed by “conduit” commercial mortgage loans and private offerings/CRE CLOs backed by a single loan or portfolio of mortgage loans and secured by one or more commercial properties
  • Advised substantially all of the C-PACE issuers on capital markets issues.

Allen & Overy LLP

Allen & Overy LLP‘s New York-based securitization practice provides a full service to clients, comprising underwriters, arrangers and US domestic and foreign issuers. The group is most known for its CLO work, and lawyers have experience in advising investment banks on the development of their CLO and warehousing platforms. Asset-backed securities are another strength, as are automotive, aircraft and equipment securitizations. Joint figureheads are Lawrence Berkovich, who focuses on syndicated and mid-market CLOs, also an area of specialism for co-head Nick Robinson, John Hwang, who has experience in SEC-registered offerings and private placements, and Christopher Jackson. Senior counsel Tracy Feng is another key individual with knowledge in property assessed clean energy transactions.

Practice head(s):

John Hwang; Lawrence Berkovich; Nick Robinson; Chris Jackson

Other key lawyers:

Tracy Feng; Derek Poon; Luke Maiman

Testimonials

‘A&O is always very responsive to requests and has impressive turnaround time on requests even when the team is very busy and when compared to similar law firms.’

‘Larry Berkovich does a great job at solving problems as they arise and is always happy to think creatively to adapt to complex issues which makes life much easier for his clients.

Luke Maiman is also a huge asset to A&O and is able to work well with other law firms to make negotiations easier for his clients.’

 

Key clients

Natixis North America

BofA Securities

Citibank N.A.

Sound Point Capital Management

RBC Capital Markets

Neuberger Berman

Société Générale

Carvana

Toyota Motor Credit Corporation

Stonepeak Infrastructure Partners

Falko Regional Aircraft Limited

British Airways

TD Bank

CIBC

Work highlights

  • Advised Carvana on ABS offerings including SEC-registered public, 144A and privately placed near-prime auto loan ABS transactions; bilateral warehouse facilities with lender banks; and forward flow loan sale facilities.
  • Advised Toyota Motor Credit Corporation as servicer and seller on with the issuance of auto lease ABS in multiple bilateral and syndicated amortizing and revolving facilities.
  • Advising Stonepeak Infrastructure Partners on the Rule 144A SALT 2021-1 securitization.

Cleary Gottlieb Steen & Hamilton

The Washington DC-based team at Cleary Gottlieb Steen & Hamilton is praised by clients for ‘strong legal and finance skills‘, which it applies to its core areas of expertise, CLOs and agency mortgage securitizations. The group stands out for its regulatory practice, which is knowledgeable in issues arising from the Dodd-Frank act, as well as compliance matters relating to US and EU risk retention, the Volcker Rule and rating agency reforms.  Michael Mazzuchi is the key contact, with specialisms in mortgage and asset securitizations. Mitchell Dupler  is an expert in mortgage-backed securities, and Macey Levington has built a well-regarded CLO and receivables securitization practice.

Practice head(s):

Michael Mazzuchi

Other key lawyers:

Mitchell Dupler; Macey Levington; Beau Sterling; John McGill

Testimonials

‘Strong legal and finance skills. Attention to detail. First draft gets it right.’

‘Ability to identify issues and gaps in structures; provides advice that is commercial and in line with market practice’

‘Responsiveness; ability to draft very bespoke contractual arrangements’

Key clients

Merrill Lynch / Bank of America

Alcoa Corporation

Bank of America

KKR

Hewlett Packard Enterprise

Owl Rock Capital Partners

Citigroup Global Markets

Credit Suisse

Goldman Sachs

Nomura

Work highlights

  • Advised a number of major financial institutions as underwriters on Ginnie Mae, Freddie Mac, and Fannie Mae mortgage-backed transactions representing more than $458.9 billion since 2020 in agency mortgage-backed securities offerings, including more than $329.1 billion from August 2020 to August 2021.
  • Advised Hewlett-Packard on the issuance of $1.75 billion of asset-backed notes
  • Advised Owl Rock Capital Partners and its advised funds in various asset-backed credit facilities totalling several billion dollars, including multiple facilities for Owl Rock Capital Corporation, Owl Rock Capital Corporation II, Owl Rock Core Income Corporation and several private Owl Rock funds.

Clifford Chance

Clifford Chance‘s New York-based team works closely with the firm’s tax practice, utilizing the expertise of James Gouwar  to provide comprehensive support to clients on a wide variety of securitizations, with particular expertise in RMBS and CMBS deals, as well as CLOs. The group is also well-versed in marketplace, consumer and student loan deals, as well as asset-backed securitizations. ‘Substantively knowledgeable and excellent‘, Robert Villani focuses on CLOs and loan securitizations and jointly leads the team alongside real estate-sector expert Lee Askenazi. Dual English and New York-qualified Gareth Old  is an expert in risk-transfer transactions and collateralized fund obligation deals. In Washington DC, Robert Hagan  focuses on private securitization and re-securitization pertaining to asset classes including performing and non-performing new origination and seasoned residential mortgages.

Practice head(s):

Robert Villani; Lee Askenazi

Other key lawyers:

Jim Cotins; Matt Lyons; James Gouwar; Gareth Old; Robert Hagan; Alistair Dunlop

Testimonials

‘Combines cross-border expertise, subject matter experts and a practical approach.’

‘Gareth Old – down to earth approach whilst making complex legal questions comprehendible’

‘Robert Villani is substantively knowledgeable and excellent and provides good service. I recommend him highly.’

Key clients

Waterfall Asset Management

ReadyCap Commercial

Chimera Investment Corporation

Bayview Asset Management

Nuveen

Global Jet Capital, Inc.

NYL Investors LLC

Société Générale

Kroll Bond Rating Agency

Symphony Alternative Asset Management

Work highlights

  • Advised Global Jet Capital, Inc., as servicer, and Business Jet Securities 2020-1, LLC, as issuer, on the issuance of US$521,800,000 Secured Notes in an asset backed securitization (ABS). The securitization (BJETS 2020-1) is the fourth ABS offering that Global Jet Capital has closed.
  • Advised a global asset manager in connection with over US$10.6 billion in collateralized loan obligation transactions.
  • Advised Bayview Asset Management on a number of securitizations related to US government agency credit risk transfer transactions, for a total note issuance of approximately US$2.85 billion.

Dechert LLP

Dechert LLP‘s asset finance securitization practice spans a variety of transaction types, including commercial real estate deals, CMBS, resi-securitizations, CLOs and ABS, with a strength in esoterics. Leading the team from New York is Laura Swihart, who is most noted for her abilities in the CMBS arena, as well as heading the firm’s relationship with Freddie Mac. In Philadelphia, David Forti also leads on real estate-related securitizations. New York’s Richard Jones heads the CMBS sub-group, also advising on LIBOR transition issues, while Ralph Mazzeo specialises in residential mortgage-backed products. In Charlotte, Christopher P. Duerden leads the global CLO group, supported by John M Timperio.

Practice head(s):

David Forti; Laura Swihart

Other key lawyers:

Richard Jones; Christopher P. Duerden; John M  Timperio; Ralph Mazzeo

Testimonials

‘Top-tier counsel, reliable, responsive and client forward while being commercial and constructive during negotiations. Very deep bench’

‘Dechert has partnered with us on our securitizaton program for many year. They are great at providing quality service and creative solutions to complex issues.’

‘Ralph Mazzeo is our primary partner at Dechert. He is highly knowledgeable about structured finance matters and and is always cool under pressure.’

Key clients

Bain Capital, LP

Bridge Debt Strategies

Credit Suisse

Federal Home Loan Mortgage Corporation (“Freddie Mac”)

Golub Capital

MF1 Capital LLC

Palmer Square Capital Management LLC

Raymond James & Associates, Inc

Work highlights

  • Advised Farmer Mac on completing a US$302.7 million securitization of agricultural mortgage loans.
  • Advised Golub Capital as collateral manager on multiple significant CLO transactions, including a US$539 million refinancing of a CLO transaction, a US$518 million asset backed securitization and a US$407 million cash flow CLO backed by a static pool of middle market corporate loans.
  • Advised MF1 REIT II LLC and certain of its affiliates, as sponsor, issuer, co-issuer, retention holder and collateral manager, in connection with the issuance and offering of 6 classes of notes to investors, and the issuance of 3 classes of notes and 1 class of preferred shares to be retained by an affiliate of MF1 REIT II LLC.

Dentons

At Dentons, the securitization practice sits within the firm’s capital markets department. The team is most known for their capabilities in the real estate finance and mortgage sectors, with a solid client roster of issuers and underwriters. An area of particular expertise is securitizations of non-performing and re-performing mortgages, but the group is also well-versed in triple-net lease commercial real estate, residential rental properties and residential mortgage-backed securities. The team is led from New York by Stephen Kudenholdt, whose practice includes real estate and asset-backed securities offerings, and Erik Klingenberg, who is noted for CLOs. Also in New York are Scott Swerdloff and Robert Olin.

Practice head(s):

Stephen Kudenholdt; Erik Klingenberg

Other key lawyers:

Scott Swerdloff; Robert Olin; Charles Gelinas; Jessica Meylor

Key clients

Credit Suisse Securities (USA) LLC

Merrill Lynch, Pierce, Fenner & Smith Incorporated

JP Morgan

Cantor Fitzgerald & Co.

Fortress Investment Group LLC

Nomura Securities International, Inc.,

Figure Funding LLC

Blackstone Residential Operating Partnership LP

Atom Bank plc

Coventry Building Society

Deutsche Bank

Morgan Stanley

Goldman, Sachs & Co.

HSBC Securities (USA) Inc.

Wells Fargo Securities

Work highlights

  • Advised Figure Funding LLC as issuer in Figure Line of Credit Trust 2020-1, the first ever securitization backed by loans originated, serviced, financed and sold on blockchain.
  • Advised the initial purchasers in FirstKey Homes 2020- SFR2, the largest securitization issued in the single-family rental sector to date.
  • Advised on a trade receivables securitization for an international manufacturer of medical equipment to help fund increased production of ventilators critically needed during the COVID-19 global pandemic.

DLA Piper LLP (US)

DLA Piper LLP (US) is a stalwart of the asset-backed securities space. The group has considerable expertise in CLOs, as well as more esoteric transactions, such as data center and whole-business securitizations, insurance-linked securities and solar deals. The team is led from New York by Richard Reilly, who has a strong track-record in CLOs. In Boston, Andrew Sroka has experience in non-traditional asset classes including fintech small business loans and student debt. Both based in New York and core members of the CLO practice are Jay Williams , who joined from Schulte Roth & Zabel LLP in February 2021, and John F. Murphy III.

Practice head(s):

Richard Reilly

Other key lawyers:

Andrew Sroka; John F. Murphy III; Jay Williams

Key clients

Goldman Sachs

Ares Management

BlackRock

Sound Point Capital Management

Shenkman Capital

Irradiant Partners

SocGen

ArrowMark

Shinhan Alternative Investment Management Inc.

Trimaran Advisors, LLC

Theorem Partners LLC

Affirm, Inc.

Truist Securities, Inc.

STORE Capital Corporation

Barclays Bank PLC

Work highlights

  • Advised Goldman Sachs on 41 transactions as arranger, valued at over $20 billion.
  • Advised Affirm, Inc on its August 2021 issuance of $500 million fixed-rate asset-backed notes by Affirm Asset Securitization Trust 2021-B
  • Acted for Ares Management on 12 CLO transactions valued at over $5.8 billion

Katten

Katten's structured finance and securitization department has a high-volume practice spanning consumer and commercial finance, esoteric and one-off transactions. In terms of novel deals, the group has experience in lottery and municipal receivables, as well as renewable energy and refund anticipation loan securities. Taking the lead are Washington DC’s Anna-Liza Harris , an asset and-mortgage-backed securitization expert, and New York’s Howard Schickler , whose broad practice includes mortgages, auto loans, equipment leases and credit card receivables. In Washington DC, Claudine Chen-Young  is an expert in mortgage-backed securities. In New York, John Keiserman  is known for deals involving motor vehicle collateral.

Practice head(s):

Anna-Liza Harris; Howard Schickler

Other key lawyers:

Chris DiAngelo; Claudine Chen-Young; John Keiserman; Stephen Esko; Joshua Yablonski; Stanford Renas

Key clients

Fannie Mae

New York City Bar Association

Structured Finance Association

Bank of America, N.A.

DBRS, Inc.

Nomura Corporate Funding Americas, LLC

FAT Brands Inc.

Metabank, N.A.

Marathon Asset Management, L.P.

Morgan Stanley

A10 Capital

Work highlights

  • Advised Fannie Mae on structuring, launching and executing its first Credit Risk Transfer offering indexed to SOFR
  • Advised Ford Credit in connection with all of its U.S. auto loan, auto lease and dealer floorplan securitization programs, including cross-border offerings from its Canadian affiliates, with issuance totaling approximately US$10 billion.
  • Advised FAT Brands Inc. as issuer’s counsel on its three whole business securitizations (WBS) this year. In combination with public debt offerings, FAT Brands has used WBS to finance the acquisition of fast, casual restaurant groups.

King & Spalding LLP

With a ‘very business-focused mindset‘, King & Spalding LLP‘s securitization lawyers in New York advise on receivables financing, hybrid structured and leveraged credit facilities and term notes, as well as privately placed and publicly issued securitization deals. The group has a sizeable real estate-based practice, which often overlaps with its esoteric asset work, that includes healthcare and trade receivables securitizations and mortgage repurchase transactions. Michael Urschel  is the practice head, with recent experience in securitizations of restaurant concepts, digital infrastructure and cellular towers. Ryan McNaughton is an expert in esoteric ABS deals, while Jonathan Arkins‘ esoteric practice extends to data centres and intellectual property licensing streams. Terry Novetsky is a specialist in loan asset securitization programs. Senior associate Kathryn Weiss is another stand-out team member.

Practice head(s):

Michael Urschel

Other key lawyers:

Ryan McNaughton; Jonathan Arkins; Jeff Misher; Terry Novetsky; Kathryn Weiss; Martin Eid

Testimonials

‘K&S’ structured finance team, managed by Michael Urschel, has a deep bench in terms of attorneys with trusted judgement and execution skills, with a very business-focused mindset. This allows them to timely execute on a variety of projects. Their bandwidth and creativity in the spaces we work with them in is amazing.’

‘The team list goes on and on. All are capable decisionmakers, good counsellors and drafts people. Lots of willingness to take ownership and get deals done. Proactive is a good key word for this team.’

Key clients

Barclays Capital Inc

Cerberus Capital Management

Goldman Sachs

Diamond Communications

Morgan Stanley

Nuveen/TIAA

Five Guys Holdings, Inc.

White Oak

The Toronto Dominion Bank

MUFG

Work highlights

  • Advised Barclays Capital Inc., as sole structuring advisor and joint book-running manager, and a consortium of bank in connection with the sale of $2.35 billion fixed rate Series 2021-1 Class A-2 Notes backed by a whole-business securitization of the franchise assets of Dunkin’ Brands Group, Inc.
  • Advised a commonly-controlled affiliate of Diamond Communications together with equity sponsor Sculptor Capital Management in the issuance of $665 million of securitized Secured Cellular Site Revenue Notes issued by Diamond Infrastructure Funding LLC.
  • Advised Barclays Capital Inc. on the structuring of two securitized financing note issuances totalling $500 million. The closing of the Series 2021-1 Notes represents a key milestone for DigitalBridge in that it is the first-of-its-kind securitization.

Kirkland & Ellis LLP

Kirkland & Ellis LLP has a broad practice, with a notable private equity and portfolio company client base. The team has a strong reputation for whole-business securitizations, and has particular experience in structures involving exotic assets, including floorplan loans, healthcare and credit card receivables, as well as operating assets such as oil and gas receivables. Auto and equipment securitizations are another core part of the practice. Jointly leading the group are Chicago’s Jeffrey O’Connor and New York’s Janette McMahan, a specialist in auto loan and lease transactions, as well as single-family rental deals and whole-business securitizations. In Dallas, associate Rudgee Charles is building a solid asset finance and securitization practice.

Other key lawyers:

Rudgee Charles

Key clients

Carvana, LLC

United Airlines Holdings, Inc.

Barclays Capital

Deere & Company/John Deere Capital Corporation

Hyundai Capital America

J.P. Morgan Securities LLC

Navistar Financial Corporation

NextGear Capital, Inc.

World Omni Financial Corp.

Travel + Leisure Co. (f/k/a Wyndham Destinations)

Work highlights

  • Advised Carvana, LLC, a subsidiary of Carvana Co on four offerings of asset-backed notes backed by auto loan receivables.
  • Advised a holding company on securities issues arising from its Chapter 11 bankruptcy.
  • Advised Travel + Leisure Co. on two term securitization offerings backed by timeshare loan receivables under its Sierra program through its Wyndham Vacation Ownership group.

Kramer Levin Naftalis & Frankel LLP

According to clients, Kramer Levin Naftalis & Frankel LLP is ‘a market leader at PE-fund backed securitizations CLOs and specialty finance assets.’ The firm’s New York-based group stands out for its esoteric securitizations work, with a particular strength in solar loans and leases, but also including intellectual property-related securitizations. It is also involved in the real estate sector, handling deals involving timeshares and commercial mortgages. Gilbert Liu and Laurence Pettit are noted as ‘ thought leaders in their field and great and trusted advisors‘ and jointly lead the group with Jamie Kocis, who has an impressive solar asset and commercial PACE securitization practice, as well as advising on warehouse facilities. Promoted to partner in January 2022, Daniel Michaelson  is another key figure in the team.

Practice head(s):

Gilbert Liu; Laurence Pettit; Jamie Kocis

Other key lawyers:

Daniel Michaelson

Testimonials

Team is a market leader at PE-fund backed securitizations CLOs or Private Equity Backed Notes. Also PACE (clean energy) bonds and other solar issuers and specialty finance assets.’

‘Laurence Pettit, Gil Liu are thought leaders in their field and great and trusted advisors.’

‘Very business oriented and a great ability to think outside the box.’

‘Laurence Pettit and Dan Michaelson are always to jump in when needed, quick to understand the issues and offer solutions and able to produce documents in a timely and “right the first time” manner.’

Latham & Watkins LLP

Latham & Watkins LLP advises all market participants in a variety of transactions involving commercial and esoteric assets, including aircraft leases, cell and broadcast towers, rental car fleets and whole-business securitizations. The group is also well-versed in more traditional securitizations, such as CLOs, cash and synthetic securities and those involving trade receivables. The key name in the US is global vice-chair Loren Finegold , who is based in New York, as is former global co-chair Kevin Fingeret , whose focus is esoteric and operating assets. In Los Angeles, Vicki Marmorstein  has broad expertise including pertaining to CLOs. Chicago’s Ellen L. Marks  is an expert in credit card securitizations.

Practice head(s):

Loren Finegold

Other key lawyers:

Kevin Fingeret; Vicki Marmorstein; Ellen Marks

Key clients

Rockford Tower Capital Management, L.L.C.

AXA Investment Managers

Carlyle

Ares

Onex Credit Partners

Park Avenue Institutional Investors

Columbia Cent CLO Advisers

Alcentra

Irradiant

DoubleLine

Deutsche Bank

Guggenheim Securities

Goldman Sachs

Barclays

Bank of America

Blackstone

American Airlines

Credit Suisse

Brookfield Asset Management

Northleaf Capital

KKR

Work highlights

  • Advised Rockford Tower Capital Management, L.L.C. as collateral manager counsel in connection with a number of transactions. Including its CLO 2019-2 Refinancing amounting to US$434,750,000
  • Advised AXA Investment Managers as collateral manager counsel on Allegro CLO XII amounting to US$406,250,000
  • Advised Columbia Cent CLO Advisers, LLC as collateral manager counsel on its $355m CLO

Paul Hastings LLP

At Paul Hastings LLP, the team advises arrangers, collateral managers, lenders, borrowers and investors in a wide variety of CLOs, bringing together securities lawyers with practitioners from the finance, tax, regulatory and restructuring departments, as well as experts in employment and investment law. Sitting in Washington DC, Scott Faga leads the group, drawing on experience in CLOs and knowledge in regulatory issues. New York’s Nicole Skalla and Eugene Ferrer, who is praised as ‘extremely knowledgeable, quick to respond and thorough‘, are also key lawyer for CLOs. Also in New York, ‘one of a kind‘ senior associate Nicole Bright is commended by clients for her ability ‘to push through multiple deals seamlessly in the midst of historically high deal volume‘.

Practice head(s):

Scott Faga

Other key lawyers:

Eugene Ferrer; Nicole Skalla; Joseph Opich; Richard Davis; Mary Kathryn Lee; Nicole Bright

Testimonials

‘The partners and counsel are excellent. The partners are very hands on and manage to remain involved in the deal throughout the deal process.’

‘Eugene Ferrer is extremely knowledgeable, quick to respond and thorough. Nicole Bright is one of a kind – able to push through multiple deals seamlessly in the midst of historically high deal volume’

Key clients

Morgan Stanley

BofA Securities

JPMorgan

Credit Suisse

Barclays

BNP Paribas

Wells Fargo

MUFG

Neuberger Berman

ArrowMark

Symphony Asset Management

Natixis Securities

GreensLedge Capital Markets

TCW Asset Management Company

Citigroup Inc.

Alcentra

AGL Credit Management LP

Tala

Work highlights

  • Advised Citigroup Global Markets Inc as arranger on the issuance of new CLO serviced by Palmer Square Capital Management LLC.
  • Advised arranger MUFG Securities Americas Inc. on a “reissue” CLO transaction managed by Benefit Street Partners L.L.C.
  • Acted for BofA Securities as arranger on the issuance of a new CLO managed by First Eagle Alternative Credit, LLC.

Paul, Weiss, Rifkind, Wharton & Garrison LLP

Clients rate the ‘deep technical expertise' of the team at Paul, Weiss, Rifkind, Wharton & Garrison LLP whose esoteric securitization practice is respected across the market, led from New York. Of note in 2021, the team continued to advise the California Public Utilities Commission on securities issues arising from the California wildfire cases. It is also a key destination for intellectual property and whole-business securitizations. In addition, the group has experience across the spectrum of asset-backed securities. The group is led by Jordan Yarett, known for whole-business securitizations. Charles Pesant has a varied practice that includes domestic and cross-border commercial vehicle and equipment fleet securitizations, as well as securities of intellectual property and franchise agreements. Robert Zochowski Jr. , who is a co-head of the finance group, is a specialist in securitizations and project financings involving esoteric assets. Intellectual property-based securitizations are also an area of expertise for Claudine Meredith-Goujon .

Practice head(s):

Jordan Yarett

Other key lawyers:

Robert Zochowski Jr; Charles Pesant; Claudine Meredith-Goujon; Lawrence Wee

Testimonials

‘Partners, of counsel and associates all have deep technical expertise in what is a complex field. They also have years of on-the-ground experience that allows the firm to provide expert counsel as well as legal advice. Lawyers are always available on the phone and knowledgeable. As a client I can make the decisions I need to make with full information and with confidence when I am represented by Paul, Weiss.’

Key clients

Apollo Global Management

Authority Brands

Barclays Capital

Bojangles’ Famous Chicken ‘n Biscuits

California Public Utilities Commission

Centerbridge Partners

Deutsche Bank Securities

Element Fleet Management

Guggenheim Securities

Highbluff Capital Partners

KGK Diamonds

Lendlease (US) Public Partnerships Holding

One Call Corporation

Pluczenik Diamond Company

RBC Capital Markets

Roark Capital Group

SBA Restaurant Holdings, Inc.

Stargems Group

Wingstop Restaurants

Zaxby’s Operating Company

Work highlights

  • Advised an operator of coin-counting kiosks, in connection with the issuance of its Series 2018 Class A-2 Notes.
  • Advising the California Public Utility Commission (CPUC) on the structuring of PG&E’s rate-neutral $7.5 billion securitization transaction that will help PG&E finance costs efficiently while benefitting customers and accelerating payment to wildfire victims.
  • Advised Authority Brands, owner and operator of 10 home service brand concepts, on its inaugural whole-business securitization.

Schulte Roth & Zabel LLP

Schulte Roth & Zabel LLP‘s team in New York is singled out by clients as ‘unusually dedicated to results both in terms of speed and meticulousness‘, with a particular strength in CLO transactions. The group has an enviable investment fund and alternative lender client base, and it is regularly called on to advise them in relation to distressed debt, structured finance and corporate debt investments. Esoteric securitizations are another area of expertise, including senior loans, revolving credit, warehouse facilities and commercial paper conduits. Craig Stein  assists issuers, underwriters, collateral managers and portfolio purchasers on a variety of CLOs and co-leads the department with Boris Ziser , whose esoteric securitization practice has gone from strength to strength. ‘Tireless and above all conscientious’, Phillip Azzollini  focuses on private CLO offerings and warehouse financing deals. Daniel Oshinsky  is known for liquidity facilities and structured credits.

Practice head(s):

Craig Stein; Boris Ziser

Other key lawyers:

Phillip Azzollini; Daniel Oshinsky; Stephen Schauder; Thomas Weinberger

Testimonials

‘The team with whom we work are unusually dedicated to results both in terms of speed and meticulousness.’

‘Phil Azzollini is tireless and above all conscientious. He always looks out for our best interest when other lawyers might not see a reason for concern.’

Key clients

Birch Grove Capital

Brightwood Capital Advisors, LLC

Cerberus Capital Management

Fortress Investment Group

GoldenTree Loan Management

Mizuho Securities USA LLC

Natixis Securities Americas LLC

Romark Credit Advisors LP

Work highlights

  • Advised GoldenTree Loan Management II, LP, the portfolio manager, on the creation of GoldenTree Loan Management US CLO 10, Ltd., which is an arbitrage cash flow CLO, and advised on the preparation of transaction documents, offering document and closing documents.
  • Advised Birch Grove Capital, LP, the portfolio manager, on the creation of Birch Grove CLO 2 Ltd., which is an arbitrage cash flow CLO, and advised on the preparation of transaction documents, offering document and closing documents.
  • Advised Romark Credit Advisors LP, the collateral manager, on the creation of Romark Credit Funding II, Ltd., which is an arbitrage cash flow CBO, and advised on the preparation of transaction documents, offering document and closing documents.

Weil, Gotshal & Manges LLP

Clients believe that Weil, Gotshal & Manges LLP‘s securitization lawyers ‘excel at getting deals done while protecting their clients’ interests vigorously’. In 2021, the group handled significant esoteric securitizations, involving assets including diamond inventories. The group also has an established whole-business securitization practice, in addition to solid ABS and CLO product lines. The department is led by New York’s Frank Nocco, who also co-leads the firm’s global structured finance and derivatives group, and has experience in transactions in the US and abroad. Also in New York, Shawn Kodes has broad securitization experience, spanning auto and equipment loans and leases, consumer and commercial loans, and healthcare receivables; and Jason Smith is well-versed in structuring rental car fleet financings, and vehicle and equipment lease securitizations.

Practice head(s):

Frank Nocco

Other key lawyers:

Shawn Kodes; Jason Smith; Jeffrey Dawidowicz

Testimonials

‘They are engineers and think outside the box. They have in depth knowledge’

‘Top-tier experts in securization transactions, particularly as it relates to more unique, complex and unusual situations’

‘Frank Nocco and Jeff Dawidowitz — excellent client service, knowledge of the sector, responsiveness, problem solving, attention to detail and ability to focus on key issues.’

‘Weil is a key trusted partner for my firm. They excel at getting deals done while protecting their client interests vigorously. They have wide ranging expertise across traditional and esoteric securitized asset classes.’

‘Shawn Kodes – great commercial mind, thinks through all risks, puts in a high degree of effort to deliver a great level of service.’

Key clients

Advent International Corporation

Apollo Global Management, LLC

BlackRock Investment Management (UK) Limited

Blackstone / GSO

BlueBay Asset Management LLP

Brigade Capital Management LP

CELF Advisors LLP

CFG Partners, LP

Credit Suisse

Culligan International Company

Delaware Life Insurance Company

Deutsche Bank

Fair Oaks Capital Ltd.

Fieldwood Energy LLC (n/k/a QuarterNorth Energy Holding Inc.)

Foley Trasimene Acquisition Corp.

Goldman Sachs

Guggenheim

Lendmark Financial Services, LLC

Lenovo Group Limited

Oaktree Capital Management

On Deck Capital, Inc.

Sanofi

Tempo Music Investments

Wells Fargo

Work highlights

  • Advised Apollo Global Management, as lender and structuring agent, in a $4 billion rental car ABS facility for The Hertz Corporation.
  • Advised Guggenheim Securities, as placement agent, in a Section 4(a)(2) ABS private placement bond offering by Presidio Finance LLC, a special purpose affiliate of Presidio Investment Holdings LLC, a differentiated oil and gas operator focused on the development and application of unified communications technologies to optimize mature, producing oil and natural gas assets in the United States.
  • Advised Lenovo Group Limited (China), at the time, one of the largest personal computer makers and providers of IT products and services in the world, in its amended and renewed $3 billion multi-jurisdictional, multi-currency, off-balance sheet accounts receivable securitization.

White & Case LLP

The New York-based team at White & Case LLP sits within the firm’s capital markets group. It has a varied practice that covers non-traditional esoteric assets and CLOs. In additional to transactional advice, the group, which works closely with colleagues in London, Germany, Latin America and Asia, is able to assist with regulatory issues. David Thatch  takes the lead and has become a prominent fixture in the whole business securitization space. Jim Fogarty focuses on whole-business securitizations, collateralized loan obligation issuances and rental car securitizations. Promoted to partner in January 2021, Elizabeth Devine is developing a name for herself in the whole-business securitization space, as well as handling CLO issuances. Senior associate Caitlin Colesanti is also recommended.

Practice head(s):

David Thatch

Other key lawyers:

Jim Fogarty; Elizabeth Devine; Cait Colesanti

Testimonials

‘Strong subject matter expertise, advocacy, practicality, and excellent responsiveness.’

‘David Thatch and Liz Devine both embody the characteristics described above.’

Key clients

Antares Capital

Avis Budget Group

GreensLedge Group

Guggenheim Securities, LLC

J.P. Morgan Securities LLC

Jack in the Box

Jersey Mike’s

Neighborly

Sixth Street Partners, LLC

The Hertz Corporation

Work highlights

  • Advised the Hertz Corporation on the establisment of a securitization facility by a a special purpose vehicle subsidiary of THC, Hertz Vehicle Financing III LLC (“HVF III”) and the issuance of approximately $6.8 billion aggregate principal amount of term and variable funding rental car asset-backed securities
  • Advised Guggenheim Securities LLC, as sole structuring advisor and joint book-runner and Jefferies LLC as joint bookrunner, along with Academy Securities Inc., CL King & Associates, Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Rabo Securities USA, Inc. and RBC Capital Markets, LLC as initial purchasers in the issuance and sale of US$450 million Series 2021-1 2.370% fixed rate senior secured notes, Class A-2-I, and $650 million Series 2021-1 2.775% fixed rate senior secured notes, Class A-2-II (the “”Notes””) under an existing whole business securitization by special purpose vehicle subsidiaries of Wendy’s International, LLC.
  • Advised Neighborly Company on the structuring of a whole business securitization by a special purpose vehicle subsidiary of Neighborly Issuer LLC and the issuance and sale of US$800 million Series 2021-1 3.584% fixed rate senior secured notes, Class A-2.

Winston & Strawn LLP

Winston & Strawn LLP houses securitization lawyers across its US offices, as well as in Paris and London. The group has a strong focus on esoteric assets, with a number of novel transactions under its belt. Areas of specialism include marketplace lending and fintech securitizations, energy structured finance, aircraft and transport finance; but lawyers are also well-versed in more traditional CLOs and CMBS transactions. Co-leading the department are Los Angeles senior counsel Daniel Passage , a leader in the property assessed clean energy arena and New York’s Jeffrey Stern . In Chicago, Russell Casper has knowledge in compliance issues arising from CLOs and warehouse facilities. Splitting his time between Los Angeles and New York, Francisco Flores is known for securitizations involving asset classes including auto leases, commercial mortgages and home equity loans.

Practice head(s):

Daniel Passage; Jeffrey Stern

Other key lawyers:

Russell Casper; Francisco Flores; Warren Loui; Michael Mullins

Key clients

Affirm, Inc.

Aviation Capital Group

Barings LLC

Beach Point Capital Management

BMO Asset Manager

Coventry First

Deutsche Alternative Asset Management

Fundbox, Inc.

First Eagle (THL Credit)

ING Group

Intuit Financing, Inc.

Madison Capital Funding

Monroe Capital

Stilt Inc.

Vista Credit Partners

Work highlights

  • Advised a major credit manager on its return to the U.S. new issue CLO market with its first new issue deal since March 2020.
  • Advised the administrative agent in connection with a $100 million revolving loan facility for the financing of a portfolio of small consumer loans to active and retired government/municipal workers originated by (or on behalf of) the Police Members Association of Puerto Rico (“PMA”) and sold on a servicing-retained basis to an SPV borrower (a Delaware LLC unaffiliated with the PMA).
  • Advised the leading provider of Commercial Property Assessed Clean Energy (C-PACE) financing, on the $89 million C-PACE transaction for the iconic 111 Wall Street building in the first-ever C-PACE deal completed as part of New York City’s recently launched C-PACE program.

Alston & Bird

Alston & Bird LLP is praised by clients for having ‘great depth of experience and the ability to quickly rally specialists‘, which it brings to bear in its structured and warehouse finance team.  The group has experience across a number of asset classes, including aircraft loans and leases, consumer and small business loans, as well as timeshare receivables. Based across the New York and Washington DC offices, Tara Castillo heads the global practice group. In New York, co-head Shanell Cramer and Aimee Cummo are also key lawyers, with experience across the asset-backed financing piece. In Dallas, Mark Harris takes the lead in auto finance mandates.

Practice head(s):

Shanell Cramer; Tara Castillo

Other key lawyers:

Aimee Cummo; Mark Harris; Katrina Llanes; Kristen Truver

Testimonials

The team has great depth of experience and the ability to quickly rally specialists in a particular asset class, regulatory or tax specialty and all partners in these areas seem to be commercial and solution oriented. The Structured Finance Practice provides truthful estimates regarding service and timely responses. Billing in easy to understand and broken deal accommodations are thoughtful and reasonable.’

A few standouts. Particularly Tara Castillo. She is incredibly responsive and able to manage a team of professionals to get deals done, creatively problem solve and negotiates in a non-confrontational manner. Her cost estimates are fair and accurate.’

Key clients

Car Capital Technologies, Inc.

Citibank

Consumer Portfolio Services

DBRS Morningstar

Encina Lender Finance

Hilton Grand Vacations

LoanDepot

Marlin Mortgage Capital

Purchasing Power

Regional Management Corp

TradeX

UMB Bank

Wells Fargo

Work highlights

  • Advised Hilton Grand Vacations (HGV) on its $1.4 billion acquisition of Diamond Resorts in a deal that creates the largest offering of luxury vacation ownership resorts in the industry with more than 150 locations in the United States, across Europe and throughout Asia-Pacific.
  • Advised Regional Management Corp. in connection with a $180 million consumer loan securitization.
  • Advised loanDepot, the country’s fifth-largest retail mortgage lender and second-largest nonbank retail originator, as issuer and sponsor, on a $1 billion securitization of GNMA MSRs and Servicing Advances.

Arnold & Porter

Arnold & Porter‘s structured finance team is most known for asset, mortgage and commercial mortgage-backed securities, in addition to CLO work pertaining to corporate structured credit and commercial real estate. The group is also regularly called upon by financial institutions to advise on the provision of structured acquisition financing. Based in New York, Henry Morriello has broad expertise across the securitization space, particularly involving esoteric assets such as intellectual property royalties, as well as advising on the formation of fintech companies and their fundraising activities. Also in New York, Lawton Camp assists with the securitization of various real estate assets and receivables. Chicago’s Daniel Hartnett , a senior lawyer in the group, has a strong track-record in real estate-related securitizations. Michael Karol in New York has a solid asset-backed securities practice.

Practice head(s):

Henry Morriello; Daniel Hartnett

Other key lawyers:

Lawton Camp; William Fellerhoff; Karsten Giesecke; Michael Karol

Key clients

Ad Hoc First Lien Lenders of Hertz Corporation

DZ Bank

Credit Suisse

Redwood Trust

Canada Pension Plan Investment Board

Castlelake LP

Wells Fargo

Arcadia Funds LLC

Social Finance

Seer Capital

Work highlights

  • Advised Credit Suisse and liquidity provider and repo counterparty with respect of certain assets supporting certain Nearwater commercial paper facilities
  • Advised CPPIB on five CMBS securitizations in which they invested in the risk retention funds, including two of the largest CMBS transactions of 2020-2021
  • Advised Castlelake LP and its affiliates on a $1 billion revolving credit and security agreement with a syndicate led by BNP Paribas and Goldman Sachs Lending Partners LLC

Eversheds Sutherland

Eversheds Sutherland‘s securitization practice sits within the firm’s capital markets department, with a particularly strong offering for ABS and esoteric deals. Jointly heading the group are Lisa Rosen in Washington DC, who specializes in advising clients on real estate finance and capital markets transactions, and New York’s John Benson, whose expertise spans securitized commercial real estate loans, affiliated debt products, structured finance and the resolution of non-performing or sub-performing real estate assets. In Atlanta, Brennan Posner has developed an impressive subordinated finance practice, while Eric Fenichel is known for advising corporate and financial services clients on the securitization of financial assets and liabilities. Counsel Thomas Dugan is based in Washington DC and focuses on real estate-related securitizations.

Practice head(s):

John Benson; Lisa Rosen

Other key lawyers:

Brennan Posner; Eric Fenichel; Thomas Dugan

Norton Rose Fulbright

The securitization team at Norton Rose Fulbright advises issuers, warehouse lenders, underwriters, servicers and investors on warehouse financings, including in relation to solar leases, power purchase agreements, and property assessed clean energy bonds. It also has a strong esoteric asset offering. The group regularly works alongside colleagues in London, Paris and Toronto, enabling a competence in cross-border securitizations. In New York, Patrick Dolan  focuses on asset- and mortgage-backed securitizations, while Andrew Coronios  is an expert in local and cross-border syndicated credit facilities. The duo jointly lead the department with San Francisco’s Eric Tashman , who is notable for his utility securitizations specialism. Also in New York, Adrienne Sebring is another lawyer with a varied transactional practice.

Practice head(s):

Patrick Dolan; Andrew Coronios; Eric Tashman

Other key lawyers:

Adrienne Sebring; Geren Brown; Deborah Stern; Arthur Kimball-Stanley

Testimonials

The team has been great in helping us with distressed loan sales. Very efficient and effective.’

Patrick Dolan has been fantastic. Highly responsive and always able to cut through nonsense to get issues resolved.’

Key clients

JP MorganChase

Southern California Edison Company

Pacific Gas & Electric Company

Bank of Nova Scotia

Bank of America Securities

Varadero Capital

Jefferies

DBRS

Goldman Sachs

Textainer Marine Containers VII Limited (“TMCL VII”)

North Texas Higher Education Authority

Work highlights

  • Advised the underwriter for utility stranded securitization deals for PG&E Recovery Funding LLC.
  • Advised Textainer Marine Containers VII Limited, a subsidiary of Textainer Group Holdings Limited on TMCL VII’s issuance of $605.2 million in Class A and $46 million in Class B Series 2021-2 Notes to BofA Securities, Inc., RBC Capital Markets, Truist Securities, Inc., Wells Fargo Securities, PNC Capital Markets LLC, MUFG Securities Americas Inc., Fifth Third Securities, BNP Paribas Securities Corp, and Keybanc Capital Markets Inc.
  • Advised a lease finance company on an ABS transaction involving the issuance of bonds secured by approximately 55 leased aircraft engines and three leased aircraft.

Reed Smith LLP

Reed Smith LLP provides advice on the full range of asset classes and transaction types to a wide variety of market participants. The team is integrated with the firm’s global office network, enabling it to provide a cross-border service. Areas of expertise include RMBS, CMBS, variable note CRE securitizations, trade receivables, auto-securitizations and CLOs. The department is led by Jodi Schwimmer, who splits her time between New York and Miami, and is most known for CMBS transactions. Also in New York, Evan Kelson focuses on, amongst others, financings of credit card, telecoms, consumer loans and trade receivables; associate Andrea Dinamarco has experience spanning transactions involving electric vehicles and truck fleets; and associate Tyrone Johnson is an expert in the secondary debt market.

Practice head(s):

Jodi Schwimmer

Other key lawyers:

Evan Kelson; Andrea Dinamarco; Tyrone Johnson; Robert Stalzer; McKenna Andrepont; Trish O’Donnell

Testimonials

‘We use Reed Smith for real estate structured finance. They are extremely versatile in their ability to address any of the various deal-specific issues. Drafted our form documents, and will advise us on both general and specific issues even if we are not using them to represent us on a specific deal.’

‘Jodi Schwimmer is the partner that we deal with most. She is extremely well versed, responsive and sharp. Dan Madrid is an associate (or perhaps counsel) and is a real work horse. Articulate, receptive to lender ideas, and able to translate them into legal drafting, and see the potential issues very quickly.’

‘The team is extremely proactive and task and schedule driven. The team also works well together and is thoughtful and insightful in evaluating and proposing legal and structural concepts.’

‘Team members are attentive to client needs. Members listen to client requirements and ideas and prioritize those over what may be easier but less suitable solutions. At the same time team members are sensitive to client economics.’

‘The client care is good and they value relationships’

Simpson Thacher & Bartlett LLP

Simpson Thacher & Bartlett LLP‘s predominant focus is on esoteric securitizations. Based in New York, the key lawyer is John Schueller, whose broad expertise spans asset-backed commercial paper, aircraft leases, airline ticket and credit card receivables and future revenue streams. He advises both underwriters and issuers, as well as parties in acquisitions where securitizations are involved.

Practice head(s):

John Schueller

Key clients

Barclays

BofA Merrill Lynch

Citigroup

Clearlake Capital Group, L.P.

ExteNet Systems

GSO Capital Partners

HSBC

Invitation Homes

J.P. Morgan Securities

Mizuho Securities

MUFG

Portman Ridge Finance Corporation

RBC Capital Markets

Sierra Crest Investment Management LLC

SummitIG

TD Securities

Vantage Data Centers

Vertical Bridge Holdings

Wells Fargo Securities

Work highlights

  • Advised special-purpose subsidiaries of a global private equity investor in connection with an offering of $500 million aggregate principal amount of Series 2021-1 Secured Fund Fee Revenue Notes.
  • Advised a tech-focused startup on the first ever securitization financing for multi-tenant, enterprise-focused data centers.
  • Advised Summit Issuer on the first ever securitization financing dark fiber networks.