Vedder Price‘s global transportation finance team leverages considerable experience in rail finance and securitization, being frequently retained by client from the equity sector, including insurance companies, private equity, hedge funds and others. The department is broadly experienced, with a portfolio of matters involving railcar leasing joint ventures and asset-backed financing, railcar sales, restructuring of rail facilities, sales of rail platforms and other assets, and rail-related asset backed securitization. The team includes experts from Chicago, Los Angeles and New York, and is highly sought after for matters involving several jurisdictions, especially in North America and Asia. Chicago-based Geoffrey Kass heads the practice, and is accompanied by Michael Draz , who is a port of call for matters requiring expertise in rail transactions and structured financings, including securitization, asset loan facilities, both local and cross-border operating leases, acquisitions and strategic joint ventures, areas that frequently see the involvement of Joel Thielen. Jeffrey Veber advises clients on structured financing and asset purchases involving commercial railcars and platforms out of New York, while Clay Thomas advises on a variety of structured financing transactions involving rail, including rolling stock portfolio acquisitions, sale-back transactions and various lease-related transactions.
Legal 500 Editorial commentary

Testimonials

Collated independently by Legal 500 research team.

  • ‘Experience is unrivaled in the rail industry’

  • ‘Work ethic and technical experience’

  • ‘The team at Vedder Price has extensive experience in all aspects of rail finance work. They have worked on virtually every rail-related ABS or bank financing deal in the past decade-plus and are at the forefront of developments in this area. ’

  • ‘I have worked extensively with Jack Bycraft, Clay Thomas, and Jillian Musa for several years. They are, without exception, responsive, thorough, and thoughtful. They strike the right balance between zealous advocacy of a client's position and flexibility to complete a transaction.’

Key clients

  • Chicago Freight Car Leasing Co.
  • Atlas SP
  • Export Development Canada
  • Greenbrier
  • ITE Management
  • J.P. Morgan Asset Management
  • National Steel Car Limited
  • PNW Railcars, Inc.
  • Stonebriar Commercial Finance
  • Trinity Industries, Inc.

Work highlights

  • Represented ITE Management in connection with its acquisition of SMBC Rail Services LLC and related financing arrangements, a transaction involving over 50,000 railcars and resulting in one of the largest railcar leasing platforms in North America.
  • Represented Greenbrier in connection with the $179 million GBXL Series 2023 – 1 railcar asset-backed securitization, Greenbrier’s second ABS issuance.
  • Represented Trinity Rail Leasing Warehouse Trust in an extension and renewal of its bankruptcy remote secured warehouse loan financing of a revolving portfolio of railcars and related leases.

Lawyers

Hall of fame

The lawyers at the very top of the profession, widely known and respected by peers and clients for their longstanding involvement in market-leading work.

Leading partners

The strongest partners in their field, leading on market-leading deals and endorsed by peers and clients alike.

Next generation partners

Junior partners with significant recognition from clients and peers in the market and key roles on multiple matters.

Clay Thomas

Leading associates

Leading associates with regular involvement in their team's key work, and recognition from peers or clients as being ones to watch.

Practice head

Geoffrey R. Kass

Other key lawyers

Michael E. Draz; Jeffrey T. Veber; Clay C. Thomas; Joel R. Thielen; Jack Bycraft; Jillian Musa