Notable Representations, Key Contacts
Clients value our ability to bring a fresh perspective to novel issues. We have been involved in a broad variety of transactions relating to the securitization of a wide range of asset classes, and we have unparalleled experience in the establishment of CLO/CDO vehicles, as well as credit-linked notes and customized repackaging programs. Our derivatives practice encompasses equity, credit, energy, commodity, real property, interest-rate and currency derivatives. We also have substantial and broad-based expertise in tax and regulatory issues related to these products.
Innovative cutting edge securitization practice
We regularly represent issuers, arrangers, underwriters, placement agents, advisors and investors in a wide spectrum of securitization transactions involving a vast array of assets, including:
- Aircraft loans and leases
- Asset backed commercial paper (ABCP) conduits
- Asset-backed securities (ABS)
- Auto loans and leases
- Commercial loans
- Commercial real estate mortgages and CMBS
- Corporate bonds and loans
- Covered bonds
- Credit card receivables
- Distressed loans
- Equipment loans and leases
- Film licensing receivables
- Franchise loans
- Health care receivables
- Home equity loans
- Insurance premium finance contracts
- Life settlements
- Loan portfolio sales and purchases
- Lottery awards
- Manufactured housing
- Mortgage-backed securities
- Merchant cash advances
- Middle market loans and mezzanine securities
- Municipal bonds
- Music royalty rights
- Mutual fund fees
- Personal loans
- Pharmacy loans
- Ports revenues
- Private equity and hedge fund limited partnership interests
- Rental cars
- Residential real estate mortgages and RMBS
- Residual interest in securitizations
- Structured settlement payments
- Student loans
- Timeshare loans
- Trade receivables
- Trust preferred securities
- VAT reclaims
- Whole business securitizations
A leading practice for CLOs and CDOs
Our experience includes cash, balance sheet, market value and synthetic structures and has involved various types of collateral, including, but not limited to:
- High-yield bonds
- Leveraged loans
- Distressed loans
- Middle market loans
- Mezzanine securities
- Asset-backed securities
- Mortgage-backed securities
- Insurance company and REIT trust preferred securities
- Private equity and hedge fund interests
We have partnered with our Bankruptcy and Litigation practices to provide restructuring, remediation and commutation advice relating to CLOs, CDOs and many other asset types. We have also represented various investors on devising strategies to enable trust preferred CDOs to maximize value from defaulted assets.
Our experience also includes advising clients with respect to acquisitions and dispositions of CLO/CDO managers and portfolios of CLO/CDO management contracts.
Broad-based derivatives & structured products experience
Weil's derivatives practice encompasses the full range of the derivatives spectrum, including:
Industry products within these and other sectors which Weil has had significant experience with include:
- Total return swaps
- Interest rate swaps
- Credit default swaps (including CDSs on bonds, loans and asset-backed securities)
- Forwards (including variable forwards)
- Futures contracts
- Equity-linked notes
- Credit-linked notes
- Accelerated share repurchases
- Call spreads
Financial Market Regulation
Specifically, we have advised clients with respect to compliance with Dodd-Frank, including:
- Amending and structuring new CLOs and other securitization vehicles to comply with the Volcker Rule
- Structuring CLOs to comply with European risk retention rules
- Advising rating agencies in their compliance with Dodd-Frank rules
- Entering into new swap transactions and amending existing ones
- Structuring the centralized U.S. treasury function serving numerous subsidiaries
- Putting in place written policies and procedures relating to swaps including hedging
- Utilizing the end-user exception from clearing
- Adhering to ISDA Dodd-Frank and EMIR Protocols
- Swap data reporting to a swap data repository
- Analyzing cross-border swap jurisdictional issues
- Integrated solutions to clients affected by the financial crisis
- Advice and deal execution on loan portfolio trades and to clients seeking to exploit other opportunities created by current market conditions, including investments in distressed assets/transactions
- Restructuring/remediation/commutation advice relating to ABS, CMBS, CLO/CDOs and other structured products
- Advice to counterparties with substantial derivatives portfolios in disputes occurring both within and outside the context of bankruptcy.
- Citi, as lead initial purchaser, in Springleaf Finance Corporation’s $604.3 million ABS bond offering backed by personal consumer loans – Springleaf’s first-ever securitization of personal loans (many of which are unsecured) and the first rated ABS offering of this type since 1998. We also advised the lead initial purchasers in subsequent $400 million and $114 million follow-on offerings by Springleaf.
- Citi, as lead initial purchaser, in OneMain Financial Inc.’s $760 million ABS bond offering backed by personal consumer loans – OneMain’s first-ever rated term securitization of personal loans (many of which are unsecured).
- Hertz in the establishment of a securitization facility to finance its fleet leasing business with an issuance of $1.1 billion variable funding asset-backed notes, and in the extension of their Australian, French and Dutch rental car securitizations.
- Hertz in the establishment of a new master trust fleet lease securitization platform to finance their subsidiary Donlen’s fleet lease portfolio and the establishment of a conduit funded warehouse facility thereunder, as well as several term ABS issuances.
- Spirit Realty Capital, Inc., as sponsor, and Spirit Master Funding VII, LLC, as issuer, in a $330 million ABS bond offering backed by commercial real estate, triple net leases and commercial mortgage loans – Spirit’s first securitization of this type since the financial crisis.
- Spirit Realty Capital, Inc., as sponsor, and Spirit Master Funding, LLC, Spirit Master Funding II, LLC and Spirit Master Funding III, LLC, as issuers, in an exchange of approximately $912.4 million of their Series 2005-1 Notes, Series 2006-1 Notes and Series 2007-1 Notes for approximately $894.5 million of their Series 2014-1 Notes, Series 2014-2 Notes and Series 2014-3 Notes, respectively, which are backed by commercial real estate, triple net leases and commercial mortgage loans.
- Bank of America Merrill Lynch, as arranger and initial purchaser, in connection with Jubilee CLO 2014 XI BV’s issuance of notes backed by senior secured loans, managed by Alcentra Limited – the first European CLO 2.0 to be structured by reference to Rule 3a-7 of the Investment Company Act.
- Bank of America Merrill Lynch, as arranger and senior lender, in connection with a €500 million credit card securitization for AIB, representing the first revolving Irish credit card securitization.
Guggenheim Partners in its acquisition of the equity of Aircraft Lease Securitization Limited (ALS), an aircraft securitization vehicle with $1 billion of assets, and its repackaging of such equity interest in ALS through a securitization involving the issuance of three tranches of unrated term notes with a face amount and purchase price of $375 million.
This ‘transaction-oriented’ practice benefits from dedicated attorneys ‘handpicked’ for their structured finance capabilities. The group ‘does a good job of delivering’ a combination of securitization and derivatives expertise.
The firm is particularly sought after by clients with U.K./U.S. cross-border requirements due to its standout securitization practices in both jurisdictions.
Weil ‘ticks all the boxes,’ and is ‘a definite “go-to” firm with a deep understanding of complex legal and commercial considerations.’
Legal 500 UK