2011
Commercial Bank - Workout and Forbearance
Representation of a major U.S. commercial bank in a workout of a multi-million dollar loan facility to a group of companies involved in direct sales fashion for women. This involves the preparation of a forbearance agreement among the borrowers and other lenders that have bilateral lines of credit and an amendment to the existing intercreditor agreement.
Commercial Bank - Workout and Forbearance
Representation of a major U.S. commercial bank in a workout of a multi-million dollar loan facility to a group of companies involved in direct sales fashion for women. This involves the preparation of a forbearance agreement among the borrowers and other lenders that have bilateral lines of credit and an amendment to the existing intercreditor agreement.
1999 - Present
Metropolitan National Bank - Formation and General Outside Counsel
Herrick formed—and continues to serve as outside general counsel to—Metropolitan National Bank. Please click here for an in-depth description of our work for the bank.
Metropolitan National Bank - Formation and General Outside Counsel
Herrick formed—and continues to serve as outside general counsel to—Metropolitan National Bank. Please click here for an in-depth description of our work for the bank.
2009
Major League Baseball Team - Term Loan Facility
Representation of a Major League Baseball franchise as borrower in a syndicated $105 million term loan facility.
Major League Baseball Team - Term Loan Facility
Representation of a Major League Baseball franchise as borrower in a syndicated $105 million term loan facility.
2009
Private Bank - Guaranty Loan Facility Program
Representation of the private bank division of a major U.S. commercial bank in establishing a multi-million dollar guaranty loan facility program for a large private equity firm that guarantees loans made by the bank to the guarantors’ employees.
Private Bank - Guaranty Loan Facility Program
Representation of the private bank division of a major U.S. commercial bank in establishing a multi-million dollar guaranty loan facility program for a large private equity firm that guarantees loans made by the bank to the guarantors’ employees.
2009
Lehman Brothers - 2nd Lien Receivables Financing
Representation of Lehman Commercial Paper in closing a multi-million dollar, second-lien receivables funding for a special purpose vehicle subsidiary of a leading U.S. educational publishing group. In addition to documenting the loan facility, we negotiated an intercreditor agreement with the first lien lender of an existing $350 million receivables funding agreement.
Lehman Brothers - 2nd Lien Receivables Financing
Representation of Lehman Commercial Paper in closing a multi-million dollar, second-lien receivables funding for a special purpose vehicle subsidiary of a leading U.S. educational publishing group. In addition to documenting the loan facility, we negotiated an intercreditor agreement with the first lien lender of an existing $350 million receivables funding agreement.
Ongoing
Major French Banking Corporation Subsidiaries - Acquisition and Finance
Representation of U.S. subsidiaries of a major French banking corporation in the acquisition of U.S. companies engaged in the commercial fleet leasing of automobiles and light trucks and the financing of U.S. registered yachts and other pleasure craft vessels. These transactions represent the commencement of business in the United States for those companies, thus expanding their large worldwide operations.
Major French Banking Corporation Subsidiaries - Acquisition and Finance
Representation of U.S. subsidiaries of a major French banking corporation in the acquisition of U.S. companies engaged in the commercial fleet leasing of automobiles and light trucks and the financing of U.S. registered yachts and other pleasure craft vessels. These transactions represent the commencement of business in the United States for those companies, thus expanding their large worldwide operations.
2008
National Bank - Construction Company Finance
Representation of a national bank in the financing of a construction company secured by collateral assignments of claims under contracts between the company and U.S. Government agencies.
National Bank - Construction Company Finance
Representation of a national bank in the financing of a construction company secured by collateral assignments of claims under contracts between the company and U.S. Government agencies.
2008
Commercial Bank - Art Loan
Representation of a major U.S. bank in a multimillion-dollar loan to a high net-worth individual, secured by the borrower's art collection.
Commercial Bank - Art Loan
Representation of a major U.S. bank in a multimillion-dollar loan to a high net-worth individual, secured by the borrower's art collection.
2008
Venture Capital Firm - DIP Financing
Representation of a mid-sized venture capital firm in connection with a secured credit facility to a debtor-in-possession in a Chapter 11 bankruptcy case in the United States Bankruptcy Court for the District of Delaware. The debtor/borrower is one of our client's portfolio companies involved in the healthcare sector. In addition to being the DIP lender, our client is also a pre-petition lender to, and holds a majority equity interest in, the debtor.
Venture Capital Firm - DIP Financing
Representation of a mid-sized venture capital firm in connection with a secured credit facility to a debtor-in-possession in a Chapter 11 bankruptcy case in the United States Bankruptcy Court for the District of Delaware. The debtor/borrower is one of our client's portfolio companies involved in the healthcare sector. In addition to being the DIP lender, our client is also a pre-petition lender to, and holds a majority equity interest in, the debtor.
2008
Financing Subsidiary - Credit Default
Representation of a financing subsidiary of a major Wall Street firm in the negotiations and a settlement of a defaulted credit facility.
Financing Subsidiary - Credit Default
Representation of a financing subsidiary of a major Wall Street firm in the negotiations and a settlement of a defaulted credit facility.
2008
Money Center Bank - $100 Million Letter of Credit
Representation of a money center bank in a $100 million standby letter of credit issuance on behalf of a Bermuda reinsurance subsidiary of an international hedge fund.
Money Center Bank - $100 Million Letter of Credit
Representation of a money center bank in a $100 million standby letter of credit issuance on behalf of a Bermuda reinsurance subsidiary of an international hedge fund.
2008
Money Center Bank - $125 Million Facility
Representation of a money center bank, as agent, in a syndicated $125 million asset-based senior secured credit facility to a large apparel designer and manufacturer.
Money Center Bank - $125 Million Facility
Representation of a money center bank, as agent, in a syndicated $125 million asset-based senior secured credit facility to a large apparel designer and manufacturer.
2008
Commercial Bank - Real Estate Holding Company
Representation of a major U.S. commercial bank in a $150 million revolving loan facility to a real estate holding company supported by a guaranty from its parent, a religious corporation.
Commercial Bank - Real Estate Holding Company
Representation of a major U.S. commercial bank in a $150 million revolving loan facility to a real estate holding company supported by a guaranty from its parent, a religious corporation.
2007
Money Center Bank - $125 Million Facility
Representation of a money center bank, as agent, in a $125 million syndicated senior secured credit facility of a large employee-owned company that manufactures equipment for refining and other heavy industries.
Money Center Bank - $125 Million Facility
Representation of a money center bank, as agent, in a $125 million syndicated senior secured credit facility of a large employee-owned company that manufactures equipment for refining and other heavy industries.
2007
Money Center Bank - $15 Million Facility
Representation of a money center bank in a $15 million secured revolving term loan credit facility involving a recapitalization of a professional media graphics solution provider.
Money Center Bank - $15 Million Facility
Representation of a money center bank in a $15 million secured revolving term loan credit facility involving a recapitalization of a professional media graphics solution provider.
2007
Money Center Bank - $20 Million Facility
Representation of a money center bank in a $20 million senior secured credit facility of a financial advisory firm and international management consultants and its U.S. affiliates.
Money Center Bank - $20 Million Facility
Representation of a money center bank in a $20 million senior secured credit facility of a financial advisory firm and international management consultants and its U.S. affiliates.
2007
SportsNet New York - Term Loan Facility
Representation of a major regional sports network in a $200 million syndicated term loan facility and related joint venture matters with its two major cable television joint venture partners.
SportsNet New York - Term Loan Facility
Representation of a major regional sports network in a $200 million syndicated term loan facility and related joint venture matters with its two major cable television joint venture partners.
2007
Private Equity Fund - Real Estate Joint Venture
Representation of a major private equity fund in a $50 million joint venture with respect to the development and financing of real estate projects primarily in New Jersey.
Private Equity Fund - Real Estate Joint Venture
Representation of a major private equity fund in a $50 million joint venture with respect to the development and financing of real estate projects primarily in New Jersey.
2007
Foreign Lender - Loan Restructuring
Representation of a foreign lender in the restructuring of a $150 million mezzanine loan to an investment fund, including re-capitalization of certain fund platforms and the sale of certain fund assets.
Foreign Lender - Loan Restructuring
Representation of a foreign lender in the restructuring of a $150 million mezzanine loan to an investment fund, including re-capitalization of certain fund platforms and the sale of certain fund assets.
2007
Money Center Bank - $75 Million Facility
Representation of a money center bank in a $75 million unsecured uncommitted credit facility to a clearing house operator for national and international broker-dealers.
Money Center Bank - $75 Million Facility
Representation of a money center bank in a $75 million unsecured uncommitted credit facility to a clearing house operator for national and international broker-dealers.
2007
Commercial Bank - Medical Services Company Financing
Representation of a commercial bank as the sole lender in a $35 million senior secured credit facility (consisting of a $25 million term loan facility and a $10 million revolving facility with a sub-limit for letters of credit) to a company that provides services and products to medical practices that specialize in the infertility industry and varicose veins industry. The borrower's services including finance, administration, information systems, marketing and research. The borrower will use the proceeds to finance the acquisition of a varicose vein clinic company, to refinance and repay existing debt, and for working capital purposes.
Commercial Bank - Medical Services Company Financing
Representation of a commercial bank as the sole lender in a $35 million senior secured credit facility (consisting of a $25 million term loan facility and a $10 million revolving facility with a sub-limit for letters of credit) to a company that provides services and products to medical practices that specialize in the infertility industry and varicose veins industry. The borrower's services including finance, administration, information systems, marketing and research. The borrower will use the proceeds to finance the acquisition of a varicose vein clinic company, to refinance and repay existing debt, and for working capital purposes.
2007
Institutional Lender - Not-For-Profit School Financing
Representation of an institutional lender in term, construction and revolving credit facilities to a not-for-profit school for the arts. The facilities are secured by prime and collateral mortgages on properties in California and New York.
Institutional Lender - Not-For-Profit School Financing
Representation of an institutional lender in term, construction and revolving credit facilities to a not-for-profit school for the arts. The facilities are secured by prime and collateral mortgages on properties in California and New York.
2007
Commercial Bank - New Markets Tax Credit Financing
Representation of a commercial bank in connection with a New Markets Tax Credit financing arrangement under the New Markets Tax Credits Program authorized by the Community Renewal Tax Relief Act of 2000. The bank made a term loan to and an equity investment in, an SPV, which used the proceeds to make an equity investment in a "community development entity" ("CDE"). The CDE then made a loan to, and an equity investment in, a "qualified active low income community business." The business used the proceeds of the loan to acquire and develop property at 126th Street and Lexington Avenue, Manhattan.
Commercial Bank - New Markets Tax Credit Financing
Representation of a commercial bank in connection with a New Markets Tax Credit financing arrangement under the New Markets Tax Credits Program authorized by the Community Renewal Tax Relief Act of 2000. The bank made a term loan to and an equity investment in, an SPV, which used the proceeds to make an equity investment in a "community development entity" ("CDE"). The CDE then made a loan to, and an equity investment in, a "qualified active low income community business." The business used the proceeds of the loan to acquire and develop property at 126th Street and Lexington Avenue, Manhattan.
2007
Commercial Lender - Airport Concessionaire Financing
Representation of a commercial lender in a $20 million senior secured revolving credit facility (with a sub-limit for letters of credit) to an operator of food concessions (restaurants, bars and food courts) at airports including JFK, LaGuardia, Boston and O'Hare. The borrower used the proceeds of the facility to refinance existing debt and for working capital purposes.
Commercial Lender - Airport Concessionaire Financing
Representation of a commercial lender in a $20 million senior secured revolving credit facility (with a sub-limit for letters of credit) to an operator of food concessions (restaurants, bars and food courts) at airports including JFK, LaGuardia, Boston and O'Hare. The borrower used the proceeds of the facility to refinance existing debt and for working capital purposes.
2007
Private Bank - $100 Million Credit Facility
Representation of a private bank as a facility agent in a $100 million credit facility to an Israeli company that owns interests in financial institutions, real estate and infrastructures, sustainable investments, technology and industrial activity. The company used the proceeds to finance outstanding loans and for working capital purposes. The transaction was structured to minimize withholding taxes required under Israeli law and to allow for additional lenders.
Private Bank - $100 Million Credit Facility
Representation of a private bank as a facility agent in a $100 million credit facility to an Israeli company that owns interests in financial institutions, real estate and infrastructures, sustainable investments, technology and industrial activity. The company used the proceeds to finance outstanding loans and for working capital purposes. The transaction was structured to minimize withholding taxes required under Israeli law and to allow for additional lenders.
2007
Major League Baseball Franchises - Lending and Debt Restructuring
Representation of several Major League Baseball franchises in a variety of lending and debt restructuring matters, including a $120 million loan payoff, a $40 million restructuring, a $45 million term loan, and a unique $55 million mezzanine facility.
Major League Baseball Franchises - Lending and Debt Restructuring
Representation of several Major League Baseball franchises in a variety of lending and debt restructuring matters, including a $120 million loan payoff, a $40 million restructuring, a $45 million term loan, and a unique $55 million mezzanine facility.
2006
Condominium Developer - Construction Financing
Representation of one of Florida’s largest condominium developers in a $300 million construction loan facility for eight condominium projects together with a corporate restructuring and a simultaneous $90 million buyout of a major joint venture partner.
Condominium Developer - Construction Financing
Representation of one of Florida’s largest condominium developers in a $300 million construction loan facility for eight condominium projects together with a corporate restructuring and a simultaneous $90 million buyout of a major joint venture partner.
2006
Commercial Bank - New Markets Tax Credit Financing
Representation of a commercial bank in connection with a New Markets Tax Credit financing arrangement. The bank made a term loan to an SPV, which used the proceeds to make an equity investment in a "community development entity," ("CDE"), which in turn made loans to a "qualified active low income community business" to acquire and rehabilitate a 30,000 square foot building in The Bronx, New York.
Commercial Bank - New Markets Tax Credit Financing
Representation of a commercial bank in connection with a New Markets Tax Credit financing arrangement. The bank made a term loan to an SPV, which used the proceeds to make an equity investment in a "community development entity," ("CDE"), which in turn made loans to a "qualified active low income community business" to acquire and rehabilitate a 30,000 square foot building in The Bronx, New York.
2005 - 2006
Agent Banks - Secured Facility and New Stadium Financing
Representation of two agent banks in connection with a $225 million facility for the owner of a leading Major League Baseball franchise. The facility is secured by a pledge of 99% of the equity interest in the franchise holder. We later represented the agent banks in connection with granting the required consent for the financing of a new stadium for the team.
Agent Banks - Secured Facility and New Stadium Financing
Representation of two agent banks in connection with a $225 million facility for the owner of a leading Major League Baseball franchise. The facility is secured by a pledge of 99% of the equity interest in the franchise holder. We later represented the agent banks in connection with granting the required consent for the financing of a new stadium for the team.
1999
Bank - Lender Liability Litigation
Representation of a secured lender through trial and on appeal in a successful lawsuit against a borrower for conversion of sales proceeds of two industrial cooperative apartments.
Bank - Lender Liability Litigation
Representation of a secured lender through trial and on appeal in a successful lawsuit against a borrower for conversion of sales proceeds of two industrial cooperative apartments.
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