Bhavya Bhandari is a junior associate in our Capital Markets group in New York. She is currently on secondment to our London office. Bhavya primarily works on structured finance and securitization transactions. Her experience includes advising arrangers, sponsors and issuers on collateralized loan obligation issuances, consumer asset-backed securities, cross-border receivables transactions, commercial fleet securitizations and esoteric whole business securitizations involving a range of asset classes such as restaurant franchising programs and commodities receivables.
Bhavya graduated with an LLM from NYU Law in 2018. Before enrolling at NYU Law, she worked at a law firm in Mumbai, India, where she drafted prospectuses in relation to IPOs, advised Indian companies on corporate governance issues, and assisted in representing the Indian securities market regulator in a large number of cases before the Securities Appellate Tribunal.
Jack in the Box Whole Business Securitization and Notes Issuance
Representation of Jack in the Box Inc. in connection with structuring and establishing the company's whole business securitization program, including the US$1.3 billion initial issuance and sale of asset-backed notes under the whole business securitization program. The notes are secured by substantially all of the assets of Jack in the Box, including (i) all existing and future franchise agreements and development agreements with respect to restaurants franchised under the Jack in the Box brand, (ii) all existing and future intellectual property assets, (iii) all leases and other real estate assets related to owning and operating certain restaurants under the Jack in the Box brand and (iv) certain company-owned store assets.
Avis Budget Notes Issuances and Variable Funding Note Facilities
Representation of Avis Budget Rental Car Funding (AESOP) LLC, a debt issuing vehicle and subsidiary of Avis Budget Group, Inc. in connection with various Rule 144A/Regulation S offerings of asset-backed notes.
Accunia CLO IV Issuance
Representation of BNP Paribas as arranger and initial purchaser in connection with the issuance of approximately EUR 407 million of collateralised loan obligations notes issued by Accunia European CLO IV DAC, as issuer, for Accunia, as collateral manager.
BNPP AM Euro CLO 2017 Refinancing
Representation of BNP Paribas as arranger and initial purchaser in connection with the EUR 215 million refinancing of collateralized loan obligation Class A notes issued by BNPP AM Euro CLO 2017 B.V., as issuer, for BNP Paribas Asset Management France SAS, as collateral manager.
UK Consumer Debt Securitisation
Representation of a UK consumer debt originator in connection with their private receivables securitisation programs, including on the upsize of their pre-existing programs and on the establishment of co-investment structures with other lenders in relation to their new securitisation programs.
Trafigura Commodities Funding 2018
Representation of Trafigura, a leading independent commodity trading and logistics companies, on Phase 2 of its commodities securitisation programme. The primary focus of Phase 2 was adding the US as an eligible asset jurisdiction, which necessitated significant changes to the existing structure. To our knowledge, this is the first securitisation of commodities inventories in the US.
Representation of Hertz in connection with the Chapter 11 filing of The Hertz Corporation.
Bhandari, Bhavya, Supply Chain Management, Blockchains and Smart Contracts (June 28, 2018). Available at SSRN.