Jim Fogarty is a partner in our Capital Markets group, specializing in structured finance. In high demand for his deep legal knowledge and instinctive client service approach, his diverse practice is rooted in complex structured transactions. His primary focus is on:
- Collateralized Loan Obligations (CLOs), with significant experience in cross-border transactions and a recent innovative middle market CLO platform;
- Whole Business Securitizations, involving a broad range of asset classes, such as franchise licenses, intellectual property, corporate loans and rental cars; and
- Regulatory Advice, with a focus on Volcker, Risk Retention and other regulatory concerns arising from the Dodd-Frank Act
Jim has also represented clients in workouts of securitizations, cross-border receivables transactions and commercial fleet securitizations. His clients include leading financial institutions, asset managers and corporate clients.
Recent representative experience:
Representation of Guggenheim Securities LLC as initial purchaser in the issuance and sale of US$1.4 billion of asset-backed notes under a whole business securitization by Dunkin' Brands Group Inc., the parent company of Dunkin' Donuts, an American global donut company and coffeehouse. The notes are secured by assets of the master issuer as well as by additional newly formed SPVs, including existing future and franchise agreements, certain assets related to Dunkin' Donuts, all existing and future intellectual property assets and certain economic benefits in the existing and after-acquired intellectual property outside of North America owned by Dunkin' Brands.
Representation of Guggenheim Securities LLC, as lead initial purchaser, along with Merrill Lynch, Pierce, Fenner & Smith Incorporated, Wells Fargo Securities, LLC and Rabo Securities USA, Inc., as the co-managers, in the issuance and sale under a whole business securitization by Wendy's Funding, LLC, a newly formed special purpose vehicle subsidiary of The Wendy's Company, of US $2.275 billion of notes. James subsequently advised the initial purchaser and co-managers on a US$900 million notes issuance by Wendy's Funding, LLC.
Representation of Avis Budget Rental Car Funding (AESOP) LLC, a debt issuing vehicle and subsidiary of Avis Budget Group, Inc. in connection with a $422 million Rule 144A/Regulation S offering of asset-backed notes; and an amendment and restatement of Series 2010-6 Second Amended and Restated indenture supplement and Series 2015-3 indenture supplement. Pursuant to the Amendments and Restatements, ASEOP added an additional class of fixed rate variable funding rental car notes to each of the Series 2010-6 and Series 2015-3 Facilities, which have an aggregate amount of US$1.8 billion and US$800 million, respectively, to facilitate compliance with the U.S. Risk Retention Regulations.
Recent activity in the CLO Market:
White & Case was designated counsel to the initial purchasers on 8 CLO offerings and/or re-financings that closed since fall of 2017. This includes representations of: (1) Anchorage Capital CLO 2013-1 and Citigroup Global Markets as initial purchaser in a $561 million CLO notes refinancing; (2) Anchorage Capital CLO 7 and Morgan Stanley as initial purchaser on a $622 million CLO notes refinancing; (3) Anchorage Capital CLO 3-R and JP Morgan Securities as placement agent on a $509 million CLO notes issuance; (4) Anchorage Capital CLO 4-R and JP Morgan as placement agent on a $614.5 million CLO notes issuance; (5) Anchorage Capital CLO 3-R and JP Morgan as placement agent on a $508.75 million CLO notes issuance; (6) GreensLedge Capital Markets and Natixis Securities as placement agents on a $513.7 million CDO notes issuance by Anchorage Credit Funding 5; (7) Credit Suisse as initial purchaser on a $512 million CDO notes issuance by Anchorage Credit Funding 6; and (8) Deutsche Bank as initial purchaser and Anchorage Capital CLO 8 on a $505 million CLO notes issuance.
White & Case acted as designated counsel to the placement agents in connection with four CLO notes issuance for which Voya Alternative Asset Management acted as collateral manager in the last calendar year, including the following representations: (1) Voya CLO 2016-1 and JP Morgan as placement agent in a $412.6 million CLO notes refinancing;(2) JP Morgan as placement agent in a $661 million notes offering by Voya CLO 2018-1; (3) Voya CLO 2014-4 and Morgan Stanley as placement agent in a $471 million notes refinancing; and (4) Morgan Stanley as initial purchaser in a $506 million notes refinancing by Voya CLO 2015-2.