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) and Collateralized Bond Obligations (CBOs), 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 restaurant and home service franchise agreements, intellectual property, corporate loans, performing rights organizations 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:
- Neighborly. Representation of Neighborly Company and its subsidiaries in the issuance and sale of $800 million of notes under a whole business securitization by Neighborly Issuer, LLC, a newly formed special purpose vehicle subsidiary.
- SESAC. Representation of Guggenheim Securities LLC, as initial purchaser, in the issuance and sale under a whole business securitization by SESAC Finance, LLC, a newly formed special purpose vehicle subsidiary of the performing rights organization SESAC Rights Management, Inc., of US$530 million of notes. This was the first securitization of a performing rights organization.
- Dunkin' Donuts. Representation of Guggenheim Securities LLC as initial purchaser in the issuance and sale of US$1.4 billion and US$1.7 billion of asset-backed notes by DB Master Finance LLC under a whole business securitization by Dunkin' Brands Group Inc..
- Wendy's. 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. Jim subsequently advised the initial purchaser and co-managers on two note issuances by Wendy's Funding, LLC for US$900 million and US$950 million, respectively.
- Five Guys. Representation of Guggenheim Securities LLC, as initial purchaser, in the issuance and sale under a whole business securitization by Five Guys Funding, LLC, a newly formed special purpose vehicle subsidiary of Five Guys Holdings, Inc., of US$400 million of notes.
- Avis Budget. Regular representation of Avis Budget Rental Car Funding (AESOP) LLC, a debt issuing vehicle and subsidiary of Avis Budget Group, Inc. in connection with its rental car asset-backed security program. Recent issuances include a term asset-backed security issuance in 2021 for US$800 million.
Recent activity in the CLO and CBO Market:
- Jim has extensive experience and expertise in the CLO and CBO market. His experience includes advising on over 150 CLO "2.0s" and over 20 CBOs.
- Jim's clients in the CLO and CBO market include investment banks, such as J.P. Morgan Securities and GreensLedge Capital Markets as well as investment managers, such as Antares Capital.
Band 4,Chambers USA, 2021, Capital Markets: Securitization: CLOs
Rising Star, Law360, 2020, Structured Finance
Mention, The Legal 500 US, 2020, Structured Finance: Securitization