Sherri Snelson

Partner, New York

Biography

Overview

Sherri Snelson is a partner in White & Case's Debt Finance practice, based in New York.

Sherri has extensive experience acting as lead counsel for lenders, private funds and their portfolio companies in connection with leveraged finance and fund/portfolio finance transactions. Sherri is dual qualified in New York and England & Wales and practiced previously in the UK. Sherri has acted as lead counsel on hundreds of finance transactions that span a wide array of industries and jurisdictions throughout the Americas, Europe and Asia.

Sherri has particular expertise in lending to private funds, including pursuant to subscription, hybrid and NAV facilities; GP/manco facilities; holdco back-leveraging financings; margin loans; TRSs and preferred equity transactions.

Sherri has a comprehensive understanding of the fund finance space, allowing her to provide strategic advice and solutions tailored to our clients' specific needs. 
 

Bars and Courts
New York
Solicitor, England and Wales
Education
JD
University of North Carolina
MBA
New York University
BA
Wake Forest University
Languages
English

Experience

Representation of the lenders in connection with a US$280 million NAV credit facility to a private credit fund to finance its participation in a series of underlying secured term loans.

Representation of the lenders in connection with a US$181 million NAV credit facility made available to two special investment funds.

Representation of the calculation agent and a syndicate of lenders in connection with a US$1.9 billion holdco back-leverage facility.

Representation of the calculation agent and lenders in connection with a US$515 million NAV term loan made available to controlled investment vehicles of two funds managed by a global infrastructure sponsor to finance follow-on investments.

Representation of the calculation agent and lenders in connection with a US$102 million fund NAV-backed term loan facility made available to a subsidiary of a prominent European PE sponsor to finance a distribution by the borrower.

Representation of the lenders in connection with a US$100 million revolving NAV credit facility made available to a European asset manager.

Representation of the calculation agent and lenders in connection with a US$600 million NAV facility for a global special situations fund.

Representation of the calculation agent and lenders in connection with a US$600 million revolving NAV facility made available to an Asia-focused investment fund. 

Representation of the calculation agent and lenders  in connection with a US$400 million revolving NAV facility provided to a global asset manager.

Representation of the calculation agent and lenders in connection with a US$300 million NAV revolving credit facility for a European credit fund.

Representation of the calculation agent and lenders in connection with a US$300 million NAV credit facility to technology-related fund borrowers.

Representation of Dominus Capital, L.P. and Lockmasters Security Intermediate, Inc., in connection with the acquisition financing of Lockmasters, Inc., a leading manufacturer of security devices for the government, industry and automotive sectors.

Representation of Dominus Capital, L.P. in connection with its acquisition of Surface Preparation Technologies, LLC, the nation's number one provider of rumble strips and related roadway safety services.

Representation of the lead arranger and lender in connection with a US$1 billion margin loan secured by shares in a privately-held company.

Representation of the lead arranger and lenders in connection with a €850 million senior secured NAV facility made available to a portfolio of private equity investments managed by a prominent European financial sponsor.

Representation of the lead arranger and lenders in connection with a £455 million NAV Facility made available to an affiliate of a premier European private equity fund.

Representation of the lead arranger and lenders in connection with a £425 million NAV facility made available to a prominent European private equity sponsor.

Representation of Quad-C Management, Inc in connection with a financing of a US$85 million term loan facility, a US$55 million delayed draw term loan facility, and a US$20 million revolving credit facility for its acquisition of Vortex Companies, LLC and its subsidiaries.

Representation of Quad-C Management, Inc in connection with the acquisition financing of QED Technologies International, Inc. The financing involved a US$49.5 million Senior Secured Term Loan and US$10 million Senior Secured Revolving Credit Facility.

Representation of the lead arranger and lenders in connection with a US$1.09 billion NAV Facility Agreement made available to fund entities managed by a prominent European private equity sponsor.

Representation of MAXIMUS, Inc., in connection with a US$2.1 billion secured credit facility (including a US$600 million multi-currency revolving credit facility) to finance the acquisition of Veterans Evaluation Services, Inc. and refinance existing indebtedness of the company.

Representation of IFM Investors in connection with its acquisition of Buckeye Partners, L.P. in an all-cash public-to-private transaction with an enterprise value of US$10.3 billion. The transaction was named "Private Equity Deal (Over US$10 billion)" by M&A Advisor (2020).

Representation of SMBC Nikko Securities Inc. in connection with a US$300 million cross-border margin loan agreement involving an unlisted issuer.

Representation of the lead arranger and lenders in connection with a US$100 million back-levering term loan facility in favor of an investment holding company controlled by a prominent private equity sponsor.

Representation of Great Mill Rock Capital, as Sponsor, in connection with an acquisition financing for its acquisition of Asbury Carbons, Inc.

Representation of QHP Captial in connection with financing of its acquisition of Spectra Medical Devices, Inc., a medical device manufacturer, and various of its subsidiaries.

Representation of Brundage-Bone Concrete Pumping Holdings, Inc. and other Borrowers and Guarantors, in connection its US$350 million asset-based loan facility.

Representation of Inflexion Private Equity Partners LLP in connection with an acquisition financing consisting of a US$50 million senior facilities agreement and a US$86 million PIK Facilities Agreement. Along with a contribution by Informa PLC, proceeds were to acquire Novantas, a financial technology advisory firm.

Representation of Revol One Insurance Company in connection with a US$60 million NAV term loan made available to a real estate investment fund to finance additional investments.

Representation of Morgan Stanley Infrastructure Partners in connection with its acquisition of Seven Seas Water Corporation, a leader in Water-as-a-Service® solutions.

Speaking Engagements

"Evolving Trends in NAV Facilities: Holdco Structures, Collateral, Credit Support, Loan-to-Value Ratios, Repayment Terms," Strafford Publications Webinar (July 2024)

"Advanced Issues in Private Funds 2024," Practising Law Institute Webinar (July 2024)

"Emerging and Continuing Themes in Fund Finance," European Fund Finance Conference (May 2024)

"NAV Lending to Credit Funds," Global Fund Finance Association Conference (February 2024)

"Trends in Fund Finance: Emerging Leverage, Liquidity, and Alternative Financing Solutions," European Direct Lending & Middle Market Finance Conference (January 2024)

"Net Asset Value (NAV) Financing in Private Equity," Strafford Publications Webinar (October 2023)

"New Suppliers of Capital in Fund Finance," Global Fund Finance Symposium (February 2023)

"Is NAV-based financing the next big opportunity within private credit?" Debtwire Direct Lending Forum (May 2022)

"Secondaries," Global Fund Finance Symposium (February 2022)

"Fund Finance Transaction, Lender and Borrower Perspectives," Wildgen Fund Finance Webinar Series (July 2020)

"Hybrids, NAV and Other Forms of Fund Level Debt," Global Fund Finance Forum (February 2020)

Publications

"NAVs meet margin loans: The rise in single asset financings" GLI – Fund Finance 2023 (February 2023)

"NAVigating the collateral waters: You have a boat but will it float?" GLI - Fund Finance 2022 (January 2022)

"Why GP-led fund restructurings are the innovation the market needed" Private Equity News (penews.com) (June 2021)