Akin Gump has decades of experience structuring, negotiating and documenting complex structured finance and securitization transactions in a variety of asset classes. We help many of the market’s most active collateral managers, issuers, investors and other market participants in collateralized loan obligation (CLO) transactions, marketplace lending transactions and securitizations involving a range of conventional and esoteric asset classes. Our clients rely on us to structure bespoke structured financings and securitizations for which there often is no blueprint.
Collateralized Loan Obligation (CLO) Transactions
Akin Gump’s CLO practice represents collateral managers, issuers and investors. Our signature approach combines current market insights, deep industry knowledge, continuous extensive experience dating back to the “CLO 1.0” era and a commercial approach to addressing evolving regulatory and compliance matters. Bringing all this to bear, we help collateral managers increase assets under management while staying ahead of rapidly changing regulation in multiple jurisdictions.
Our collateral manager representations include league table-leading industry veterans, start-ups forming a platform for the first time and every type of asset institution in between. We advise on every aspect of CLOs, including warehouse financing arrangements, refinancing and “reset” transactions, and structuring platforms for compliance with risk retention regulation, the Volcker Rule and other applicable compliance objectives. We also have extensive experience in CLO manager acquisition transactions.
In structuring CLOs, we further distinguish ourselves from the market by leveraging the strength of Akin Gump’s broad investor-focused platform, including:
- Investment Management – With more than 40 years of experience in the private funds industry and our finger on the pulse of regulatory developments, collateral managers rely on our in-depth understanding of every aspect of their business. The resources we bring to bear keep them on the path to success with their own client base.
- Tax – Akin Gump has created many “first-of-a-kind” tax-efficient structures for sponsors of hedge and private equity funds around the world. Our tax lawyers work closely with our investment management team and have unparalleled experience representing investors in CLOs because of our extensive hedge fund client base and global relationships.
- Financial Restructuring – We draw on the extensive experience and market intelligence of our distressed and special situations lawyers to increase flexibility in CLO indentures. For collateral managers, this synergy helps maximize recovery values in the restructuring process. The marriage of these skill sets enables us to guide clients and minimize downside risk.
- Public Law and Policy – The market continues to navigate legal and regulatory changes, such as those effected by the Volcker Rule, risk retention requirements and similar regimes that often drive CLO market trends. With the largest public policy team of any global law firm. This is a proven asset to our investment management and collateral manager clients as we proactively monitor emerging legislation, rules and regulations, and advocate for industry best practices.
Our lawyers have deep experience in marketplace lending transactions. We advise issuers and sponsors in all aspects of securitizations of small business receivables and other asset-based financings, including warehouse facilities, refinancing transactions, establishing revolving pool securitizations and structuring transactions for compliance with risk retention and other applicable regulations in a rapidly evolving legal and regulatory landscape. We also represent fintech companies and investors in connection with purchases of and investments in marketplace loan portfolios.
Other Asset Classes
We represent sponsors of securitizations and form joint ventures designed to invest in portfolios of esoteric asset types, including interests in investment funds and other limited partnerships (CFOs), real estate development finance loans and student loans, among others. Our lawyers also have broad experience in alternative investments and credit opportunities. Of critical importance to clients on the cutting edge of law and finance, we leverage our global resources and experience in cross-border transactions, asset-backed finance and debt capital markets transactions in the United States, Europe and Asia.