Credit Facility and Term Loan
Represented one of the nation's largest cheese manufacturers in amending and extending its senior secured asset-based credit facilities into a $114.5 million revolving credit facility and a $5.5 million term loan. The proceeds are to be used for general corporate purposes.
Specialty Finance Company – Art Lending
Represented a startup specialty lending company to make loans against artwork as collateral, including producing form documentation and discussions concerning credit policy and procedures.
Secured Term Loan
Represented a major financial institution in a term loan to a New York art gallery. The loan was secured by all the gallery's assets, as well as artworks from the gallery owner's personal collection.
$16 Million Revolving Credit Facility
Represented a private bank in a $16 million revolving credit facility secured by thirteen works of art.
Loan Agreement and Purchase of Artwork
Represented a U.S. collector on a significant loan of art to a major U.S. museum as well as the purchase and sale of various works of art.
Represented a U.S. commercial bank in restructuring several loan and intercreditor agreements involving a fashion company, as borrower, and two major banks as lenders.
$625 Million Secured Term Loan Facility
Represented a leading regional sports network, as borrower, in amending and restating its senior secured term loan facility into a $625 million term loan facility. The proceeds were used for working capital purposes
Term Loan and Revolving Credit Facilities
Represented the owner and operator of a major league baseball franchise in amending and extending its existing $250 million syndicated senior secured credit facilities, consisting of a $200 million term loan facility and a $50 million revolving credit facility.
Secured Line of Credit
Represented a real estate investment advisory and property management company in a multi-million dollar secured line of credit provided by a bank syndicate.
$300 Million Senior Secured Credit Facility
Represented client in a $300 million senior secured credit facility, consisting of a $35 million term loan, $65 million term loan, and a $200 million revolving credit facility with a letter of credit and swingline sub-facilities. Proceeds were used to refinance existing debt and for working capital purposes, including financing-permitted acquisitions.
$110 Million Secured Loan
Represented a private bank in a $110 million loan secured by art works and Manhattan real estate.
Syndicated Loan Facility
Represented a major financial institution, as administrative agent and lender, in providing a $51 million senior secured credit facility - consisting of a term loan facility and a revolving facility with a sublimit for letters of credit - to IntegraMed America, Inc. (a Delaware corporation that provides services and products to medical practices specializing in infertility and vein disorders). We negotiated limited security agreements with a large number of medical practices to use certain accounts receivable payable to the practices to secure the loan.
$50 Million Credit Facility
Represented a commercial bank as a participant in a $50 million credit facility secured by artworks.
$50 Million Credit Facility
Represented a commercial bank as a participant in a $50 million credit facility secured by artworks and real estate.
$80 Million Asset-Based Credit Facility
Represented a commercial bank, as administrative agent, issuing bank and lender, in amending and restating an existing syndicated, senior secured asset-based credit facility to a company engaged in the apparel business, into an $80 million asset-based credit facility. The proceeds will be used for working capital purposes.
$14 Million Term Loan
Represented a commercial bank in a $14 million term loan to a private wealth client secured by life insurance policy collateral.
$100 Million Secured Credit Facility Financing
Represented an alternative lender in a $100 million secured facility to a newly formed provider of personal and small business loans.
Yankee Global Enterprises – Refinancing
Represented Yankee Global Enterprises in a refinancing of its senior secured credit facility with a bank syndicate.
$24 Million Equipment Lease Financing
Represented a leading regional sports network in a $24 million equipment lease financing transaction provided by Banc of America Leasing & Capital, LLC.
$20 Million Credit Facility
Represented a major commercial bank, as sole lender, in a $20 million secured line of credit to a trust beneficially owned by a high-net-worth individual, and a related company. The facility is secured by marketable securities and restricted stock.
MetLife Stadium – $650 Million Bond Placement
Represented a special purpose entity that is an affiliate of the New York Jets and the New York Giants in a complex public financing that involved the New Jersey Economic Development Authority and local governments for the new Meadowlands stadium.
New York Yankees – $1.5 Billion Stadium Financing
Represented a special purpose entity that is an affiliate of the New York Yankees in the issuance of municipal tax-free and taxable bonds by the New York City Industrial Development Agency in an aggregate amount of approximately $1.5 billion, which financed the lease of the site and construction of a new, state-of-the-art stadium.
The Emmes Group of Companies – Venture Capital Financing
Represented The Emmes Group of Companies in the preparation of a convertible note purchase agreement, offering documents and an amended and restated operating agreement in connection with a capital raise.
Regional Sports Network – High-Yield Note Offering Amendment
Represented a regional sports network in an amendment to an indenture with a U.S. bank concerning the issuance of $250 million in senior subordinated notes.
Baseball Franchise – Term Loan Facility
Represented a major league baseball franchise in a $4 million unsecured term loan facility provided by a national bank. The proceeds will be used to pay various fees and expenses related to the facility and to finance certain projects.
National Hockey League Credit Facilities
Represented a national bank, as syndicate lender, in the NHL league-wide credit facilities consisting of a $990 million senior secured revolving credit facility and a $410 million delayed draw secured term loan facility.
Hylan Credit Facility
Represented a U.S. commercial bank, as lender, in a secured credit facility consisting of a term loan and a revolving loan to Hylan, a fiber optic data communications contractor, to finance a recapitalization resulting in the sale of 50% of the company to a private equity firm. The loans are secured by a first lien on all present and future assets of the borrower.
Private Lender – Lending Documentation
Represented a finance company in the development of financing forms and in advice on related legal issues.
Private Lender – Funding Agreements
Represented a financial services company providing loans and financial accommodations to medium-sized and small businesses, in the development of financing forms, including loan participation agreements and receivable purchase agreements. In addition, we are consulting on the development of an off-shore lending facility suitable for non-resident, non-US investors.
Strategic Check – Non-Recourse Financings
Represented Strategic Check regarding form and substance of non-recourse financings for athletes based on assignments of substantial compensation revenues.
Secured Term Loan
Represented the holding company of a minor league base baseball team in a multi-million dollar secured term loan.
Legends Hospitality – Senior Secured Credit Facility
Represented Legends Hospitality in a $225 million senior secured credit facility, consisting of a $40 million term loan, a $35 million term, and a $150 million revolving credit facility. The proceeds were used to refinance existing debt and will be used for the construction and build-out of the observation deck at the new World Trade Center in New York.
Major League Baseball Franchise – Senior Secured Credit Facility
Represented a major league baseball franchise in a $250 million senior secured credit facility consisting of a $200 million league term loan facility and a $50 million revolving credit facility. The proceeds were used to make a dividend payment to parent to repay existing facility and to pay fees and expenses.
New York Court of Appeals Victory for Capital One N.A.
Won an important victory before the New York Court of Appeals on behalf of a major national bank regarding the shortening of the limitations period contained in New York’s UCC 4-406 which governs a bank customer's duty to discover and report unauthorized signatures or alterations. In a significant decision for the banking industry, the Court of Appeals held that two financially sophisticated parties can modify UCC 4-406’s statutory one-year period for reporting unauthorized activity to 14 days, the time frame provided for in the bank documents between the parties. Herrick represented Capital One through every stage of the dispute, obtaining dismissal of the customer’s complaint at the trial court which awarded summary judgment to Capital One on all of its counterclaims.
Collateralized Lender – Secured Loan Documentation
Represented a private collateralized lender in the development of documentation for secured loans where the collateral includes stock of public companies traded on non-US markets.
Yankee Global Enterprises – Senior Credit Facility
Represented Yankee Global Enterprises in the refinancing of its senior credit facility consisting of a term loan and a revolving line of credit. Yankee Global Enterprises is a holding company that invests in media and sports-related businesses, including the New York Yankees.
Small Bone Innovations – Secured Credit Facility
Represented Small Bone Innovations (SBi), as borrower, in an $81 million secured credit facility with Hayfin Capital. The credit facility refinances SBi's debt (previously held by Garrison Investment Group) which was assigned by Garrison to Hayfin immediately prior to SBi closing on the credit facility, and provides SBi with up to an additional $25 million to use for general operating expenses.
$650 Million Loan for Sports Broadcaster
Represented a leading regional sports business broadcaster and franchise in the negotiation and closing of $630 million senior secured credit facility.
Three Ocean Partners – Formation
Represented Three Ocean Partners in its formation and organization, equity capital raise and registration as a broker dealer as well as across a spectrum of portfolio investments.
Non-US Developer – Development of Financing Structure
Represented a non-US developer of New York City residential apartments in development of an innovative financing structure using a Series Limited Liability Company.
Highbridge Capital Management – Los Angeles Dodgers
Advised Highbridge Capital Management regarding the rules and regulations applicable to Highbridge's $60 million interim bankruptcy financing to the Los Angeles Dodgers. We also advised Highbridge on its proposed long-term $150 million credit facility to the Los Angeles Dodgers.
Luxury Apparel & Home Furnishing Company – Preferred Stock
Represented a start-up limited edition luxury apparel and home furnishing collections company in a seed capital preferred stock offering and corporate structuring matters, including the formation of an advisory board and the adoption of an equity incentive plan.
Credit Facility Restructuring
Represented a U.S. commercial bank in restructuring a $20 million credit facility for a prominent restaurant chain.
Private Banking Transaction
Represented a major bank in a private banking transaction in which the bank made two $25 million loans to an individual and certain entities he controls. The first was secured by a pledge of membership interest in three entities that own properties in Brooklyn. The second was secured by mortgages on certain real property
Major Financial Institution – Distressed Loan
Represented a major financial institution in a distressed loan on a shopping center located in New Jersey.
Represented a U.S. bank in a workout negotiation with a not-for-profit assisted living facility, involving a $20 million letter of credit issued by the bank as a credit enhancement for a tax exempt bond issue.
Representation of a U.S. commercial bank in a $13 million term loan and advised line facility with advances supported by guaranties of foreign affiliates and foreign receivables generated by Asian subsidiaries.
Lehman Brothers – Receivables Financing
Representation of Lehman Commercial Paper, as agent, in an amended and restated $140 million multiple draw term loan receivables funding facility for a special purpose vehicle of a leading U.S. publishing company and successful payout and termination.
Asset-Based Loan Facility
Represented a U.S. commercial bank, as a participant, in an asset-based loan facility to a luxury home furnishings manufacturer and in the resolution of asset eligibility issues arising from extended term receivables.
Non-U.S. Lender – Syndicated Revolving Facilities
Represented the New York branch of a non-U.S. lender, as agent, in a $340 million syndicated revolving loan facility containing a $100 million overdraft credit facility.