Corporate

Finance

Matters

Refinancing

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 provided by General Electric Capital Corporation, as administrative agent and as a lender. The proceeds are to be used for general corporate purposes.

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.

Loan Restructuring

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 an internationally renown investment advisor and property management company in a $3 million 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.

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.

$110 Million Secured Loan

Represented a private bank in a $110 million loan secured by art works and Manhattan real estate.

Financial Institution – 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.

$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.

$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 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.

Geneva Art Loan

Represented the Geneva division of a major U.S. bank in a $100 million secured revolving credit facility. The loans are secured by a first lien on a portfolio of artworks owned by a Cayman Islands trust.

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.

NHL 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.

Syndicated Credit Facility

Represented a U.S. bank, as administrative agent and lender, in a $300 million secured syndicated revolving credit facility to a high-net-worth individual and an offshore trust. The credit facility is secured by museum quality, fine artworks and is guaranteed by a trust and a BVI entity. Proceeds of the credit facility are to be used to finance investments.

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.

Loan Workout

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.

Cross-Border Lending

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.