Brisbane Bullets – Cross-Border Equity Sale Transaction
Represented controlling owner of the Brisbane Bullets, a member of the Australian National Basketball league, in a cross-border equity sale transaction. The equity investment signals a deep commitment to enhancing the Brisbane Bullets' success and contributing to the growth of basketball in Australia and beyond. The investor is a company focused on global sports business development and strategic investments. The investor group includes NBA Hall of Famer George Gervin, known globally as “The Iceman.” In commenting on the investment, Gervin stated: “Basketball has always been my passion, and to be part of a franchise like the Brisbane Bullets is an incredible opportunity. Australia has a rich basketball culture, and the Bullets have a storied legacy. I look forward to helping elevate the team and build toward a bright future, especially with the upcoming Olympics in Brisbane.”
Resources
Represented Administrative Agent and Lender in Connection with Secured Revolving Credit Facility
Represented the administrative agent and lender in connection with a secured $25,000,000 revolving credit facility providing credit to an international security company. The transaction was a cross-border deal, providing for multi-currency borrowings and secured by domestic and international assets.
Represented Major Commercial Bank in Amending and Extending Syndicated, Unsecured Revolving Credit Facility
Represented a major commercial bank as administrative agent, as a letter of credit issuer and as a lender, in amending and extending an existing $250.0 million syndicated, unsecured revolving credit facility to a company and its affiliates that provides human resources, payroll and benefits outsourcing capabilities.
Represented Major Financial Institution in a Master Repurchase Agreement with an Incremental Facility
Represented a major financial institution, as buyer, in a Master Repurchase Agreement with a real estate fund, as seller, in an amount of $100.0 million with an incremental facility up to an additional $100.0 million. The asset classes subject to the repurchase transactions are performing or non-performing commercial loans secured by real estate consisting of residential multi-family or apartment rental properties, assisted and independent living facilities, memory care facilities, and skilled nursing facilities.
Represented Private Credit Fund in Connection with Amending and Restating Subordinate Secured Credit Facility
Represented a private credit fund, as administrative agent, collateral agent and lender, in connection with amending and restating a $98.0 million subordinate secured credit facility to a borrower and its related entities in the business of arranging or originating small consumer loans, and amending and restating an existing intercreditor arrangement.
Represented Private Bank of a Major Financial Institution in Connection to Adding New Artworks as Collateral to Line of Credit Facility
Represented a private bank of a major financial institution, as sole lender, in connection with amending, extending and adding new artworks as collateral to an existing $65.0 million secured line of credit facility to a trust formed under the laws of a province in Canada, which facility is secured by 60 artwork pieces located primarily in various provinces in Canada.
Greystone – Series A Bond Offering – Tel Aviv Stock Exchange
Represented Greystone Senior Debt BI, LTD, a subsidiary of Greystone, in their Series A bond offering of approximately $160 million on Tel Aviv Stock Exchange. The offering was the highest rated offering historically for this product and 3x oversubscribed. The Herrick team partnered with Goldfarb Gross Seligman in Israel.
Various Major Commercial Banks – $1.5 Billion Subscription/Capital Call Lines of Credit
Represented various major commercial banks in subscription/capital call lines of credit and management fee lines of credit totaling over $1.5 billion, secured by capital call rights and all assets.
New York Yankees – $1.5 Billion Stadium Financing
Represented the New York Yankees in the issuance of $1.5 billion in municipal tax-free and taxable bonds by the New York City Industrial Development Agency, which financed the lease and construction of the new Yankee Stadium. We drafted and negotiated the lease agreement for the new stadium, as well as ancillary real estate agreements pertaining to parking lots and garages; construction, demolition and insurance, and public transportation. We were also integrally involved in navigating the Yankees through the lengthy federal, state and local governmental permit and approval process.
Syndicated Lender – $1.4 Billion NHL Credit Facility
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.
$1 Billion Secured Credit Facility Financing
Represented an alternative lender as administrative agent and as a lender in over $1 billion of secured credit facilities to providers of consumer and small business loans.
Global Financial Services Firm – $650 Million Senior Secured Credit Facility
Represented global financial services firm as administrative agent and collateral agent in a $650 million senior secured credit facility to a leading coal producer and its affiliates.
$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
Regional Sports Network – $660 Million Financing
Represented a leading regional sports network in amending and restating its senior secured credit facility into a $600 million term loan facility and a $60 million delay draw facility. The proceeds will be used to refinance existing indebtedness, redeem existing senior subordinated notes, and for working capital purposes.
MetLife Stadium – $650 Million Bond Placement
Represented a special purpose entity affiliate of the National Football League's New York Jets and the New York Giants, in a complex public financing for MetLife Stadium that involved the New Jersey Economic Development Authority and local government.
Citibank – $600 Million Financing to Durst Affiliates
Represented Citibank, as agent, in a $600 million term loan to certain affiliates of the Durst Organization secured by a blanket mortgage on six office buildings located in Manhattan. The term loan refinanced approximately $300 million of existing mortgage debt on three of the properties (including approximately $120 million outstanding to Citibank). The bank group also financed a $400 million revolving credit facility to the Durst Organization. The revolving credit facility is secured by pledges of economic and equity interests in the six mortgage borrowers and in two additional Durst affiliates, which affiliates own other office properties in Manhattan.
Major Commercial Bank – $538 Million Asset-Based Lending Facility
Represented a major commercial bank, as lead agent and lender, in a $538 million asset-based lending facility.
Private Company Lender – $500 Million Senior Secured Credit Facilities
Represented a private company lender, as sole lender, in senior secured credit facilities totaling over $500 million secured by consumer loans, commercial loans, merchants cash advance receivables, participation interests, and other types of loans and receivables.
Financial Institution – $500.0 Million Repurchase Facility
Represented a financial institution in a $500.0 million repurchase facility provided to companies engaged in the mortgage loan business, which facility was secured by mortgage loans and mortgage-backed securities (investment grade and non-investment grade).
Regional Sports Network – $450 Million Credit Facility
Represented a regional sports network in a $450 million credit facility.
$425 Million Credit Facilities
Represented a private bank, as letter of credit issuer and administrative agent, in a $100 million letter of credit facility; and as lender in a $325 million revolving credit facility, each to a trust, the proceeds of which are for working capital purposes. The facilities are cross-collateralized and secured by a combination of public company stock, diversified liquid assets and cash.
Financial Institution – $425.0 Million Mortgage Loan Warehouse Repurchase Facility
Represented a financial institution in a $425.0 million mortgage loan warehouse repurchase facility provided to a company engaged in the mortgage loan business, which facility was secured by mortgage loans and manufactured housing loans.
$400 Million Syndicated Revolving Loan Facility
Represented a U.S. commercial bank in a $400 million syndicated revolving loan facility to a trust established by a major sports league to make further loans to participating clubs. The loan is secured by team revenues from league sponsored TV rights and other revenue sources on a non-cross collateralized team basis.
Private Client – $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.
FL Condominium Developer – $300 Million Construction Loan Facility
Represented one of Florida’s largest condominium developers in a $300 million construction loan facility for eight condominium projects together with a corporate restructuring and a simultaneous $90 million buyout of a major joint venture partner.
Major Commercial Bank – $300 Million Revolving Credit Facility
Represented a major commercial bank, as administrative agent and as a lender, in a $300 million amended and restated secured syndicated, multi-currency revolving credit facility to a trust established under the laws of the Island of Jersey and a high net worth individual. The credit facility was secured by museum quality, fine artworks.
Major Commercial Bank – $280 Million Secured Revolving Credit Facility
Represented a major commercial bank, as sole lender, in a $280 million secured revolving credit facility to a trust created under the laws of the Island of Jersey and an affiliate of a prominent Israeli company, secured by restricted stock of a public company.
Major Financial Institution – $275 Million Syndicated Revolving Credit Facility
Represented major financial institution, as a lender, in a $275 million syndicated secured revolving credit facility to the owner of a National Basketball Association franchise.
Financial Services Corporation – $250 Million Credit Facility
Represented financial services corporation, as administrative agent and lender, in a $250 million syndicated unsecured revolving credit facility to a provider of human resources, payroll and benefits outsources, as borrower, and several of its subsidiaries as guarantor.
Major Financial Institution – $250 Million Syndicated Revolving Credit Facility
Represented major financial institution, as a lender, in a $250 million syndicated secured revolving credit facility to the owner of a National Hockey League franchise.
Major Commercial Bank – $225 Million Syndicated Credit Facility
Represented a major commercial bank, as administrative agent and as a lender, in amending a $225 million credit facility (consisting of term loans and revolving loans) provided to the owner of a Major League Baseball franchise.
Regional Sports Network – $200 Million Credit Facility
Represented a major regional sports network in a $200 million syndicated term loan facility and related joint venture matters with its two major cable television joint venture partners.
Regional Sports Network – $200 Million Note Refinance
Represented a leading regional sports network in the redemption of senior subordinated notes in the principal amount of $250 million and in the issuance of new senior subordinated notes in the principal amount of $200 million.
Major Commercial Bank – $150 Million Revolving Credit Facility
Represented a major commercial bank, as administrative agent and as a lender, in a $150 million unsecured, multi-currency, syndicated revolving credit facility to companies engaged in payroll processing.
$150 Million Senior Secured Credit Facility
Represented a U.S. commercial bank, as a syndicate lender, in a $150 million senior secured revolving credit facility to an NHL franchise. The proceeds are to be used for legal purposes, consistent with the NHL Constitution.
Major Private Bank – $115 Million Secured Lien of Credit
Represented a major private bank in a $115 million secured lien of credit to a Bahamian company guaranteed by a Bahamian trust and a high-net-worth Saudi Arabian individual.
Emmes Asset Management – $100 Million California Office Building Acquisition
Represented Emmes Asset Management Company in connection with a joint venture with the investment arm of a major university system and the $100 million acquisition of a prominent Class A office building in Irvine, California. The transaction also included a multi-million dollar investment by a Japanese corporation investing in U.S. property for the first time.
Major Commercial Bank – $100 Million Revolving Credit Facility
Represented major commercial bank, as administrative agent and as a lender, in a $100 million syndicated, unsecured revolving credit facility to a bank holding company.
Private Bank – $100 Million Credit Facility
Represented a private bank as a facility agent in a $100 million credit facility to an Israeli company that owns interests in financial institutions, real estate and infrastructures, sustainable investments, technology and industrial activity. The company used the proceeds to finance outstanding loans and for working capital purposes. The transaction was structured to minimize withholding taxes required under Israeli law and to allow for additional lenders.
Major Commercial Bank – $85 Million Credit Facility
Represented a major commercial bank, as administrative agent and as a lender, in an $85 million syndicated, senior secured revolving asset-backed credit facility to a company engaged in the office and steel case equipment dealer business.
Major Commercial Bank – $80 Million Mezzanine Revolving Credit Facility
Represented a major commercial bank, as sole lender, in an $80 million mezzanine revolving credit facility to entities owned indirectly by a prominent public figure, which entities indirectly owned real properties.
$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.
Financial Institution – $60.0 Million Warehouse Repurchase Facility
Represented a financial institution in a $60.0 million warehouse repurchase facility provided to a company engaged in the auto receivables business, which facility was secured by auto receivables.
Major Financial Institution – $50 Million Second Lien Receivables Revolving Facility
Represented a major financial institution, as second lien administrative agent and as a lender, in a $50 million second lien receivables revolving facility to a special purpose vehicle of leading U.S. educational publisher.
U.S. Commercial Bank – $50 Million Senior Secured Revolving Line of Credit
Represented a U.S. commercial bank, as a sole lender, in a $50 million senior secured revolving credit facility to owners of an MLB franchise. The proceeds are to be used for working capital purposes.
$50 Million New Jersey Joint Venture
Represented a major private equity fund in a $50 million joint venture with respect to the development and financing of real estate projects primarily in New Jersey.
$50 Million Credit Facility Secured by Artworks
Represented a commercial bank as a participant in a $50 million credit facility secured by artworks.
Major Commercial Bank – $46 Million Secured Revolving Credit Facility
Represented a major commercial bank, as sole lender, in a $46 million secured revolving credit facility to a not-for-profit.
Major Commercial Bank – $45 million Secured Revolving Credit Facility
Represented a major commercial bank, as administrative agent and as a lender, in a $45 million secured revolving credit facility to the owner of a National Football League franchise.
Major Commercial Bank – $40 Million Unsecured Revolving Loan Facility
Represented a major commercial bank, as sole lender, in a $40 million unsecured revolving loan facility to the owner of a National Hockey League franchise.