Regional Sports Network – Financing Facility Amendment
Represented a regional sports network in amending its $24 million equipment lease financing facility to include an affiliate as a lessee.
Securities Company – Term Loan and Revolving Credit Facility
Represented a Texas-based securities company in acquiring a term loan and revolving credit facility.
Private Client – Credit Analysis
Analyze strategic credit facilities and consolidation for client, a family-run group of companies focused on sports, media and real estate.
$50 Million Credit Facility Secured by Artworks
Represented a commercial bank as a participant in a $50 million credit facility secured by artworks.
$50 Million Credit Facility Secured by Artworks and Real Estate
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.
Regional Sports Network – $24 Million Equipment Lease Financing
Represented a leading regional sports network in a $24 million equipment lease financing facility provided by Banc of America Leasing & Capital and in a subsequent amendment to the facility.
$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.
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.
$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.
Legends Hospitality – Investment by New Mountain Capital
Represented Legends Hospitality, the sports and entertainment joint venture controlled by the New York Yankees and Dallas Cowboys, in a strategic partnership and investment in the company by New Mountain Capital.
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.
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.
Regional Sports Network – Corporate Restructuring
Represented a leading regional sports network in a restructuring of its ownership structure through the formation of a new Delaware limited liability company.
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.
In re Blackhawk Mining, LLC, et al. (D. Del.)
Representation of Cantor Fitzgerald Securities as (i) successor administrative agent and collateral agent under a $660 million first lien facility, (ii) the administrative agent and collateral agent under a $150 million DIP facility in connection with the chapter 11 case of Blackhawk Mining, and (iii) the administrative agent and collateral agent under an $85 million exit facility.
Fotografiska Park Avenue Flagship
Represent Fotografiska, a Swedish photography destination, in connection with establishing its NYC flagship location at 281 Park Avenue South, New York.
Represented Yankee Global Enterprises in Bond Financing
Represented Yankee Global Enterprises in connection with the issuance by the New York City Industrial Agency of approximately $927 million of refunding bonds for the benefit of the Yankees.
Cantor Fitzgerald Securities – Administrative and Collateral Agent in Exit Facility
Represented Cantor Fitzgerald Securities as the administrative agent and collateral agent under an $85 million exit facility following the successful Blackhawk Mining, LLC, et al. (Bankr. D. Del.), chapter 11 cases, which involved over 100 properties, encompassing active mining complexes in West Virginia and Kentucky and substantial metallurgical and thermal coal reserves in West Virginia, Kentucky, Indiana, Illinois and Ohio. The real estate component included terminating existing mortgages encumbering the properties, preparing new mortgages to secure Cantor’s interest, preparing as-extracted collateral filings, reviewing specific requirements related to leasehold properties and title review. Herrick previously represented Cantor Fitzgerald as the administrative agent and the collateral agent under Blackhawk’s (i) pre-petition $660 million first lien term loan facility and (ii) $150 million DIP term loan facility in connection with the pre-packaged restructuring of approximately $1.1 billion of debt, which involved assigning the previous administrative agent’s interest in all of Blackhawk’s properties in West Virginia, Kentucky, Indiana, Illinois and Ohio to Cantor Fitzgerald, as administrative agent.
Wilkinson Global Capital Partners – Purchase Agreement
Represented Wilkinson Global Capital Partners LLC, a leading asset management and investment advisory firm, in its purchase of Wilkinson Global Asset Management, a New York-based private wealth investment manager, pursuant to a call option. The sale was made in accordance with a multi-year financing agreement with the seller, Fiera Capital.
Resources
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.
Investment Advisory/Property Management Co – 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.
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.
$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
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.
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.
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.
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.
Secured Term Loan
Represented the holding company of a minor league base baseball team in a multi-million dollar secured term loan.
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.
U.S. Bank – $300 Million 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.
Legends Hospitality – One World Trade Center Observatory
Represented Legends Hospitality in the development and operation of the observation deck at the top of One World Trade Center.
$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.
Real Estate Investment Manager – $57.5 Million New Jersey Hotel Financings
Represented a prominent real estate investment management firm on two senior mortgage loan financings aggregating $57.5 million, and secured by full service hotels in East Rutherford and Edison, New Jersey, including issues attendant to the implementation of a multi-million dollar property improvement plan.
PCCP Capital – $65 Million Mortgage Financing for Luxury Hotel
Represented PCCP Capital, a real estate private equity firm in the origination of a $65 million loan used for the acquisition and repositioning of Cassa Hotel, a 165-room luxury hotel property in New York City.
$16 Million Revolving Credit Facility
Represented a private bank in a $16 million revolving credit facility secured by thirteen works of art.
Israel Discount Bank–Syndicated Credit Facility
Representation of Israel Discount Bank of New York as administrative agent and lender, in connection with a senior secured syndicated credit facility to a triple A minor league baseball team.
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.
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.
Regional Sports Network – $630 Million Credit Facility
Represented a leading regional sports network and franchise in the negotiation and closing of $630 million senior secured credit facility.
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.
Stillwater Capital Partners – Acquisition of Assets by Public Shell
Represented Stillwater Capital Partners, Inc., in the sale of all the assets, liabilities and investment portfolios of various private investment funds to Gerova Financial Group, Ltd. (formerly Asia Special Situation Acquisition Corp.), a publicly held special purpose acquisition company organized in the Cayman Islands.
Legends Hospitality – Senior Secured Credit Facility
Represented Legends Hospitality, LLC and Legends Premium Sales, LLC in connection with their senior secured credit facility consisting of a term loan and a revolving credit facility with a letter of credit and swing line subfacilities. Legends Hospitality provides sports and entertainment venues with food, beverage, merchandise and other hospitality services.
Credit Facility Restructuring
Represented a U.S. commercial bank in restructuring a $20 million credit facility for a prominent restaurant chain.
$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 – Insurance Company
Representation of a major financial institution as the sole lender in a $40 million unsecured term loan facility to an insurance company. The term loan’s proceeds were used to finance the purchase of the business insurance unit of another insurance company and the capital stock of several entities of such other insurance company.
Israel Discount Bank – New York Giants Financing
Representation of Israel Discount Bank as administrative agent and as a lender in amending an existing secured revolving credit facility to New York Football Giants, Inc. to increase the facility's size to $45 million. The loan's proceeds will be used for working capital purposes.
Legends Hospitality – Joint Venture Formation
Represented Legends Hospitality LLC - a joint venture among the Yankees, Dallas Cowboys and two private equity firms—in setting up business operations (which include running concession services at stadiums, arenas and other large venues), obtaining necessary permits and authorizations in New York, New Jersey, Pennsylvania, Texas and Florida, and protecting the company's intellectual property rights.
- Page 1 of 2