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 Our Services
Fund Finance
Illustrative Transactions
The following is a list of representative transactions that our Fund Finance Team has recently closed:
- Represented Scotiabank (Ireland) Limited in connection with a committed €100 million senior unsecured revolving credit facility for Alliance Trust PLC, a Scottish fund. The purpose of this facility was to provide liquidity.
- Represented The Bank of New York Mellon, as administrative agent, in connection with a committed $750 million unsecured revolving credit facility for 135 separate series of ’40 Act registered mutual funds in Prudential family of funds. The purpose of this facility was to provide liquidity.
- Represented a Cayman Islands hedge fund in connection with an uncommitted $45 million senior secured revolving credit facility from a U.S. bank. The purpose of this facility was to provide temporary liquidity.
- Represented The Bank of New York Mellon, as administrative agent, in connection with a committed $225 million senior unsecured revolving credit facility for over 80 open end funds, each registered under the ’40 Act, in the Delaware Investments family of funds complex. The purpose of this facility was to provide liquidity.
- Represented a U.S. bank, as administrative agent, in connection with two separate committed $100 million senior secured revolving credit facilities to two affiliated tax advantaged exchange feeder funds established as Delaware limited liability companies. The purposes of this facility were to hedge existing investments and to make additional leveraged investments in a diversified pool of assets.
- Represented Scotiabank Europe PLC in connection with a committed £15 million multicurrency senior secured revolving credit facility for Finsbury Growth and Income Trust PLC, a Scottish closed-end fund. The purpose of this facility was to leverage investments.
- Represented a U.S. bank in connection with a $250 million master repurchase agreement for a Massachusetts business trust and open-end fund registered under the ’40 Act. The purpose of this transaction was to provide liquidity.
- Represented a U.S. bank, as administrative agent, in connection with a $175 million senior secured letter of credit facility for a nationally-recognized investment manager. The purpose of this facility was to rescue a related money market fund with SIV (structured investment vehicle) exposure.
- Represented The Bank of Nova Scotia in connection with a committed $165 million senior secured multicurrency (US$, C$, A$, €, ¥, £ and Swiss Francs) revolving credit facility for First Trust/Aberdeen Global Opportunity Income Fund, a Massachusetts business trust and closed-end fund registered under the ’40 Act. The purpose of this facility was to leverage investments.
- Represented a Cayman Islands hedge fund in connection with a committed €150 million global master repurchase agreement with a German bank. The purpose of this transaction was to leverage a newly created Cayman Islands enhanced feeder fund.
- Represented a U.S. bank in connection with an uncommitted $1 billion senior secured line of credit, for temporary purposes to fund redemptions, for 110 open-end mutual funds registered under the ’40 Act in a large, nationally recognized fund complex.
- Represented The Bank of New York Mellon, as administrative agent, in connection with a committed $300 million senior unsecured revolving credit facility for 20 funds, including ‘40 Act registered funds, domestic unregistered funds, and UCITS, in each case advised by a Lehman Brothers/Neuberger Berman affiliate. The purpose of this facility was to provide liquidity for redemptions.
- Represented a U.S. bank in connection with a letter of credit facility to a U.S. private equity fund secured by the subscription agreements of the fund’s investors. The purpose of this facility was to issue letters of credit to lenders financing one of the fund’s portfolio companies to “buy-down” the leverage covenant.
- Represented Scotiabank Europe PLC in connection with a committed ¥2 billion multicurrency (¥ and US$) senior secured revolving credit facility for JPMorgan Japan Smaller Companies Trust PLC, a closed-end fund formed under the laws of England and Wales. The purposes of this facility were to leverage investments and for general matters.
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