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 Our Services
Fund Finance
Other Transactions
Our Fund Finance Team has recently closed the following additional transactions:
- Represented The Bank of Nova Scotia in connection with a committed $170 million senior secured revolving credit facility for Highland Floating Rate Advantage Fund. The purpose of this facility was to repay senior debt.
- Represented a U.S. bank, as administrative agent, in connection with a committed $60 million senior secured revolving credit facility for a closed-end fund. The purpose of this facility was to leverage investments.
- Represented The Bank of Nova Scotia in connection with a committed $170 million senior secured revolving credit facility for Highland Credit Strategies Fund. The purpose of this facility was to repay senior debt.
- Represented a Cayman Islands hedge fund in connection with a committed $350 million multicurrency senior secured revolving credit facility from a foreign bank. The purpose of this facility was to leverage investments.
- Represented a U.S. bank, as administrative agent, in connection with a committed $125 million senior revolving credit facility for various portfolios of Wells Fargo Funds Trust and Wells Fargo Variable Trust. The purpose of this facility was to provide liquidity.
- Represented The Bank of New York Mellon, as administrative agent, in connection with a committed $25 million senior revolving credit facility for various portfolios of Wells Fargo Funds Trust. The purpose of this facility was to provide liquidity.
- Represented The Bank of New York Mellon, as administrative agent, in connection with a committed $30 million senior secured revolving credit facility for Virtus Investment Partners, Inc., an investment manager. The purposes of this facility were to refinance debt and provide liquidity.
- Represented a Belgian bank in connection with a committed $110 million senior secured revolving credit facility to a Cayman Islands hedge fund. The purpose of this facility was to leverage investments.
- Represented The Bank of Nova Scotia, as administrative agent, in connection with a committed $155 million senior secured revolving credit facility for ING Senior Income Fund, Inc. The purpose of this facility was to make periodic redemptions.
- Represented The Bank of Nova Scotia, as administrative agent, in connection with a committed $600 million senior secured revolving credit facility for Aberdeen Asia-Pacific Income Fund, Inc. The purpose of this facility was to refinance an existing credit facility.
- Represented a U.S. bank, as administrative agent, in connection with a committed $175 million senior secured revolving credit facility for Eaton Vance Floating-Rate Income Trust. The purpose of this facility was to leverage investments.
- Represented a Cayman Islands enhanced feeder hedge fund in connection with a $100 million global master repurchase agreement with a German bank. The purpose of this transaction was to leverage investments in an underlying offshore hedge fund of funds.
- Represented a U.S. bank, as administrative agent, in connection with a committed $150 million senior secured revolving credit facility for Eaton Vance Senior Floating-Rate Trust. The purpose of this facility was to leverage investments.
- Represented The Bank of New York Mellon in connection with an uncommitted $15 million senior line of credit to a private equity fund, secured by a lien on all subscription commitments of investors in the fund. The purpose of this line of credit was to temporarily finance new portfolio company investments pending receipt of investor subscription payments.
- Represented a U.S. bank, as administrative agent, in connection with a committed $125 million senior secured revolving credit facility for Eaton Vance Short Duration Diversified Income Fund. The purpose of this facility was to leverage investments.
- Represented a U.S. bank in connection with a committed $125 million senior secured revolving credit facility for an open-end fund. The purposes of this facility were to provide liquidity and to leverage investments.
- Represented a U.S. bank, as administrative agent, in connection with a committed $75 million senior secured revolving credit facility for Credit Suisse High Yield Bond Fund. The purpose of this facility was primarily to leverage investments.
- Represented The Bank of New York Mellon in connection with a committed $100 million senior unsecured revolving credit facility for 38 registered funds in the ING Funds complex. The purpose of this facility was to provide liquidity and leverage investments.
- Represented a U.S. bank in connection with a committed $20 million senior secured revolving credit facility for Northeast Investors Growth Fund. The purpose of this facility was to leverage investments.
- Represented The Bank of Nova Scotia, as administrative agent, in connection with a committed $75 million secured revolving credit facility for Highland Floating Rate Fund and Highland Funds I. The purpose of this facility was to redeem shares.
- Represented a U.S. bank in connection with an uncommitted $25 million senior line of credit to a private equity fund, secured by a lien on all subscription commitments of investors in the fund. The purpose of this line of credit was to temporarily finance new portfolio company investments pending receipt of investor subscription payments.
- Represented a U.S. bank, as administrative agent, in connection with a committed $240 million senior secured revolving credit facility for Neuberger Berman Real Estate Securities Income Fund. The purpose of this facility was to redeem auction rate securities.
- Represented The Bank of Nova Scotia in connection with a committed $76 million senior secured revolving credit facility for a closed-end Massachusetts business trust. The purposes of this facility were to redeem auction rate securities and to leverage investments.
- Represented The Bank of New York Mellon in connection with a committed $50 million senior unsecured revolving credit facility for Delaware Enhanced Global Dividend and Income Fund, Inc. The purpose of this facility was to leverage investments.
- Represented The Bank of Nova Scotia in connection with a committed $25 million senior secured revolving credit facility for Fiduciary/Claymore Dynamic Equity Fund. The purpose of this facility was to leverage investments.
- Represented The Bank of Nova Scotia in connection with a committed $30 million senior secured multicurrency (US$, C$, A$, €, ¥, £ and Swiss Francs) revolving credit facility for Aberdeen Global Income Fund, Inc. The purpose of this facility was to leverage investments.
- Represented The Bank of New York Mellon in connection with a committed $100 million senior secured revolving credit facility for Franklin Floating Rate Daily Access Fund. The purpose of this facility was to leverage investments.
- Represented The Bank of Nova Scotia in connection with a committed $55 million secured revolving credit facility for Energy Income and Growth Fund. The purposes of this facility were to leverage investments and redeem auction rate securities.
- Represented a U.S. bank in connection with a $200 million line of credit for a large mutual fund. The purpose of this transaction was to provide liquidity.
- Represented The Bank of New York Mellon in connection with a committed $44 million senior unsecured revolving credit facility for Delaware Investments Dividend and Income Fund, Inc. The purpose of this facility was to leverage investments.
- Represented a U.S. bank in connection with a $5 million line of credit for two Cayman Islands funds. The purpose of this transaction was to bridge the timing between making offshore investments and settling on U.S. investments.
- Represented The Bank of New York Mellon in connection with a committed $25 million senior unsecured revolving credit facility for Delaware Investments Global Dividend and Income Fund, Inc. The purpose of this facility was to leverage investments.
- Represented The Bank of New York Mellon in connection with a committed $10 million senior unsecured revolving credit facility for 30 mutual funds in the MTB Group of Funds complex. The purpose of this facility was to provide liquidity.
- Represented The Bank of New York Mellon in connection with a committed $100 million senior secured revolving credit facility for Franklin Floating Rate Master Trust. The purpose of this facility was to leverage investments.
- Represented The Bank of Nova Scotia in connection with a committed $90 million senior secured revolving credit facility for Pioneer Diversified High Income Trust, a closed-end fund with significant investments in event-linked bonds (or “cat bonds”). The purpose of this facility was to leverage investments.
- Represented The Bank of Nova Scotia in connection with a committed $120 million multi-currency secured revolving credit facility for Aberdeen-Asia Pacific Income Investment Company Limited, a Cook Islands corporation and a closed end investment company listed on the Toronto Stock Exchange. The purposes of this facility were to leverage investments and redeem shares.
- Represented The Bank of New York Mellon, as administrative agent, in connection with a committed $500 million senior unsecured revolving credit facility for 80 mutual funds advised by American Express Financial Corporation. The purpose of this facility was to provide liquidity for redemptions.
- Represented The Bank of New York Mellon in connection with an uncommitted $15 million secured line of credit for 16 mutual funds under Mellon Institutional Funds Investment Trust and Mellon Institutional Funds Master Portfolio. The purpose of this transaction was to provide liquidity.
- Represented a U.S. bank in connection with a $200 million secured line of credit for two large mutual funds. The purpose of this transaction was to provide liquidity.
- Represented a U.S. bank in connection with an uncommitted $350 million senior secured line of credit for 21 open-end mutual funds in a large, nationally recognized fund complex. The purpose of this facility was to provide liquidity for redemptions.
- Represented The Bank of New York Mellon in connection with a committed $100 million revolving credit facility for TCW Strategic Income Fund, Inc., a closed-end investment company advised by TCW Investment Management Company. The purpose of this facility was to provide liquidity for redemptions.
- Represented The Bank of New York Mellon in connection with a committed $30 million senior secured revolving credit facility for The Asia Pacific Fund, Inc. The purpose of this facility was to leverage investments.
- Represented a U.S. bank in connection with an uncommitted $21.5 million senior line of credit to a private equity fund, secured by a lien on all subscription commitments of investors in the fund. The purpose of this line of credit was to temporarily finance new portfolio company investments pending receipt of investor subscription payments.
- Represented The Bank of Nova Scotia in connection with a committed $28 million secured revolving credit facility for First Trust/Aberdeen Emerging Opportunity Fund, a Massachusetts business trust and a closed end investment company listed on the New York Stock Exchange. The primary purposes of this facility were to leverage investments and redeem shares.
- Represented The Bank of New York Mellon in connection with an uncommitted $1 billion senior secured line of credit, for temporary purposes to fund redemptions, for 59 open-end mutual funds under Nations Funds Trust.
- Represented a U.S. bank in connection with a $10 million uncommitted senior secured line of credit, for temporary purposes to fund redemptions, for two unregistered funds of a small investment management company.
- Represented The Bank of New York Mellon in connection with a committed $30 million revolving credit facility, for the purpose of leveraging investments, for Franklin Mutual Recovery Fund.
- Represented The Bank of New York Mellon, as administrative agent, in connection with a committed $150 million senior secured revolving credit facility for RMK High Income Fund, Inc., a closed-end investment company advised by Morgan Asset Management, Inc. The purpose of this facility was to leverage the fund’s investments.
- Represented The Bank of Nova Scotia in connection with a committed $10 million unsecured revolving credit facility for Sparx Funds Trust, a Massachusetts business trust and an open-end investment company. The purpose of this facility was to provide temporary liquidity to redeem shares.
- Represented The Bank of Nova Scotia in connection with a committed $50 million senior unsecured revolving credit facility for four closed-end investment companies advised by Oppenheimer Funds, Inc. The purposes of this facility were to fund periodic tender offers for outstanding investment company shares and to fund additional investments.
- Represented The Bank of Nova Scotia, as administrative agent, in connection with a committed $225 million senior unsecured revolving credit facility for 25 open-end mutual funds advised by ABN AMRO Asset Management (USA) LLC, Aston Asset Management LLC or another investment advisor. The purpose of this facility was to provide liquidity for redemptions.
- Represented The Bank of New York Mellon in connection with a $75 million committed revolving credit facility for Duff & Phelps Utility and Corporate Bond Trust Inc., a closed-end investment company advised by Duff & Phelps Investment Management Co. The purpose of this facility was to provide back-up for a commercial paper facility of the fund.
- Represented a Cayman Islands hedge fund in connection with a committed $13 million senior secured 364-day revolving credit facility from a U.S. bank holding company. The purpose of this facility was to leverage the fund’s portfolio.
- Represented a U.S. bank, as administrative agent, in connection with a $54 million senior secured revolving credit facility to an exchange fund. The purposes of this facility were to hedge existing investments and to make additional leveraged investments in a diversified pool of assets.
- Represented a Cayman Islands enhanced feeder hedge fund in connection with a $150 million global master repurchase agreement with a Belgian bank. The purpose of this transaction was to leverage investments in an underlying offshore hedge fund of funds.
- Represented The Bank of New York Mellon in connection with a committed $35 million senior unsecured 364-day revolving credit facility for 10 open-end investment companies advised by Standish Mellon Asset Management Company LLC. The purpose of this facility was to provide liquidity for redemptions.
- Represented The Bank of New York Mellon, as administrative agent, in connection with a committed $125 million senior secured revolving credit facility for RMK Strategic Income Fund, Inc., a closed-end investment company advised by Morgan Asset Management, Inc. The purpose of this facility was to leverage the fund’s portfolio.
- Represented a bank in connection with an uncommitted $15 million senior secured revolving credit facility to Blue Chip Value Fund, Inc., a closed-end investment company advised by Denver Investment Advisors LLC. The purpose of this facility was to leverage the fund’s portfolio.
- Represented a U.S. bank in connection with an uncommitted $50 million senior unsecured line of credit for 103 open-end mutual funds in a large, nationally recognized fund complex. The purpose of this facility was to provide liquidity for redemptions.
- Represented the Administrative Agent in connection with a committed $150 million senior unsecured revolving credit facility for six open-end mutual funds advised by Investors Bank & Trust Company. The purpose of this facility was to provide liquidity for redemptions.
- Represented a U.S. bank in connection with an uncommitted $10 million senior unsecured line of credit for a Cayman Islands fund. The purpose of this facility was to provide liquidity for redemptions.
- Represented a U.S. bank, as administrative agent, in connection with a committed $25.6 million senior secured revolving credit facility to an exchange fund. The purposes of this facility were to hedge existing investments and to make additional leveraged investments in a diversified pool of assets.
- Represented a U.S. bank in connection with an uncommitted $15 million senior line of credit to a private equity fund, secured by a lien on all subscription commitments of investors in the fund. The purpose of this line was to temporarily finance new portfolio company investments pending receipt of investor subscription payments.
- Represented The Bank of Nova Scotia, as administrative agent, in connection with a committed $150 million senior unsecured revolving credit facility for Highland Institutional Floating Rate Income Fund, a closed-end investment company. The purposes of this facility were to fund periodic tender offers for outstanding investment company shares and to fund additional investments.
- Represented a U.S. bank in connection with an uncommitted $7 million senior unsecured line of credit to an unregistered investment fund. The purpose of this facility was to provide temporary liquidity.
- Represented the Administrative Agent in connection with a committed $75 million senior secured revolving credit facility for a high yield debt fund. The purpose of this facility was to leverage the fund’s portfolio.
- Represented a U.S. bank in connection with an uncommitted $5 million senior unsecured line of credit to a Cayman Islands private equity fund. The purpose of this facility was to leverage the fund’s portfolio.
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