Fund Finance

Other Transactions

Our Fund Finance Team has recently closed the following additional transactions:

Represented Scotiabank Europe PLC in connection with a $150,000,000 multicurrency revolving credit facility with Fidelity China Special Situations PLC, a closed-ended investment company incorporated in England and Wales. Borrowings are available in USD, GBP and HKD.
Represented a U.S. bank, as administrative agent, in connection with a $630,000,000 revolving credit facility for a family of 95 funds. The facility is for temporary or emergency purposes, including the temporary financing of repurchases and redemptions of shares.
Represented The Bank of New York Mellon in connection a $1 billion Master Repurchase Agreement for a group of registered mutual funds.
Represented The Bank of Nova Scotia as the lender in connection with a senior secured $35,000,000 revolving credit facility for Loomis Sayles Senior Floating Rate and Fixed Income Fund, a series of NATIXIS Funds Trust II, a Massachusetts business trust. The purpose of the facility is to meet the general business purposes of the borrower, including meeting short term liquidity requirements and financing investor redemptions.
Represented Scotiabank (Ireland) Limited as the lender in connection with a senior unsecured ₤5,000,000 multicurrency revolving credit facility for Aberdeen New Thai Investment Trust Plc, a CEIF formed under the laws of Jersey. Borrowings are available in GBP, USD, EUR, AUD, HKD, and SGD.
Represented Scotiabank Europe PLC as lender in connection with a senior secured ₤25,000,000 multicurrency revolving credit facility for Henderson Diversified Income Limited, a closed-end investment company incorporated in Jersey. Borrowings are available in GBP, EUR and USD.
Represented Scotiabank (Ireland) Limited in connection with a ₤70,000,000 multicurrency unsecured revolving credit facility for Murray Income Trust PLC, a public limited company incorporated in Scotland. Borrowings are available in GBP, EUR, USD, JPY.
Represented a U.S. bank, as administrative agent, in connection with a $50,000,000 line of credit for Falcon Senior Loan Fund Ltd., an exempted company duly incorporated under the laws of the Cayman Islands. The line of credit is for temporary or emergency purposes, including the funding of shareholder redemptions.
Represented Scotiabank Europe PLC in connection with a €30,000,000 senior secured multicurrency revolving credit facility for The European Investment Trust PLC, a public limited company incorporated in England and Wales. Borrowings are available in EUR, USD, and GBP.
Represented Scotiabank Europe PLC in connection with a ₤60,000,000 multicurrency unsecured revolving credit facility for Jupiter European Opportunities Trust PLC, a public limited company incorporated in England and Wales. Borrowings are available in GBP, EUR and USD.
Represented The Bank of New York Mellon as the lender in connection with a senior secured $200,000,000 revolving credit facility for seven series of Metropolitan West Funds, a Delaware statutory trust. The purpose of the facility is temporary liquidity for each of the series.
Represented The Bank of Nova Scotia as administrative agent in connection with a senior secured $340,000,000 revolving credit facility for Duff & Phelps Global Utility Income Fund Inc., a Maryland corporation. The facility is for the borrower’s general business purposes, including the purchase of investment securities in the ordinary course of borrower’s business.
Represented Scotiabank Europe PLC in connection with a $32,500,000 senior unsecured term loan facility for The Scottish Oriental Smaller Companies Trust PLC, a closed-end investment company incorporated in Scotland.
Represented The Bank of Nova Scotia as administrative agent in connection with a senior secured $208,000,000 revolving credit facility for an Ontario trust. The facility is for the borrower’s general business purposes, including the purchase of investment securities, and the payment of permitted dividends, distributions or similar payments (including the purchase, repurchase or redemption of its units) in respect of its units.
Represented The Bank of Nova Scotia as the lender in connection with a senior unsecured $100,000,000 revolving credit facility for five series of Third Avenue Trust, a Delaware statutory trust and one series of Third Avenue Variable Series Trust, a Delaware statutory trust. The facility is for temporary or emergency purposes.
Represented Scotiabank Europe PLC as lender in connection with a senior secured €125,000,000 multicurrency revolving credit facility for ING (L) Flex, an open-end investment company with variable capital (SICAV) formed under the laws of Luxembourg. Borrowings are available in EUR and USD.
Represented a U.S. bank, as administrative agent, connection with a senior unsecured $200,000,000 syndicated revolving credit facility for a high yield municipal bond fund. The purpose of the facility is temporary or emergency purposes, including the funding of cash redemptions.
Represented Scotiabank (Ireland) Limited as lender in connection with a senior unsecured ₤25,000,000 multicurrency unsecured revolving credit facility for JPMorgan Overseas Investment Trust Plc, a public limited company incorporated in England and Wales. Borrowings are available in GBP, EUR and USD.
Represented Scotiabank (Ireland) Limited in connection with a €40,000,000 multicurrency (£, US$, and €) credit facility for JPMorgan European Smaller Companies Trust Plc, a public limited company incorporated in England and Wales.
Represented Scotiabank (Ireland) Limited in connection with a revolving £20,000,000 multicurrency (£, US$, and Yen) credit facility for JPMorgan Chinese Investment Trust Plc, a public limited company incorporated in England and Wales.
Represented a U.S. bank in connection with a committed $125 million senior secured revolving credit facility for Highland Credit Strategies Fund, a closed-end management investment company registered under the ‘40 Act and established as a Delaware statutory trust. The purpose of this facility was to provide liquidity.
Represented Scotiabank Europe PLC in connection with a £20,000,000 credit facility for Shires Income PLC, a public limited company incorporated in England and Wales.
Represented Scotiabank Europe PLC in connection with a £40,000,000 term loan to The Monks Investment PLC, a closed-end investment company incorporated in England and Wales.
Represented The Bank of New York Mellon in connection with a committed $25 million unsecured
364-day revolving credit facility for an open-end management investment company registered under the ‘40 Act and established as a business trust under the laws of the Commonwealth of Massachusetts. The purpose of this facility was to provide temporary liquidity for share redemptions.
Represented Scotiabank Europe PLC in connection with a £40,000,000 revolving commitment to The Monks Investment PLC, a closed-end investment company incorporated in England and Wales.
Represented a U.S. bank in connection with a $50 million secured revolving credit facility for a nationally recognized open-end investment management company registered under the ‘40 Act and established as a Massachusetts business trust. The purpose of this facility was for temporary funding for cash redemptions.
Represented The Bank of Nova Scotia in connection with a committed $65 million senior secured revolving credit facility for Avenue Income Credit Strategies Fund, a closed-end management investment company registered under the ‘40 Act and established as a Delaware statutory trust. The purpose of this facility was for general matters.
Represented The Bank of New York Mellon in connection with a $120 million line of credit for direct advances to a nationally recognized fund family. The purpose of this facility was for temporary financing of investments pending receipt of capital contributions.
Represented Scotiabank Europe PLC in connection with a £30,000,000 multicurrency (US$, €, NZ$, AU$) facility for Utilico Investments Limited, a private company incorporated in Bermuda.
Represented The Bank of New York Mellon in connection with an uncommitted $15 million senior unsecured line of credit for a nationally recognized investment trust. The purpose of this line of credit is for funding short term operating cash needs.
Represented Scotiabank (Ireland) Limited in connection with a £20,000,000 multicurrency revolving facility for F&C Capital and Income Investment Trust PLC, a closed-end investment incorporated in England and Wales.
Represented Scotiabank (Ireland) Limited in connection with a $10,000,000 multicurrency revolving facility for a closed-end investment company incorporated in England and Wales.
Represented The Bank of New York Mellon in connection with a maximum $1 billion HIC master repurchase agreement for several money market funds advised by a top-tier investment bank.
Represented The Bank of Nova Scotia in connection with a committed $300 million senior unsecured revolving credit facility for an internationally recognized Massachusetts business trust. The purpose of this facility was to provide liquidity.
Represented a U.S. bank in connection with a $100 million secured revolving credit facility for a nationally recognized open-end investment management company registered under the ‘40 Act and established as a Massachusetts business trust. The purpose of this facility was for the funding of cash redemptions.
Represented Scotiabank Europe PLC in connection with a ¥ 1,800,000,000 3-year term facility for The Baillie Gifford Japan Trust Plc, a Scottish company.
Represented Scotiabank (Ireland) Limited in connection with a €60,000,000 multicurrency (£, US$) facility for JPMorgan European Investment Trust Plc, a public limited company incorporated in England and Wales.
Represented The Bank of New York Mellon in connection with an uncommitted $5 million senior unsecured line of credit to a collective investment fund for the purpose of funding redemptions.
Represented Scotiabank (Ireland) Limited in connection with a £10,000,000 multicurrency (£, US$) facility for F & C Global Smaller Companies Plc, a closed-end investment company incorporated in England and Wales.
Represented The Bank of New York Mellon in connection with a $250 million uncommitted line of credit for Dimensional Funds. The purpose of this facility was for temporary, emergency or extraordinary purposes, in order to finance the repurchase or redemption of shares.
Represented The Bank of New York Mellon in connection with an uncommitted $25 million senior unsecured revolving credit facility for twelve separate series of ’40 Act registered mutual funds. The purpose of this facility was to provide liquidity for share redemptions.
Represented Scotiabank Europe PLC in connection with a committed ₤5 million senior unsecured revolving credit facility for Dunedin Smaller Companies Investment Trust Plc, a Scottish closed-end fund. The purposes of this facility were to leverage investments and for general matters.
Represented The Bank of New York Mellon in connection with a committed $25 million senior unsecured revolving credit facility for seven separate series of ’40 Act registered mutual funds. The purpose of this facility was to provide liquidity for share redemptions.
Represented Scotiabank Europe PLC in connection with a committed ₤50 million multicurrency (US$, ¥, € and ₤) senior unsecured revolving credit facility for Foreign & Colonial Investment 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.
Represented Scotiabank Europe PLC in connection with a committed ₤50 million multicurrency (US$, ¥, € and ₤) senior unsecured revolving credit facility for Foreign & Colonial Investment Trust PLC, a closed-end fund formed under the laws of England and Wales. The purposes of this facility were to leverage investments and for general matters.
Represented Scotiabank Europe PLC in connection with a committed ₤25 million multicurrency (¥, US$ and ₤) senior secured revolving credit facility for Schroder Oriental Income Fund Limited, a closed-end fund formed under the laws of Guernsey. The purposes of this facility were to leverage investments and for general matters.
Represented Scotiabank Europe PLC in connection with a committed ₤10 million multicurrency (US$ and ₤) senior unsecured revolving credit facility for Aberdeen Latin American Income Fund Limited, a closed-end fund formed under the laws of Jersey. The purposes of this facility were to leverage investments and for general matters.
Represented Scotiabank Europe PLC in connection with a committed ₤7.5 million multicurrency (US$, ₤ and €) senior secured revolving credit facility for Jupiter Primadona Growth Trust PLC, a closed-end fund formed under the laws of England and Wales. The purposes of this facility were to leverage investments and for general matters.
Represented Scotiabank Europe PLC in connection with a committed €10 million multicurrency (US$, ₤ and €) senior secured revolving credit facility for Charter European 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.
Represented The Bank of New York Mellon in connection with a committed $50 million senior unsecured revolving credit facility for 23 open-end ‘40 Act registered funds in a large funds family. The purpose of this facility was to provide liquidity for redemptions.
Represented a U.S. bank in connection with an committed $125 million senior secured revolving credit facility for a “build America bond” closed-end fund registered under the ’40 Act. The facility was for general purposes, including to leverage investments.
Represented The Bank of New York Mellon in connection with an uncommitted $70 million senior secured revolving credit facility for TCW Strategic Income Fund, Inc., a Maryland corporation and closed-end fund registered under the ’40 Act. The facility was for general purposes, including to leverage investments.
Represented The Bank of New York Mellon in connection with an uncommitted $164 million senior unsecured line of credit, for temporary purposes to fund redemptions, for a group of 4 Cayman Islands hedge funds and 6 Delaware funds.
Represented a The Bank of New York Mellon in connection with an uncommitted $13 million senior unsecured line of credit, for temporary purposes to fund redemptions, to a collective investment fund.
Represented The Bank of Nova Scotia in connection with a committed $25 million senior secured revolving credit facility for a closed-end fund registered under the ’40 Act and established as a Delaware statutory trust. This facility was for the purpose of leveraging investments.
Represented The Bank of Nova Scotia in connection with a committed $150 million senior secured revolving credit facility for Highland Floating Rate Advantage Fund, a closed-end fund registered under the ’40 Act and established as a Delaware statutory trust. This facility was for the purpose of leveraging investments.
Represented Scotiabank Europe PLC in connection with a committed ₤15 million multicurrency (US$, AUS$, HK$, and SG$) senior secured revolving credit facility for Aberdeen Asian Income Fund Limited, a Jersey closed-end fund. The purpose of this facility was for general matters.
Represented The Bank of New York Mellon in connection with a committed $35 million senior secured revolving credit facility for a Delaware statutory trust and open-end fund registered under the ’40 Act. The purpose of this facility was to provide liquidity for redemptions.
Represented Scotiabank Europe PLC in connection with a committed ¥10 billion multicurrency (¥ and US$) senior secured revolving credit facility for JPMorgan Japanese Investment 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.
Represented a U.S. bank, as administrative agent, in connection with a committed $75 million senior secured revolving credit facility for a closed-end fund registered under the ’40 Act and established as a Massachusetts business trust. The purpose of this facility was to leverage investments.
Represented Scotiabank Europe PLC in connection with a committed €150 million multicurrency (€ and US$) senior secured revolving credit facility for ING International (II), a Luxembourg SICAV. The purposes of this facility were to redeem shares, settle derivatives trades and general matters.
Represented The Bank of Nova Scotia as a syndicate bank having a $100 million commitment in connection with a $500 million revolving credit facility for a Massachusetts business trust and open-end fund registered under the ’40 Act. The purpose of this facility was to redeem shares.
Represented The Bank of Nova Scotia in connection with a committed $170 million senior secured revolving credit facility for Highland Floating Rate Advantage Fund, a closed-end fund registered under the ’40 Act and established as a Delaware statutory trust. 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 registered under the ’40 Act and established as a Maryland corporation. 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, a closed-end fund registered under the ’40 Act and established as a Delaware statutory trust. 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 open-end portfolios, registered under the ’40 Act, of Wells Fargo Funds Trust and Wells Fargo Variable Trust, each a Delaware statutory 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 open-end portfolios, registered under the ’40 Act, of Wells Fargo Funds Trust, a Delaware statutory 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., a U.S.-based 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., a closed-end fund registered under the ’40 Act and established as a Delaware statutory trust. 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., a closed-end fund registered under the ’40 Act and established as a Maryland corporation. 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, a closed-end fund registered under the ’40 Act and established as a Massachusetts business trust. The purpose of this facility was to leverage investments.
Represented a Cayman Islands enhanced feeder 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, a closed-end fund registered under the ’40 Act and established as a Massachusetts business 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 U.S. 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, a closed-end fund registered under the ’40 Act and established as a Massachusetts business trust. 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 registered under the ’40 Act and established as a Massachusetts business trust. 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, a closed-end fund registered under the ’40 Act and established as a Delaware statutory trust. 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 open end funds, registered under the ’40 Act, in the ING Funds funds complex. The purpose of this facility was to provide liquidity and leverage investments.
Represented a U.S. bank, as administrative agent, in connection with a committed $44 million senior secured revolving credit facility to a U.S. tax-advantaged 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 a committed $20 million senior secured revolving credit facility for Northeast Investors Growth Fund, an open-end fund registered under the ’40 Act and established as a Massachusetts business trust statutory trust. 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, each a closed-end fund registered under the ’40 Act and established as a Delaware statutory trust. 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 U.S. private equity fund established as a Delaware limited liability company, 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, a closed-end fund registered under the ’40 Act and established as a Maryland corporation. 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 fund registered under the ’40 Act and established as a 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., a closed-end fund registered under the ’40 Act and established as a Maryland corporation. 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, a closed-end fund registered under the ’40 Act and established as a Delaware statutory trust. 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., a closed-end fund registered under the ’40 Act and established as a Maryland corporation. 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, an open-end fund registered under the ’40 Act. 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, a closed-end fund registered under the ’40 Act and established as a Massachusetts business trust. 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 an open end fund registered under the ’40 Act. The purpose of this transaction was to provide liquidity.
Represented The Bank of Nova Scotia, as administrative agent, in connection with a committed $600 million secured revolving credit facility for Aberdeen Asia-Pacific Income Fund, Inc., a closed-end fund registered under the ’40 Act and established as a Maryland corporation. The purpose of this facility was to redeem auction rate securities.
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., a closed-end fund registered under the ’40 Act and established as a Maryland corporation. 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., a closed-end fund registered under the ’40 Act and established as a Maryland corporation. 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 open-end funds, registered under the ’40 Act, 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., a closed-end fund registered under the ’40 Act and established as a Delaware statutory 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, registered under the ’40 Act and established as a Delaware statutory trust, 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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