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Deal of the Month
$200m revolving loan facility to Callidus Capital Corporation
About Joseph Beach, Partner Joseph Beach represents investment
banks, asset
managers, commercial paper conduits and fund managers in secured financings, CLOs and other asset-backed securitizations. He has extensive experience in
asset-backed commercial paper facility origination and restructurings, as well as CLO management rights acquisitions and dispositions. Joseph has worked primarily in the middle market and broadly syndicated loan sectors, with additional experience in trade receivables, structured settlements, equipment lease receivables and venture debt.
Joseph is a former Assistant General Counsel for Fiscal and International Law for the United States Army Corps of Engineers.
Joseph’s recent significant transactions include: • Representing a leading investment bank as underwriter’s and issuer’s counsel in a CLO where the entire senior tranche was structured as a convertible loan.
• Representing a major bank in a secured bridge facility and an asset-based loan facility to facilitate the initial public offering of a business development company.
• Representing a leading investment bank as underwriter’s and issuer’s counsel in a CLO using an off-shore Issuer taxable as a US partnership and a secondary off-shore issuer as a tax blocker for the remainder of the equity tranche.
• Representing a European bank in a multi currency loan facility secured by distressed European debt.
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“Due to the complex and changing regulatory environment facing bank lenders, this transaction faced significant legal challenges.”
J oseph Beach and Nathan
Spanheimer, of Cadwalader, Wickersham & Taft LLP, were recently involved in the establishment
of a $200m
revolving loan facility for an affiliate of Callidus Capital Corporation.
What more can you tell us about Cadwalader, Wickersham & Taft LLP?
With more than 450 attorneys in offices around the world, clients come to Cadwalader for our ability to handle groundbreaking transactions, complex litigation and novel issues arising in emerging areas of law. Our legacy of crafting innovative business and financial solutions continues today with our work on the most important transactions, disputes, and investigations.
Cadwalader’s long-standing tradition of providing
our clients with unparalleled
service and legal expertise began with the firm’s founding in 1792.
Since 1985, Cadwalader’s Capital Markets practice has facilitated the issuance of billions of dollars of asset-backed securities. This practice, which has grown beyond traditional asset classes, now encompasses the entire range of emerging and niche asset classes.
With unparalleled experience in securitization, garnered from participation in an exceptional number of transactions and industry leadership, Cadwalader attorneys have not only the legal expertise and judgment required for complex securitization matters
but the sophisticated business perspective necessary in today’s constantly evolving economic environment. In recognition
of
Cadwalader’s level of experience in capital markets financings, the firm is consistently ranked by independent commentators and in league tables as one of the top securitization and structured finance law firms in the nation.
Whether in their capacities as issuers, underwriters or in other roles, banks, insurance companies and other financial institutions call upon Cadwalader to help them develop new products and structure and to devise cross-border structures in Europe, Asia and Latin America.
What more can you tell us about the $200m revolving loan facility for the Callidus Capital Corporation affiliate?
It is a complicated, cross-border lending facility provided by a European credit institution. Due to the complex and changing regulatory environment
facing bank
lenders, this transaction faced significant legal challenges.
It was structured to meet
European risk retention requirements and also satisfy the lender’s requirements for Volcker compliance.
The facility is secured
by loan assets originated by Callidus and the accounts into which the related cash flows are deposited. The borrower is a single purpose vehicle set up solely for the purpose of holding loans and acting as borrower.
Lending
under the facility can be made in US Dollars and Canadian Dollars, and the advances are tranched into A and B advances.
Multiple Joseph Beach and Nathan Spanheimer of Cadwal