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Practice Overview

Structured Finance and Securitization

Cravath’s structured finance practice is very sophisticated. The Firm’s strength lies in cutting‑edge deals with particular strength in a number of areas of focus, such as wireless communication and pharmaceutical royalty securitization and railway sector and intellectual property securitized financing. Cravath consistently ranks among the top firms in structured finance surveys of major law firms and has played a preeminent role in the development of asset‑backed securities since their inception in the mid‑1980s.

The Firm has worked closely with investment bankers and issuers in developing new products and in structuring complex transactions, pioneering many of the approaches now widely used to structure asset‑backed securities issuances, including the first structure for securitization of revolving credit assets, the first securitization vehicle that permitted the issuance of both term debt and commercial paper and the first conduit program for credit cards. The depth of our experience with various assets and our representation of varying participants in the securitization market provide us with a broad understanding of the issues that arise in securitizations, the manner in which participants are affected by those issues and the techniques that have been used to address them.

Cravath completed the first sales of securities backed by credit card receivables, boat loans, time‑share mortgages and aircraft operating leases. Offerings have involved both customary structured finance financings, such as securities backed by automobile loans, student loans and trade receivables, and more innovative financings, including securities backed by stranded costs, computer leases, revenues from the broadcast of professional sports events, pharmaceutical royalties and government contracts.

The Firm acts as counsel for issuers and underwriters in connection with the securitization efforts of major participants in the structured finance market. In addition, Cravath has acted as counsel for numerous corporate issuers and investment funds in connection with a variety of structured finance transactions, including receivables financings, equipment financings, CLOs and CDOs. The Firm has also acted as counsel for purchasers and sellers of financial assets.

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