Four Decades for Justice
Structured Finance and Securitization
Cravath’s structured finance practice draws upon the Firm’s depth of experience with a broad range of assets across a wide variety of industries. Our representation of varying participants in the structured finance market provides us with a sophisticated and commercial understanding of the role of securitization and other structured products in a company’s capital structure, the issues that can arise in these transactions, the manner in which participants are affected by those issues and the techniques that have been used to address them.
We have played a prominent role in the development of asset‑backed securities since their inception in the mid‑1980s. Our lawyers work closely with companies and investment bankers 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. We also completed the first sales of securities backed by credit card receivables, boat loans, time‑share mortgages and aircraft operating leases.
Cravath has advised on both customary structured financings, such as loans or securities backed by credit card receivables and trade receivables, and other less common financings, including loans or securities backed by computer leases, pharmaceutical royalties and revenues associated with wireless communication sites.
Our lawyers advise issuers and underwriters in connection with the securitization efforts of major participants in the structured finance market. We also represent corporate issuers and investment funds in connection with a variety of structured finance transactions, including receivables financings, sale and repurchase transactions, equipment financings and act as counsel for purchasers and sellers of financial assets.
We have played a prominent role in the development of asset‑backed securities since their inception in the mid‑1980s. Our lawyers work closely with companies and investment bankers 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. We also completed the first sales of securities backed by credit card receivables, boat loans, time‑share mortgages and aircraft operating leases.
Cravath has advised on both customary structured financings, such as loans or securities backed by credit card receivables and trade receivables, and other less common financings, including loans or securities backed by computer leases, pharmaceutical royalties and revenues associated with wireless communication sites.
Our lawyers advise issuers and underwriters in connection with the securitization efforts of major participants in the structured finance market. We also represent corporate issuers and investment funds in connection with a variety of structured finance transactions, including receivables financings, sale and repurchase transactions, equipment financings and act as counsel for purchasers and sellers of financial assets.
Deals & Cases
February 06, 2023
RedHill’s Agreement with HealthCare Royalty to Extinguish its Debt Obligations in Exchange for Movantik®
On February 6, 2023, RedHill Biopharma Ltd. (“RedHill”), a specialty biopharmaceutical company, announced the extinguishment of all RedHill’s debt obligations (including all principal, interest, revenue interest, prepayment premiums and exit fees) under the Credit Agreement between RedHill’s U.S. subsidiary RedHill Biopharma Inc. and HealthCare Royalty (“HCR”) dated February 23, 2020 (as amended) in exchange for the transfer of its rights in Movantik® (naloxegol) to Movantik Acquisition Co., an affiliate of HCR. Cravath is representing RedHill in connection with the transaction.
Activities & Publications
April 28, 2023
Cravath Publishes Finance & Capital Markets Quarterly Review for Q1 2023
On April 28, 2023, Cravath published the latest edition of its Finance & Capital Markets Quarterly Review, which provides an update on the bond, equity and loan markets and restructuring activity during the first quarter of 2023. This edition also examines several recent litigation decisions and restructuring developments, and a variety of SEC rulemaking, comment and enforcement updates.
Activities & Publications
April 04, 2023
Dave Kappos and Nick Dorsey Speak on Innovative Approaches to Funding Growth Companies
On March 27, 2023, Cravath partners David J. Kappos and Nicholas A. Dorsey participated in “Chasing the Dry Powder: Innovative Approaches to Funding of Growth Companies,” a program co‑hosted by Cravath and Israel‑based law firm Naschitz Brandes Amir in Tel Aviv, Israel. The program featured leading professionals to discuss alternative investment structures, intellectual property financing options and strategic investments for growth companies in the U.S. and Israel. Dave spoke on a panel entitled “Legal and Structure Considerations from US and Israeli Perspectives.” Nick spoke on two panels entitled “Models for Innovative Funding of Growth Companies” and “Innovative Funding as a Strategic Tool,” respectively.
Deals & Cases
February 06, 2023
RedHill’s Agreement with HealthCare Royalty to Extinguish its Debt Obligations in Exchange for Movantik®
On February 6, 2023, RedHill Biopharma Ltd. (“RedHill”), a specialty biopharmaceutical company, announced the extinguishment of all RedHill’s debt obligations (including all principal, interest, revenue interest, prepayment premiums and exit fees) under the Credit Agreement between RedHill’s U.S. subsidiary RedHill Biopharma Inc. and HealthCare Royalty (“HCR”) dated February 23, 2020 (as amended) in exchange for the transfer of its rights in Movantik® (naloxegol) to Movantik Acquisition Co., an affiliate of HCR. Cravath is representing RedHill in connection with the transaction.
Activities & Publications
April 28, 2023
Cravath Publishes Finance & Capital Markets Quarterly Review for Q1 2023
On April 28, 2023, Cravath published the latest edition of its Finance & Capital Markets Quarterly Review, which provides an update on the bond, equity and loan markets and restructuring activity during the first quarter of 2023. This edition also examines several recent litigation decisions and restructuring developments, and a variety of SEC rulemaking, comment and enforcement updates.
Activities & Publications
April 04, 2023
Dave Kappos and Nick Dorsey Speak on Innovative Approaches to Funding Growth Companies
On March 27, 2023, Cravath partners David J. Kappos and Nicholas A. Dorsey participated in “Chasing the Dry Powder: Innovative Approaches to Funding of Growth Companies,” a program co‑hosted by Cravath and Israel‑based law firm Naschitz Brandes Amir in Tel Aviv, Israel. The program featured leading professionals to discuss alternative investment structures, intellectual property financing options and strategic investments for growth companies in the U.S. and Israel. Dave spoke on a panel entitled “Legal and Structure Considerations from US and Israeli Perspectives.” Nick spoke on two panels entitled “Models for Innovative Funding of Growth Companies” and “Innovative Funding as a Strategic Tool,” respectively.
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