Milbank LLP’s complex securitization team has closed a dozen esoteric securitization transactions since the start of 2024 across a range of asset classes, including whole-business securitizations of franchise royalties, a structured financing of outdoor advertising receivables, data center revenues and digital infrastructure securitizations.
Alternative Investments partner Michael Urschel, who leads Milbank’s complex securitization team said, “We are grateful to have had the opportunity to work alongside our clients on successfully closing numerous deals across various industries this quarter.”
In a transaction that closed on January 24, 2024, Milbank represented the initial purchaser in a $500 million securitization of the franchise assets and intellectual property of Servpro Industries, LLC.
In a transaction that closed on January 26, 2024, Milbank represented the initial purchasers in a $290 million securitization of the assets of Oxford Finance LLC.
In a transaction that closed on March 1, 2024, Milbank represented the lenders in a $350 million bridge facility to Uniti Fiber Bridge Borrower LLC, an indirect subsidiary of Uniti Group Inc., secured by certain of its digital infrastructure assets.
In a transaction that closed on March 4, 2024, Milbank represented Orange Barrel Media in connection with a structured credit facility collateralized by outdoor advertising assets.
In a transaction that closed on March 8, 2024, Milbank represented the note purchaser and the administrative agent in the purchase and sale of $115 million of variable funding notes issued by Primrose Funding, LLC.
In a transaction that closed on March 14, 2024, Milbank represented the initial purchasers in a $488.3 million securitization of the digital infrastructure assets of Metronet Infrastructure Manager, LLC.
In a transaction that closed on March 14, 2024, Milbank represented the note purchaser and the administrative agent in the purchase and sale of $15 million of liquidity funding notes issued by Switch ABS Issuer, LLC.
In a transaction that closed on March 21, 2024, Milbank represented the initial purchasers in a $228 million securitization of the data center revenues of CyrusOne LP.
In a transaction that closed on April 2, 2024, Milbank represented the initial purchasers in a $480 million securitization of the franchise assets and intellectual property of Self Esteem Brands, LLC.
In a transaction that closed on April 3, 2024, Milbank represented the initial purchaser in a $1.593 billion securitization of the digital infrastructure assets of Northwest Fiber, LLC.
In another transaction that closed on April 5, 2024, Milbank represented the initial purchaser in a $350 million securitization of the franchise assets and intellectual property of CKE Restaurants Holdings, Inc.
Finally, in a transaction that closed on April 9, 2024, Milbank represented the initial purchaser in a $325 million securitization of the franchise assets of Massage Envy, LLC.
The Milbank deal teams were led by New York-based Alternative Investments partners Michael Urschel, Kathryn Weiss and Martin Eid along with Alternative Investments partner James Warbey (London), Corporate Finance and Securities partner Brett Nadritch (New York), Executive Compensation and Employee Benefits partner Joel Krasnow (New York), Tax partners Eschi Rahimi-Laridjani and Andrew Walker (New York), Global Corporate/Technology partner Nicholas Smith (Washington, DC), special counsel Tony Mechcatie, Bert Eidson, Philip Powers, Mandy Stupart, Craig Cohen and Janet Nadile and associates Thomas Prommer, Chirag Domadia, Amber Dong, Shermarkeh Hussein, Charlene Yin, Jeff Zhou, John Harrison, Shuang Wu, Luigi de Angelis, Devin Savaskan, Jason Wu, Brooke Brimo, Esther Lu, Isabel Coleman and others.
