NEW YORK – Completing an active end of first quarter, Milbank, Tweed, Hadley & McCloy LLP has advised on transactions totaling approximately $1.44 billion for its financial institution clients in the collateralized loan obligation (CLO) sector in a single week. Here are highlights of the deals:
1. CIFC Asset Management LLC
Milbank advised CIFC Asset Management LLC in its capacity as collateral manager on the structuring and issuance of approximately $517 million of CLO securities in a transaction in which J.P. Morgan Securities LLC served as placement agent. Partner Eric Moser led the Milbank team, which included associates Sara Mischner, Brian Lee and Nicole Doppelt. Securities, corporate and tax support was provided by a range of Milbank New York team members, including partners Jay Grushkin and Andrew Walker.
2. Citigroup/Onex Credit Partners, LLC
Milbank advised Citigroup Global Markets Inc., as initial purchaser and placement agent, in the structuring and issuance of approximately $512 million of CLO securities in a transaction in which Onex Credit Partners, LLC (OCP), the credit investing arm of Onex Corporation, will serve as portfolio manager. Partner Elizabeth Hardin led the Milbank team, which included associates David Kaye, Brian Youn and Nicole Doppelt. Securities, corporate and tax support was provided by partners Jay Grushkin, Andrew Walker and Joel Krasnow.
3. JPMorgan/Greywolf Capital Management, LP
Milbank advised J.P. Morgan Securities LLC, as placement agent, in the structuring and issuance of approximately $413 million of CLO securities issued by Greywolf CLO II, Ltd. The CLO securities are collateralized by a diversified portfolio of corporate loan obligations. The portfolio will be managed for the CLO issuer by Greywolf Capital Management LP. Partner Jay Grushkin led the Milbank team, which included associates David Kaye, Sara Mischner and John McManmon. Tax support was provided by partner Andrew Walker.
“We have advised on 8 CLOs that have closed or priced during 2013 (including 2 Euro CLOs)" said Milbank partner Jay Grushkin, who worked on the CIFC, OCP and Greywolf CLOs. “We’ve advised both placement agents as well as managers who are active in the current CLO sector, and we look forward to working with our clients during what we expect to be an increasingly active 2013.”
About Milbank
Milbank, Tweed, Hadley & McCloy LLP is a leading international law firm providing innovative legal solutions to clients throughout the world for more than 140 years. Milbank is headquartered in New York and has offices in Beijing, Frankfurt, Hong Kong, London, Los Angeles, Munich, São Paulo, Singapore, Tokyo and Washington, DC.
The firm’s lawyers provide a full range of legal services to the world’s leading commercial, financial and industrial enterprises, as well as to institutions, individuals and governments. Milbank’s lawyers meet the needs of our clients by offering a highly integrated and collaborative range of services across key practice groups throughout our global network. Milbank’s integrated practice is underpinned by our attorneys’ acknowledged technical excellence, broad sector expertise and a strong tradition of innovation and client service.
