Securitizations

Overview

Securitizations are complicated, multifaceted transactions requiring the coordination of many different legal specialties.

As one of the most active firms in the securitization of tobacco settlement revenue, as well as other municipal securitizations, we’re familiar with the many structures and types of issuers involved in these transactions.

From 1999, when we served as bond counsel in the first tobacco settlement securitizations, to our 2017 involvement in the formation and implementation of a $2.7 billion sales tax securitization program for the Sales Tax Securitization Corporation (Chicago, Illinois), our attorneys have been leaders in the creation of market standards.

With over a dozen attorneys working together to realize the goals of each securitization, we use an integrated approach, preparing statutes and documentation that satisfy the true sale and bankruptcy remote-requirements for these structures, and deliver opinions that the market and rating agencies require. And we face and successfully address all the issues that may arise in the process.

Representative Experience

• Educational Services of America in 16 Rule 144A offerings
• Utility Debt Securitization Authority Board of Trustees—the securitization financing vehicle for the Long Island Power Authority
• Counsel to the South Carolina Public Service Authority in connection with the securitization of its settlement payments from the Toshiba Corporation
• Transaction counsel to the Sales Tax Securitization Corporation in connection with the creation and implementation of a sales tax securitization program for the City of Chicago, Illinois
• Purchaser’s counsel and special bankruptcy counsel to Barclays Capital in connection with the creation and implementation of a sales tax securitization program for the City of Berwyn, Illinois
• Underwriters’ counsel in connection with the creation and implementation of a Matching Fund Receipts securitization program for the United States Virgin Islands
• Suffolk Tobacco Asset Securitization Corporation: Served as transaction counsel for the $139 million+ Tobacco Settlement Asset-Backed Senior Bonds, Series 2021A and $140 million+ Tobacco Settlement Asset-Backed Subordinate Bonds, Series 2021B
• Disclosure counsel to the Tobacco Settlement Authority (State of Washington) in connection with its Tobacco Settlement Revenue Refunding Bonds, Series 2013 and Series 2018
• Transaction counsel to the District of Columbia Tobacco Settlement Financing Corporation in connection with its Tobacco Settlement Asset-Backed Bonds securitization program